Cannabis-based GW Pharma raising more Nasdaq cash

Cambridge UK life science company GW Pharmaceuticals is set to raise around $1 million new money with a sale of ordinary shares on the US technology market, Nasdaq.

The company, whose treatments are cannabis based, says the amount it wants to raise is undecided. But its stock on Nasdaq is currently edging downwards towards its lowest on the market so GW would be happy to raise anything north of $1million.

It plans to issue 1.25 million American Depositary Shares in an underwritten US public offering. From an opening price of123.22, GW’s shares fell 5.77 cents on last trading to 115.23 – dangerously close to the low of 114.22 and well distanced from the high of 123.22.

Morgan Stanley, BofA Merrill Lynch and Cowen and Company are acting as joint book-running managers for the offering. Piper Jaffray & Co. is acting as lead manager.

The company has not given any reason for...

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