Veri Medtech Holdings Ord Shs (OTCMKTS: VRHI) is planning to move up from the OTC Markets to the Nasdaq Exchange.
On May 7, the company filed paperwork to sell 3.75 million shares at US$4.00 each in a firm commitment offering. This move aims to raise about US$15 million gross, with roughly US$13.35 million in net proceeds after fees.
Veri Medtech plans to use the money to grow its operations, improve its platform and pursue possible acquisitions. The stock currently trades on the OTCID Market under VRHI and last closed around US$1.00 before the filing.
The company will apply to list on Nasdaq Capital Market under the same ticker. If Nasdaq does not approve the listing, the offering will not happen. After the deal, executives will still control more than 50 per cent of the voting power, making it a controlled company, but Veri says it will follow full Nasdaq governance rules anyway.
Veri operates through three wholly-owned subsidiaries: Veriheal Inc., DosePop and Alternative Medical Clinic LLC. It serves patients in many states, including Alaska, Arizona, Arkansas, California and Colorado. Patients book video visits with doctors, get help with state paperwork for medical cannabis cards and pay US$100 to US$200 per card or renewal.
Veri is essentially an online helper that connects sick people with doctors who can recommend cannabis where it is legal, without the hassle of in-person visits.
In the cannabis telehealth space, Vera competes with Dogecoin Cash Inc (OTCMKTS: DOGP). Dogecoin runs PrestoDoctor, another telehealth platform for medical marijuana recommendations.
Through PrestoDoctor, Dogecoin Cash focuses on fast, simple online cannabis card certifications, making it quick and easy for patients to get a medical marijuana recommendation from home. In contrast, Veri offers a much broader range of services and products — including personalised education on cannabinoids and wellness medications (such as weight loss treatments and anti-aging therapies) delivered through its DosePop brand.
Read more: Fugazi short report sends Akanda tumbling after cannabis rescheduling rally
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