March 21, 2014 14:30 ET
TORONTO, ONTARIO--(Marketwired - March 21, 2014) - PharmaCan Capital is pleased to announce that it recently closed its third round of private financing. "Investor response to PharmaCan Capital's most recent financing was overwhelming" said PharmaCan CEO Paul Rosen. "We set out to raise $5,000,000 but due to a surge of demand in both Canada and the United States we raised $9,000,000. Over the last 12 months PharmaCan Capital has raised well over $10,000,000, uniquely positioning us to increase our strategic portfolio of investee companies and also to support the growth plans of those companies that we have already invested in" Rosen explained.
PharmaCan is particularly excited that this round of financing brought to our investor base prominent Canadian and US institutions that together comprised over half of the financing. Mr. Rosen stated that "to have respected North American institutions and portfolio managers choose PharmaCan Capital as the company in which to make their first investment into the medical marijuana industry validates the quality and execution of our business plan."
Mr. Rosen continued "Two of the companies we invested in, The Peace Naturals Project and the Whistler Medical Marijuana Corporation, are licensed by Health Canada to produce and distribute medical marihuana. We are confident that the third company we invested in Vert Medical - Green Medical will soon be a licensed producer as well."
"Each day we are presented with a number of investment opportunities and we carefully evaluate them all as we look to secure attractive entry points in companies that have a high probability of achieving success under MMPR. I am also seeing many new entrants into the industry that are claiming knowledge and expertise. I encourage all prospective investors interested in the medical marijuana industry to make certain that any company that they are evaluating demonstrates comprehensive knowledge which is something that cannot be gained over a short period of time."
ABOUT PHARMACAN CAPITAL
PharmaCan Capital is a Canadian company actively pursuing investment opportunities in the medical and legal cannabis industries. PharmaCan has made three investments in Canadian commercial growers, and to date, two have obtained a license to distribute medical marihuana from Health Canada.
PharmaCan CapitalPaul RosenCEOpaul@pharmacancapital.com
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