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Canadian hemp company Asia Cannabis closes C$1.3M IPO

Asia Cannabis Corp. closed its IPO, raising gross proceeds of about C$1.3 million.

The early-stage cannabis company, which grows hemp and related crops in South Asia, sold 5,047,000 common shares at 25 Canadian cents apiece.

After filing post-closing documents, Asia Cannabis shares will begin trading on the Canadian Securities Exchange under the trading symbol ASIA. Asia Cannabis said it will be listed as a hemp and research development company.

Calgary, Alberta-based Asia Cannabis plans to use net proceeds to launch its hemp R&D program in Cambodia.

Emerging Equities Inc. acted as agent for the IPO.