The medical cannabis company wants its 11.8 million shares worth of warrants to come home to roost
CB2 Insights Inc () (OTCMKTS:CBIIF), a data-driven medical cannabis company, is launching a warrant incentive program designed to encourage the exercise of its outstanding warrants.
The company is offering an inducement to warrant holders who exercise their warrants by Christmas. If every warrant is exercised, the company said, CB2 expects to receive nearly $1.1 million in gross proceeds.
The warrants, ranging in value between $0.50 and $0.80 per share, represent roughly 11.8 million shares.
READ: CB2 Insights to collaborate with FCM Global to support medical cannabis R&D in Colombia
“We are excited that CB2 Insights now has a clear cost structure that gives us full line of sight to hit profitability in Q1 2020,” said Prad Sekar, CEO of CB2 Insights. “The proceeds that will be raised from this program will allow us to manage through the seasonal pressures of our clinical operations while we continue expanding and accelerating the growth of our research and data business units.”
The Toronto-based company noted fewer than 10% of the total outstanding warrants are held by insiders.
CB2 concentrates on real-world evidence obtained from data outside randomized trials and generated during routine clinical practice. The company has created tools that engage the medical community and provide the data doctors and other professionals need to recommend with confidence cannabis-based medicines.
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