With its expansion into Germany underway, the firm is now turning attention towards the UK, among other emerging markets
Cannvas MedTech Inc (CSE: MTEC) (OTCMKTS:CANVF) the cannabis education and analytics firm, said its planned expansion into Europe is on track as it also announced plans to raise C$2 million via a non-brokered private placing.
With its expansion into Germany underway, the firm says it's turning attention towards the the UK as well as other emerging cannabis markets across the EU.
Exploring locations
It says it is exploring ideal locations to potentially set up operations in one or more central European locations, pending the outcome of ongoing high-level conversations with potential EU partner organizations.
"Brightfield Group projects Europe's legal medical cannabis sales to reach nearly $8 billion by 2023, while London-based Prohibition Partners forecast the European medicinal cannabis market to be worth US$65.6 billion by 2028," the firm said in a wide-ranging statement.
Meanwhile, Prohibition Partners believes the number of patients in the three biggest European markets - Germany, Italy, and the Netherlands - will rise from 130,000 in 2018 to 225,000 in 2019, with the cannabis industry in those three countries alone to be worth U$20.4 billion by 2028, Cannvas highlighted.
Global spending on legal cannabis is forecast to be US$40.8 billion in 2024, nearly triple the US$14.9 billion estimated to be spent this year, according to Arcview Market Research and cannabis industry analysis firm BDS Analytics.
Refining technologies
With over 350 original and evidence-based educational articles encompassing all aspects of cannabis, Cannvas is refining the technologies that power its learning platform to better serve European audiences’ content.
Using its learning platform called Cannvas.Me, the company plans on contributing to the cannabis knowledge landscape across Europe.
Also, in today's statement, Cannvas told investors it plans to raise up to C$2 million through a private placement of up to 10 million units at C$0.20 a throw.
Each unit consists of one share and one transferable warrant exercisable at C$0.30 for two years. The proceeds will be used for developing the technology platforms and general working capital.
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