Medicinal marijuana business Eden Pharma Ltd has launched its fourth round of funding in just four months.
The firm, which only started trading in the second quarter of this year, will sell 250,000 shares at 498p each starting on 10 January 2020.
The first two rounds of funding, for £150,000 and £850,000 respectively, were oversubscribed by 150%, while the third opened on 2 September and was filled by one single application.
Eden expects this third offering, of 200,000 shares at 240p each, to be oversubscribed as well.
The Enterprise Investment Scheme (EIS) backed business started to sell CBD and hemp-based products on Amazon in August and claims they are some of the “fastest-selling” in the UK.
It plans to open a laboratory in London this month, while acreage to grow plants in the Caribbean region will become fully operational in December.
Talks are also underway to acquire land in Cyprus, Canada and the US.
"Eden Pharma has recorded one of (if not the) fastest private equity share placement of any UK medical marijuana company in 2019,” said chief executive Martin Booth.
“We have positioned ourselves as a truly unique marijuana company (a harvester, transporter, dispenser and researcher of marijuana), whilst also operating a retail arm of the business.”