MMJ Group Holdings' SPP raises $389,400 to support new cannabis businesses

() has raised $389,400 in its share purchase plan (SPP) to support existing and new cannabis and hemp businesses, operating expenses and other working capital purposes.

The SPP offer booklet was issued on February 19 with the company receiving eligible subscriptions of $389,400 from 158 shareholders.

In accordance with the SPP terms and conditions, the issue price per SPP share will be the higher of:

8 cents; and 80% of the volume weighted average market price (VWAP) for shares calculated over the 5 days on which sales in shares are recorded prior to the day on which shares under the SPP are issued.

MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail.

The company is well capitalised with the flexibility to make follow-on investments in its current portfolio companies and to manage the timing of exits for some existing investments.