States Where Weed Is Legal.

states where weed is legal. A hedge fund devoted to pot companies recently raised a bunch of money. In Canada, the effort to legalize weed for recreational purposes would grow the industry to $22.6 billion annually, says a new study from business services firm Deloitte. In Colorado, the cannabis industry contributed an economic impact of $2.39 billion in 2015, making cannabis the fastest-growing business sector in the state, employing 18,005 direct and ancillary full-time jobs in 2015, according to a Denver Post report . Capital for expansion The pricing of the initial public offering of CanniMed Therapeutics Inc. (OTC: OTC:CMMDF ) was expected to be between $10.00 and $12.00 Canadian dollars per common share and would raise $50 million, the prospectus said. There was so much interest in the stock, the company raised $60 million priced at the high end of the range at $12 per share, according to a company news release. “CanniMed’s IPO represents a major milestone for the company and provides us with additional capital to support our continued growth, both in Canada and internationally,” said Brent Zettl, Green Rush co-founder and Chief Executive Officer of CMED. “We believe we are at the early stages of a tremendous growth opportunity for medical cannabis, and CanniMed is focused on becoming the supplier of choice in the medical community and with patients who are looking for consistent, high-quality treatment alternatives in delivery forms that align to traditional methods.” CanniMed intends to use the proceeds as follows: About $21 million to fund the expansion of production at its Saskatoon, Saskatchewan, facilities, approximately $8 million to fund the development of an additional cannabis oils manufacturing facility and related equipment, $5 million to fund the purchase of additional equipment, $6 million to fund the expansion of SubTerra facility in White Pine, Michigan, $3 million to fund further clinical trial and the balance to be allocated to working capital and general corporate purposes. Aphria Inc. ( OTCQB:APHQF ) had $102 million Canadian dollars working capital on Nov.

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