Following a string of internal successes and in keeping with the rapid expansion of Canada’s national medical and adult-use cannabis markets, Canadian cannabis firm INDIVA has carried out a reverse takeover with the publicly listed company Rainmaker Resources Limited. The RTO is closing this Friday, December 8 and the new publicly listed company — which will be dubbed INDIVA Limited — could list on the Toronto Stock Exchange as early as next Monday, December 11.
In two separate offerings that culminated last month, Rainmaker and INDIVA earned just over $15,000,000 in subscription shares — money that the company has earmarked for a major expansion of its London, Ontario growing facility. The RTO has positioned INDIVA as a new entrant to the Toronto Stock Exchange without the hassle or costs of an actual IPO and will allow the company to focus on maintaining smooth operations and growth during its transition to the public sphere.
“We are very pleased to have exceeded our goal of raising $15,000,000 with these two concurrent financings and to now be in a position to move forward with the expansion of our London facility to 40,000 square feet,” said Niel Marotta, Chief Executive Officer of INDIVA. “I would like to thank our team at INDIVA and our partners for their hard work to get this financing completed.”
The planned expansions will be a 500% increase in production square-footage for INDIVA. This, coupled with its 8,000 square feet of already ACMPR-approved indoor production space, will help INDIVA strengthen its presence in the cannabis space as a company that prides itself on high-quality strain selection, cultivation practices, and client care processes.
Moving forward (and with Canada’s adult-use regime set to launch next July), INDIVA has also been scouting additional grow sites, including a 7-acre site that has been identified near Cornwall, Ontario and a potentially massive grow site (50-100+ acres) outside of London, Ontario. Additionally, the company has promised to release infused edibles and other client-friendly cannabis products as Canada’s fully legal industry comes online.