07:36 AM EDT, 04/19/2024 (MT Newswires) -- Avicanna ( AVCNF ) , a biopharmaceutical company focused on plant-derived cannabinoid-based products, said Thursday that it raised about $2.1 million in its non-brokered private placement.

The offering comprises about 5.3 million units at $0.40 apiece.

The company plans to use the proceeds for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.

The company's stock dropped 9.5% to $0.38 in Canada yesterday.