Company News: Bod Australia; Cann Group; MediCann Health

Bod Australia

Bod Australia has successfully raised A$2 million from new and existing shareholders to fund the acquisition of Aqua Phase, a UK-developed technology that aims to increase the bioavailability of cannabis compounds.

Jo Patterson, Managing Director of Bod

The market reacted positively to the news with shares up 5.7% to close at $0.093c.

A first right-to-raise offering received applications from 318 shareholders, raising $550,000.

A further $100,000 was raised by issuing 1.25 million shares to Bod Chairman David Baker, while firm commitments to place nearly 17 million missing shares were received from sophisticated and professional investors.

Bod had already raised $1.5 million in an earlier placement, bringing the total raised to $3.5 million.

The funds will help finance the acquisition of Aqua Phase and will also contribute to research and development costs and working capital.

Bod Chief Executive Jo Patterson said: “We very much appreciate the strong support of many long-standing Bod shareholders for this fundraising.

“We are also pleased with the response we have received from new investors in the follow-on shortage offering.

“We believe the success of the fundraising reflects broader recognition by investors of the transformational nature of the Aqua Phase acquisition for Bod.”

Cann Group

Cann Group’s GMP manufacturing license for its Mildura plant has been extended to cover the manufacture and marketing of patient-ready dried flower products.

Cultures currently being grown have been “earmarked for this purpose”, the company said, adding that its GMP-approved laboratory testing capabilities will test products released from Mildura.

The license was initially issued at the end of June for the manufacture of dried flowers as an active pharmaceutical ingredient (API) and the manufacture of capsules.

Managing Director Peter Crock said: “This license extension allows Cann to now manufacture patient-ready dried flower products at our Mildura facility, enabling us to respond quickly to market demands.

Shares of Cann climbed 2% today to $0.265 per share.

MediCann Health

Former rugby league star James Graham has joined MediCann Health as an ambassador.

James Graham

Graham, who enjoyed a stellar career in the UK with St Helens and with the Bulldogs and St George in Australia, has often spoken of his multiple concussions and how medicinal cannabis helped him recover.

He will serve on MediCann Health’s Concussion Council, helping to promote the company’s upcoming concussion research trial.

Graham said: “I want to raise awareness of the multitude of benefits that this [medicine] can bring to someone’s life. Most noticeable is the quality of sleep for me. Before medical cannabis, I had struggled for over 20 years to get a good night’s sleep. I also have pain and anxiety issues [it] makes a huge difference with.

MediCann Health Founder Matt Shales added, “Having James as an ambassador is key to showcasing medicinal cannabis as a legitimate treatment for those who suffer from concussions on the sports field. We are really happy to have him on board.

Karen J. Nelson