Avicanna Inc (OTCMKTS:AVCNF) Stock Continues to Trade in a Range

Biopharmaceutical company Avicanna Inc (OTCMKTS:AVCNF) saw its stock clock gains of as much as 2% on Tuesday and many of its investors are possibly going to watch things closely this morning. The company is involved in commercialisation, development and manufacture of plant based CBD products.

Yesterday the company was in the news after it made an announcement with regards to the fact that it had managed to close a non brokered private placement. Under the terms of this particular offering, Avicanna issues a total of 4,587,022 units at the price of C$0.85 each for raising gross proceeds to the tune of around C$3.9 million.

One unit is made up of one common share in Avicanna and a warrant that allows the holder to pick up one half of a common share in the company. The proceeds from this particular offering are going to be used by Avicanna for working capital needs, expenses related to manufacturing and production, research, clinical development and also general as well as administrative expenses.

It seems that the announcement came as a source of optimism for many investors and led to the rally in the stock on Tuesday. At this point, it might be a good move to add the Avicanna stock to your watch lists.

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