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The Hydroponics Company raising $3 million for medicinal cannabis

The company is preparing to start a pilot cannabis growing program.
cannabis growing facility
Growing facility in Queensland is well advanced

The Hydroponics Company (ASX:THC) will close its share purchase plan after subscriptions for the well-received offer reaches $3 million. The offer price is $0.63 per share.

The funds raised will be applied to progress the company’s domestic development of medicinal cannabis, further investment into Canadian assets, and to provide working capital.

READ: The Hydroponics Company gets a lift following medicinal cannabis export approval

The company’s share price has increased 38% to $0.94 since the start of the year, underpinned by the federal government’s decision to allow medicinal cannabis to be exported from Australia.

The government has approved the exportation of medicinal cannabis in a bid to strengthen the supply of medicinal cannabis amid growing demand domestically and worldwide.

Pilot growing program in the first half of 2018

The Hydroponics Company is on track for a pilot cannabis growing program targeted for the first half of 2018, subject to government licencing.

Significantly, the build out of the company’s growing facility in Queensland is well advanced.

Medicinal cannabis clinics program to commence in 2018

Early this year, the company will commence recruitment of staff for the expansion of the National Access Cannabis (NAC) clinic model.

The clinics will provide professional education and training for referring physicians and patients, and, in parallel collect meaningful patient data to support further advancement of the program.

READ: The Hydroponics Company’s shares surge after signing medicinal cannabis deal

The Hydroponics Company is on track to import the first medicinal cannabis product range from Endoca early this year.

Endoca is one of Europe’s most highly respected suppliers of certified medicinal cannabis, with sales exceeding €50 million per annum.

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