LONDON, October 18, 2018
LONDON, October 18, 2018 /PRNewswire/ --
- £3M GBP / $5M CAD funding will be used to build on its existing portfolio and prepare for an early 2019 IPO in London
- Extensive global experience of board and management reflect commitment to UK and European markets
- Strategic investments will reinforce the group's reputation at the forefront of Europe's medical cannabis industry
UK based medical cannabis investment group, European Cannabis Holdings (ECH), has announced the completion of its initial round of funding. This will enable the company to deploy more capital into 'ancillary' platforms, data and brands - all of which have been identified as having significant upside potential over the next 12-18 months.
ECH is already a firmly established company within the industry through its stakes in two of the leading European platforms in the space: market intelligence firm, Prohibition Partners, and conference organiser, Cannabis Europa. These strategic investments provide ECH with a fundamental anchor in the European investment market.
The private raise will also prepare ECH for an early 2019 IPO and aggressive growth through improved access to capital markets, a broadened ownership base and wide brand recognition.
In addition, ECH has appointed the successful and widely respected investor and entrepreneur, Jeremy Edelman, to chairman of the board. Jeremy will be joined by Andy DeFrancesco, the founding investor of multiple publicly listed companies including Aphria, Scythian Biosciences and Liberty Health Sciences; and Professor Mike Barnes; a consultant neurologist and prolific proponent and expert on medical cannabis. ECH founding partners, Rob Reid and Ben Langley, make up the remainder of the board.
ECH has also made the following appointments:
"We are delighted to have closed the private round so quickly. It's indicative of the excitement and buzz surrounding the industry and of course ECH's leadership position in Europe" according to CEO and co-founder, Rob Reid.
"We have a clear vision, a deep partnership with our investors and most importantly an exceptionally talented team in London and Toronto."