Ela Capital will assist Lifespot Health in commercializing its vape technologies in the global cannabis market.
Medical cannabis device developer Lifespot Health (ASX: LSH) has appointed Canadian mutual fund Ela Capital as its corporate advisor to help commercialize its technologies in the global cannabis market.
Toronto-based Ela Capital became Lifespot’s majority shareholder earlier this year after investing nearly $ 800,000 in a capital increase. It was the first time a major North American cannabis mutual fund invested in an Australian company.
The emerging corporation is supported by experienced investors from the cannabis industry and offers private investment and advisory services to co-founders and visionaries.
Lifespot said that Ela Capital will use its global expertise to help the company develop leading research, development and commercialization capabilities for medical cannabis technologies in the Australian and global markets.
The company will also help create global partnerships for Lifespot to connect with the international cannabis markets and bring international opportunities to the domestic market.
Matthew Golden, Lifespot’s chief executive officer, said the appointment of Ela Capital as management advisor is “exciting and timely as the company looks to the future expansion of its products and the markets in which it is marketed”.
“Ela Capital’s experience and network 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 the Canadian public cannabis company Terrascend, with a volume of $ 3 billion.
Since then, the company has founded six cannabis companies in the US, Canada and India and continues to be committed to cannabis-related investments around the world.
The team consists of seasoned medical cannabis, medical device and healthcare professionals in the Canadian, US and European markets.
Ela Capital is expected to provide Lifespot with ongoing international capital markets, medical device commercialization advice and support for the medical cannabis industry.
When Ela Capital first announced its financial support for Lifespot in January, it planned, the technology developer, sales opportunities in Canada, the United States and the European medical cannabis markets, access to differentiated, patented and inhalable technology products, leading regulatory expertise, and diversified pools of public and private capital worldwide.
Lifespot is the supplier of Australia’s first sealed medical cannabis vaporizer in Pods, Medihale.
In late April, the company announced that it had developed a new slim version of its vape device that includes the sealed pod design and a portable charger.
Lifespot also secured exclusive distribution rights for this new vape device in Australia and New Zealand under the Medihale brand, with sales for the new device reaching US $ 118,000 in the first quarter of 2021.