CBD-Focused Pharma Co. Seeks Funding To Revolutionize Healthcare

Innocan Pharma Corporation INNO IP INNPF has entered into an agreement with Research Capital Corporation as the sole agent and sole book-runner on a "best efforts" agency basis in connection with a marketed private placement offering of units of the company at $0.30 per unit for aggregate gross proceeds of up to $3 million.

The Details

Each unit shall comprise one common share of the company and one purchase warrant of the company, with each warrant entitling the holder thereof to purchase one common share at an exercise price of $0.36 for a period of 36 months from closing.

The company will grant the agent an option to increase the size of the offering by up to 15% of the number of units by giving written notice of the exercise of the agent's option, or a part thereof, to the company at any time up to 48 hours prior to the closing of the offering.

Innocan plans to use the net proceeds from the offering to fund the company's:

• Pre-investigational new drug meeting with the United States Food and Drug Administration (FDA) regarding the human application of the company's products;
• Investigational new animal drug meeting with the FDA regarding the veterinary application of the company's products; and
• For the expansion of the company's derma-cosmetic product distribution.

What's Next

The offering is anticipated to close on or about the week of October 10, 2023, or a later date as the company and the agent may determine.

To learn about other cannabis companies that are seeking funding for their future endeavors, come, join us at the upcoming Benzinga event in Chicago.

Related News

• Innocan Pharma's Q2 2023 Reports Gross Profit Growth Driven By Robust Subsidiary Sales
• Innocan Pharma Secures $1.4M Via Private Placement
• Innocan Pharma To Secure Up To $3M Via Private Placement Of Units At A 9% Prime Above Share Price

Photo: Courtesy of Micheile Henderson on Unsplash

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago on Sept 27-28. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.