Medicinal cannabis company MGC Pharmaceuticals is in front of investors on Wednesday, seeking support for a $10 million equity raising.

MGC was seeking to sell new shares at 6.5¢ each which was a 21.6 per cent discount to the five day volume weighted average price of 8.3¢.

Funds raised were to fast track commercialisation of its pharma and cosmetics business, including the commencement of clinical trials and development of pharma grade medicinal cannabis products according to terms sent to potential investors.

Street Talk. AFR

Merchant Corporate Advisory was leading the deal and was calling for bids by 5pm on Wednesday.

MGC Pharmaceuticals shares went into a trading halt on Wednesday morning ahead of the offer.