Market-leading Australian medicinal cannabis company Cannatrek today announced the closing of its $13 million funding round, led by River Capital (https://rivercapital.com.au/), an Australian-based investment firm.
There was strong participation from existing investors in the round, which included the raising of new capital as well as a selldown from an existing shareholder. As part of the transaction, River Capital’s Josh Ludski will join the Cannatrek board.
Tommy Huppert, Cannatrek’s CEO, said the latest funding would provide important capital for the company’s growth plans, as well as value-adding strategic and corporate input at the board-level.
‘We are thrilled to welcome high calibre investors to our company and view their involvement as a vindication of the progress we and the sector have made to date. In addition to funding, we regard the on-going input at a board level as an exciting step in the growth of our company”.
The funds raised will enable Cannatrek to continue its sales growth, further build its team, and progress the company’s flagship development at Shepparton.
Last month Cannatrek announced that construction had commenced on a 1.5-hectare (15,000m2) glasshouse in the Victorian city of Shepparton, the first phase of a project with approvals to expand up to 16 hectares (160,000 m2). Up to a potential 400 local jobs will be created at the project, with more than 70 jobs in the initial phase and other projects, including an outdoor grow, an indoor grow and post-harvest facility on the same site, as well as a separate packaging, storage and distribution facility in Shepparton.