Company News: MediCann Health; Creso Pharma; Botanix Pharmaceuticals; Inannex
Cannabis start-up MediCann Health is looking to raise up to A$3 million through crowdfunding platform Birchal next week.
The company’s portfolio includes medicinal cannabis brand Maali, hemp brands Hemp Brothers and EndoScent, and MediCann Clinics, offering telehealth services as well as in-person consultations.
Founder and CEO Matt Shales said, “Fundraising in this way provides opportunities for family and friends on our team to be part of the journey, as well as those like me who are interested in to the future of cannabis.
The funds will be used to expand the company’s Maali product line, advance its medical cannabis and concussion research, and grow the sales and marketing team.
Sierra Sage Herbs (SSH), a subsidiary of Creso Pharma, has secured a US$214,000 purchase order from US retail chain Walmart for its new skin care line.
The “Plants for your Face and Body” collection will be available for sale under SSH’s Green Goo brand in approximately 400 Walmart stores across the United States.
The collection includes a range of herbal solutions focused on anti-aging, acne and eczema.
Creso CEO and Managing Director William Lay said, “Stocking our product line at Walmart, one of the most recognized retailers in the United States, is a major achievement for SSH and highlights the potential demand for the company’s products.
“We expect delivery of the first order to take place in September, with products expected to be on shelves in the following weeks. SSH [is] work with other distribution groups and potential resellers to expand distribution and drive sales growth. »
ASX-listed Botanix Pharmaceuticals has received firm commitments to raise up to A$7.5 million from new and existing institutional and sophisticated investors.
The directors of the company have subscribed for $500,000 as part of the exercise, which is subject to shareholder approval.
The funds will be used to advance the company’s sofpironium bromide gel development program, including costs associated with filing for approval with the United States Food and Drug Administration, and general working capital purposes.
Botanix said the filing remains on track for Q3 CY22 submission.
Incannex was added to the S&P/ASX 300 Index following September’s quarterly reviews by the S&P Dow Jones Indices. The change will take effect before the market opens on September 19, 2022.
CEO and Managing Director Joel Latham said: “We are delighted to be…listed as one of Australia’s largest and most recognized companies.
“Being listed in the index is a prerequisite for investing for many domestic and international investment institutions, so we are excited about the opportunities this recognition can bring.”