Medical cannabis device developer Lifespot Health (ASX: LSH) has appointed Canadian investment fund Ela Capital as its corporate advisor to assist with the commercialisation of its technologies in the global cannabis market.
Toronto-based Ela Capital became a major shareholder of Lifespot at the start of the year after investing close to $800,000 in a capital raising. It marked the first time a major North American cannabis investment fund had invested in an Australian company.
The emerging capital firm is backed by sophisticated cannabis industry investors and provides private investment and advisory services to fellow founders and visionaries.
Lifespot said Ela Capital will leverage its global expertise to assist the company in developing leading capabilities for research, development, and commercialisation of medical cannabis technologies in the Australian and global markets.
The firm will also assist in creating global partnerships for Lifespot to engage with the international cannabis markets and bring international opportunities into the domestic market.
Lifespot chief executive officer Matthew Golden said the appointment of Ela Capital as corporate advisor is “exciting and timely as the company looks toward future expansion of both its products, and the markets into which it commercialises them”.
“Ela Capital’s experience and networks will be a welcome addition to the Lifespot Health team,” he added.
Experienced cannabis investor
Ela Capital was founded in 2014 by Vijay Sappani, the founder and chief executive officer of $3 billion Canadian listed cannabis company Terrascend.
Since then, the firm has seeded six cannabis companies in the United States, Canada and India and continues to commit to cannabis-related investments around the globe.
Its team is comprised of experienced professionals in the medical cannabis, medical device and healthcare sectors across the Canadian, US and European markets.
Ela Capital is expected to provide ongoing international capital markets, medical device commercialisation advice and medical cannabis industry support to Lifespot.
When Ela Capital first announced its financial support of Lifespot in January, it said it planned to provide the technology developer with distribution opportunities in Canada, the US and Europe’s medical cannabis markets, access to differentiated, patented and inhalable technology products, leading regulatory expertise, as well as diversified pools of public and private capital globally.
Medihale sales
Lifespot is the supplier of Australia’s first sealed pod medical cannabis vapouriser, Medihale.
At the end of April, the company announced it had designed a new slim version of its vape device incorporating the sealed pod design and a portable charger case.
Lifespot also secured exclusive distribution rights for this new vape device in Australia and New Zealand under the Medihale brand with sales of the new device reaching $118,000 during the 2021 first quarter.
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