Wellnex Life
ASX-listed Wellnex Life has launched a fundraising effort targeting A$2 million from investors to support its push into the over-the-counter CBD space.
The raise offers shares at $0.075 each, reflecting a 19.7% discount to the company's five-day volume-weighted average price.
Proceeds are earmarked for several growth initiatives, with the primary focus being entry into the over-the-counter, low-dose CBD market.
Through a joint venture with OneLife Botanicals, Wellnex said its goal is to become "one of the first companies to offer an over-the-counter medical cannabis product in Australia".
"This capital raise comes at an important inflection point for the business where we are presented with multiple growth opportunities, the largest of which [is] likely related to our chance to be one of the first companies to offer an over-the-counter medical cannabis product in the Australian S3 market," chief executive George Karafotias said.
"Our JV with OneLife Botanicals, combined with our key competencies around regulatory know-how and distribution networks, provide us with all the ingredients required to evolve as a major player in this large and fast-growing market."
The share purchase plan is set to close on October 5.
IDT Australia
IDT Australia has confirmed that Dr David Sparling has resigned after four and a half years leading the company, with his departure taking effect immediately.
Paul McDonald, who has held the role of head of quality and development at the firm since January 2021, will step in as interim leader while the company searches for a permanent successor.
