Cann Group Limited (ASX:CAN) announced a Placement and Share Purchase Plan to raise A$24.2 million which would be used to fund the working capital requirements and pursue growth opportunities in the near future. Since announcing a strategic re-set in January 2020, the company has secured multiple several new offtake and supply agreements which would support short-term revenues and de-risk its expansion plan.
CANN projects its FY2021 revenue to be A$15 million.
Penny stocks have been known to attract investors who are looking for explosive gains and it is possible to get lucky with these typically speculative investments. Just as the name suggests, penny stocks trade at low prices and are common shares of small public companies.
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