Cannabis-focused merchant bank Redfund Capital Corp (CSE:LOAN) has unveiled another investment - into a firm with a line of infused hot beverages aimed at managing pain.
Mary’s Wellness Ltd was founded by Virginia Vidal two years ago as a response to the the birth of her triplets in 2007.
The group's current product line is 100% organic, focused on medicinal cannabis and has a total of 18 varieties of convenient on-the-go brews.
"We are pleased to welcome Mary’s Wellness to our portfolio of clients, now the second female led cannabis company," said Redfund CEO Meris Kott.
"The company continues to support innovative business owners that can easily create global footprints for their already established brands. Redfund will support Mary’s Wellness in their application for legal licensing for cannabis edibles in Canada.
"The company will also assist Mary’s team with strategic relationships and help them export their IP and product brand to countries with already approved legal medical cannabis. We believe that Mary’s Wellness can become the world leader of cannabis infused tea and coffee."
Cannabis, if smoked, is considered to be extremely harmful to the body.
But the active ingredients present in medical forms of marijuana can be infused into different types of liquids, for example hot drinks, which reduces the psychoactive affects.
Mary's flavours include sleep & relax, bella coola, chamomile, chai, orange pekoe, lemon, peppermint, earl grey, plain green tea, green tea with ginger or ginseng, hot chocolate, english toffee cappuccino, french vanilla cappuccino and coffee.
Redfund and Mary's Wellness have inked a two-year convertible secured promissory note on October 17 this year for $1 million at an annual interest rate of 12.5%.
The note may be converted at Redfund’s discretion at any time during the term and the company has a right of first refusal to provide financing to Mary’s upon the same business terms as are being offered to Mary’s Wellness by any other funders
Last week, Redfund said it was committed to following a gender equality funding strategy and would finance women-led medical cannabis companies.
The bank said it is currently reviewing multiple women-led projects and would announce a list of clients once promissory notes had been signed with the entrepreneurs.