News and Announcements
The Hydroponics Company Lists on the ASX After Raising $8M
- Published May 04, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
The Hydroponics Company Limited (ASX: THC) is pleased to announce that last week the company commenced trading on the Australian Securities Exchange (ASX), following its successful $8 million capital raising. THC is well placed to achieve a number of milestones in the next 6-12 months.
The IPO was heavily oversubscribed with strong interest from investors in Australia and overseas. Funds from the IPO will be used to expand THC’s market share as a key manufacturer and distributer of hydroponics equipment, materials and nutrients, large scale hydroponic greenhouse design and construction, and to fund development and delivery of medicinal cannabis in Australia.
KEY TAKEAWAYS:
- The Hydroponics Company aims to expand an expand an extensive range of equipment for cannabis cultivation and processing.
- In February, THC’s medicinal cannabis division, Canndeo, lodged an application for a Research Licence which will allow the company to legally cultivate medicinal cannabis and conduct research on the use of cannabis for medicinal purposes.
- THC is targeting multiple markets with high purity cannabidiol, a new class of medicinal product that can be used to target dementia, epilepsy and other neurological disorders.
THC is focused on converting unique intellectual property in cannabis breeds and extraction technology to approved products for the Australian market and aims to leads the development of “therapeutically superior, paramount quality and cost effective medicines derived from Cannabis sativa. Canndeo leverages more than 17 years of experience in the breeding, variety selection and growth management of Cannabis sativa and this expertise will be applied to the production of medicinal cannabis in Australia.
Commenting on the success of the IPO, THC’s Chairman Alan Beasley said: “we are very pleased by the strong level of interest in The Hydroponics Company and we look forward to executing our growth strategy, achieving a number of important milestones in line with plans to become a leading, global cannabis company with diverse streams. Our debut on the Australian Securities Exchange marks an important step forward for the Company. The success of the IPO reflects the quality of our experienced team, our established core cannabis businesses and the outlook for growth in the cannabis in Australia.
The Hydroponics Company is at the forefront of developing a leading, diverse, worldwide cannabis business, focused on three core business units: Development and delivery of medical cannabis, manufacturing and distribution of hydroponics equipment, materials and nutrients, and large scale hydroponic greenhouse design and construction. With 17+ years of Cannabis sativa breeding, variety selection and growth management, THC is actively developing plant breeding technology to target multiple markets for high purity cannabidol, a new class of medicinal product that can be used to target dementia, epilepsy and other neurological disorders.
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