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Cannabis biotech Anandia Labs raises C$13.4 million in private placement

Cannabis biotech Anandia Labs raises C$13.4 million in private placementVancouver-based cannabis biotech Anandia Laboratories announced it raised CAD$63 million through a private placement financing of 13.4 million common shares. Green Acre Capital and York Plains Investment Corp were lead investors.

Anandia Labs is a cannabis analytics, testing and genetics company. It has one of 33 Health Canada-issued dealer’s licenses enabling it to cultivate, extract, test, import and export cannabis. It provides services including potency, pesticides, microbes and terpenes to licensed producers and patients, and helps customers analyze their test results and resolve any non-conformities.

Anandia also uses genomics and plant breeding technologies to develop products, and has built a significant collection of cannabis germplasm.

Dr. Jonathan Page, Anandia Labs’ co-founder and CEO stated, “…We anticipate significant growth over the next few years as we expand our licensed R&D and product development facilities and testing capabilities to meet the growing needs of the Canadian and global cannabis industry…”

“A partnership with Anandia was important to us given they are the gold standard in quality assurance testing for licensed producers.  We are very excited to see …their creative work in genetics, tissue culture, extractions and processing,” added Tyler Stuart, Managing Director of Green Acre Capital.

Anandia Labs has approximately a 20% market share of the analytics and genetics testing market. It operates out of a 5,400 sf facility in Vancouver, with plans to construct a 40,000 sf cannabis innovation center in British Columbia in 2018.

The Financing will fund the land purchase and construction of the initial phase of Anandia Labs’ Cannabis Innovation Centre.

Source Anandia Labs press release

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