Company News: Wellnex Life; IDT Australia
ASX-listed Wellnex Life is aiming to raise A$2 million from investors as it moves forward with plans to launch an over-the-counter CBD product.
The capital increase will see the company offer shares at $0.075 per share, a 19.7% discount to Wellnex’s five-day volume-weighted average price.
The funds will go towards a range of growth opportunities, key to which will be its plan to enter the low-dose over-the-counter CBD market.
As part of a joint venture with OneLife Botanicals, Wellnex said its aim is to become “one of the first companies to offer an over-the-counter medical cannabis product in Australia”.
“This capital increase comes at a significant inflection point for the business where we are presented with multiple opportunities for growth, the most important of which is [is] probably related to our luck being one of the first companies to bring an over-the-counter medical cannabis product to the Australian S3 market,” said Managing Director George Karafotias.
“Our JV with OneLife Botanicals, combined with our key skills in regulatory know-how and distribution networks, provides us with all the ingredients necessary to evolve as a major player in this vast and growing market.
The stock purchase plan will end on October 5.
IDT Australia has announced the resignation of Dr David Sparling after four and a half years at the helm, effective immediately.
Sparling will be replaced on an interim basis by Paul McDonald, who has been head of quality and business development since January 2021, while a permanent replacement is sought.