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Cann (ASX:CAN) share price crashes 14% after announcing another capital raising




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The Cann Group Ltd (ASX: CAN) share price is crashing lower on Monday morning. This follows the announcement of yet another capital raising by the cannabis company.

At the time of writing, the Cann share price is down 14% to 32.5 cents.

What did Cann announce?

This morning Cann announced an institutional placement and a share purchase plan aiming to raise a total of $20 million.

This comprises a $10 million institutional placement and a $10 million share purchase plan, with the funds being raised at 27.5 cents per new share. This represents a 27.6% discount to the Cann share price prior to its trading halt.

According to the release, the proceeds from the capital raising will be used to invest in…

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