Cannabco Pharmaceutical Corp., a Canadian cannabis producer, secured $24M financing.
The backers were not disclosed.
The company will use the funds to build out of two production facilities located in the Greater Toronto Area (GTA) as well as operating capital to fund its initial crop productions.
Led by President and CEO Mark Pellicane, Cannabco is a licensed cannabis producer under Health Canada’s ACMPR program. The company recently entered the final review stages of federal licensing with Health Canada in order to become a licensed producer of Medical Marijuana for markets including pharmaceutical companies, medical users, global export, and purposed recreational markets.
According to a written note, the facilities will employ advanced cultivation technologies to date and have a combined production capability of over 15,000 kilograms of dried cannabis annually.