CiiTECH raises £2.1-million ahead of stock exchange debut
As CiiTECH prepare to go public, the science-led cannabis company has successfully raised capital of £2.1 million.
Announcing the exciting news on Tuesday 7 July, the capital will be used to fund their marketing strategy, invest in new talent, build essential infrastructure and support future growth.
Having previously generated £7 million in revenue since its inception in 2017, CiiTECH have built a successful portfolio of consumer CBD brands including Provocan, Impact Sports and Hugg.
The company soon intends to apply for the admission of its ordinary share capital, and to trade on the Main Market of the London Stock Exchange. CEO and Founder of CiiTECH, Clifton Flack, said: “We are pursuing a number of new opportunities, and will soon be rolling out a cannabis healthcare education platform.”
“We would like to thank Chrystal Capital Partners LLP, who acted as our exclusive financial adviser, for playing a critical role in not only raising the capital but also finding an optimal capital markets partner in Fragrant Prosperity.
“Our science-led approach focuses on identifying clear product needs in our chosen territories and then sourcing solutions for these new markets. We are pursuing a number of exciting opportunities, including rolling out our CBD wellness brand portfolio in Israel and South Africa, whilst implementing our medical cannabis strategy through a number of global supply chain partnerships.
“Our consumer cannabis brands are soon to be supported with the launch of our ‘Cannabis Healthcare Education Course’ that is being rolled out as part of our localised and segmented B2B marketing strategy.”
Chrystal Capital Partners LLP, Europe’s leading cannabis corporate finance and investment house acted as exclusive financial adviser.