Redfund Capital Corp (CSE:LOAN) announced Thursday that it is the new Canadian resident agent for the US cannabis fertilizer company Plant Life, which is looking to widen its reach into Canada.
Headquartered in Delray Beach, Florida, Plant Life already has an extensive business supplying fertilizer to cannabis growers in California and is poised to enter the Canadian market by establishing strategic partnerships with Canadian cannabis companies.
“Revenue producing Plant Life will continue to be a leader in cannabis fertilizers. We are excited to assist David Ellerstein footprint Plant Life into the Canadian market and build his global brand,” said Redfund CEO Meris Kott in a statement.
Shares of Redfund rose 50% to C$0.50 on heavy volume in midday trading in Canada.
In the fertilizer business since the 1920s, Plant Life focuses on offering a superior line of fertilizers to cannabis companies. It manufactures liquid and dry water-soluble fertilizers designed to improve a plant’s growth cycle, maximize growers' yields and increase potency.
A Canadian merchant bank, Redfund looks to provide debt and equity funding in the mid-to-late stages of a target company’s development or in technologies that are validated by revenues. Redfund’s focus is currently on medical cannabis, hemp and CBD-related as well as healthcare-related target companies.