Successful capital raise for CiiTECH Limited of £2.1m convertible loan notes ahead of a Reverse Takeover of Fragrant Prosperity Holdings Limited
Chrystal Capital Partners LLP, Europe’s leading cannabis corporate finance and investment house, is pleased to announce that it has acted as exclusive financial adviser to CiiTECH Limited, (“CiiTECH”) a UK headquartered, Israel-based, branded cannabis healthcare company on its £2.1m capital raise via an issue of Convertible Loan Notes, (the “CLN Issue”).
The fundraise attracted strong support from the UK’s leading institutional cannabis investor, FastForward Innovations Ltd, (“Fast Forward”) alongside professional family offices and ultra-high-net-worth individuals.
CiiTECH will deploy the capital raised to implement its marketing strategy, invest in new talent, build essential operational infrastructure to support future growth and finance the planned Reverse Takeover, (“RTO”) with Fragrant Prosperity Holdings Limited, (“Fragrant Prosperity”) a specialist cannabis investment vehicle listed on the London Stock Exchange, whose shares have been suspended pending completion of the RTO.
“We are delighted to have advised CiiTECH on its successful fundraise and on finding an excellent partner in Fragrant Prosperity. Our unique cannabis sector expertise, together with our extensive relationships with cannabis investors, continues to deliver much-needed growth capital and M&A solutions to this exciting, fast growing industry. CCCA will continue to work closely with the management team on the RTO and beyond as CiiTECH continues to grow.”
“We are pleased with the strong interest in this fundraise, which will allow CiiTECH to continue to execute our aggressive growth strategy. I thank all our new and existing investors for their support as we build the business and pursue exciting opportunities. Chrystal has played a critical role in not only raising the capital but also finding an optimal capital markets partner in Fragrant Prosperity.”
About CiiTECH
CiiTECH has generated over £7.0 million in revenue since its inception in 2017, with its flagship brand Provacan. The business has a strong pipeline of additional brands, including Impact and Hugg. Expansion into new high-growth markets, such as Brazil and South Africa, is complimented by exciting research partnerships with leading academic institutions.
CiiTECH is a brand-building, consumer focused company dedicated to ongoing cannabis research and the commercialisation of cannabis products. It uses its partnerships with leading institutions and scientists to create niche consumer brands. The company continually innovates as it strives to create the best science-led brands in the cannabis sector. CiiTECH is currently funding a range of clinical studies aimed at unraveling the large range of minor cannabinoids, bringing better understanding and more effective products to market.
For more information about CiiTECH, please visit https://www.ciitech.co.il
For further information please contact:
Kingsley Wilson
Investment Partner
kingsley.wilson@chrystalcapital.com
https://www.chrystalcapital.com