LONDON–(BUSINESS WIRE)–EMMAC Life Sciences Limited, (‘EMMAC’ or the ‘Company’) the European independent medical cannabis company, is pleased to announce that the Company has raised £11 million via a successful private placing (the ‘Placing’) providing the Company with a post money valuation of £77 million. The Placing was over-subscribed with funds coming from private and institutional investors in Europe, North America, Asia and Australia. The proceeds from the Placing will be used by EMMAC to complete a number of strategic acquisitions as well as to further research collaboration designed to shape the future of medical cannabis therapeutics. The Company raised £6 million in January 2019 giving a combined total of £17 million of funds raised to date in 2019.
Antonio Costanzo, CEO of EMMAC, said: “We are pleased to have seen such significant demand for our private placing round, particularly with the number of institutional investors. We are committed to establishing ourselves as the leading European medical cannabis company. With this funding round now successfully completed, we are not only well capitalised to complete the next stage of our corporate development but also well placed to meet the rapidly growing demands of the market, led by regulatory change and the increasing pressure for access to premium medical cannabis product.”