FarmaceuticalRX has closed on two capital financings that provided an aggregate of approximately $18M of working capital to the Company (the “Offerings”).
"The $10M Series A Preferred Unit financing was raised through a syndicate of high net-worth individuals, and the $8M Common Unit financing was raised through a separate group of investors," the team with the company explains. "Buchanan Ingersoll & Rooney PC served as outside counsel to the Company in connection with both Offerings."
“This capital raise supports our rapid growth and our continued success in Pennsylvania, which is a key jurisdiction within our vertically integrated multi-state platform,” said Rebecca Myers, CEO of FarmaceuticalRX. “We are thrilled to welcome our new investor partners into the Company. We have commenced operations in Pennsylvania and we are positioned to commence product sales in the coming weeks,” Myers stated.
The Company intends to use the net proceeds from these Offerings for capital expenditures, working capital and general corporate requirements for the Company’s Pennsylvania Grower/Processor Operations.