CanniMed Therapeutics Inc. (TSX: CMED, OTCQB: CMMDF, Forum) started trading Dec. 29th on the Toronto Stock Exchange (TSX). While it is the latest in a series of medical cannabis companies to go public in 2016, it is one of only two medical cannabis companies to be listed on the TSX. At a price of $12.00 per common share, the aggregate gross proceeds resulted in CanniMed raising $69 million.
What sets CanniMed apart from many of its peers is that it is an experienced producer. Its subsidiary company, Prairie Plant Systems, was the sole supplier of medical cannabis to Health Canada from 2000 – 2013. The Company was also the first licensed producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR).
“CanniMed’s IPO represents a major milestone for the company and provides us with additional capital to support our continued growth, both in Canada and internationally,” said Brent Zettl, co-founder and Chief Executive Officer of CMED. “We believe we are at the early stages of a tremendous growth opportunity for medical cannabis, and CanniMed is focused on becoming the supplier of choice in the medical community and with patients who are looking for consistent, high-quality treatment alternatives in delivery forms that align to traditional methods.”
Furthermore, the company has taken additional measures to ensure product consistency. Under Health Canada’s ACMPR licensed producers in Canada must follow Good Production Practises (GPP), yet the specifications outlined do not guarantee that a product purchased from one month to the next will be the same each time. CanniMed has gone a step further and adopted Good Manufacturing Practices (GMP), the standard required by pharmaceutical companies. In doing so, their products do remain consistent and patients can expect similar results every time they use them.
As an established player with an existing base of 20,000 patients and over 16 years of experience, CanniMed is well positioned within a highly competitive medical cannabis industry to potentially capture an increasingly larger share of this lucrative market. The immediate focus for the company are baby boomers with chronic pain who are at a loss with existing medications.
However, the company’s interest is not only limited to Canada. It is seriously looking at distribution opportunities to international markets as those countries begin to open-up the legal medical cannabis industry. With a new EU free trade agreement in place the potential to do so has become that much more viable.
Interested investors can find out more here, or can contact Dara Willis, CanniMed Therapeutics.
(416) 836-9272 firstname.lastname@example.org
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