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viewCannabis One Holdings Inc.

Cannabis One raises gross proceeds of around C$1.461 million from non-brokered private placement

The firm intends to use the proceeds to fund general working capital, assist in the closing of certain acquisitions, and fund expansion Colorado and Washington

Cannabis leaf on ticker board
The offering consists of 2,287,500 subordinate voting units, priced at C$0.40 each, and 136,499 super voting units, priced at C$4.00 each

Cannabis One Holdings Inc. (CSE:CBIS) has raised aggregate gross proceeds of approximately C$1.461 million from a non-brokered private placement, with a large portion of the offering subscribed to by certain existing strategic shareholders of the company, many of whom invested in its predecessor entities.

The company, an emerging premier "House of Brands" for cannabis in North America, said it intends to use the proceeds from the offering to fund general working capital, assist in the closing of certain acquisitions, and fund the expansion of its Colorado and Washington operations.

READ: Cannabis One names two directors to its senior executive team

The offering consists of 2,287,500 subordinate voting units (SUB unit) of the company, priced at C$0.40 per unit, and 136,499 super voting units (SVS units) of the company, priced at C$4.00 per unit, the firm said.

Each SUB unit consists of one subordinate voting share of the company and one SUB share purchase warrant entitling the holder to acquire one SUB share at an exercise price of C$0.60 each for a period of 24 months from the date of issuance.

Each SVS unit consists of one super voting share of the company and one SVS Share purchase warrant entitling the holder to acquire one SVS share at any exercise price of C$6.00 each - with one SVS Share convertible into ten SUB shares - for a period of 24 months from the date of issuance.

The group said that all securities issued in connection with the offering are subject to a four month and one day hold period from the date of issuance in accordance with applicable securities laws.

Cannabis One is focused on aggregating and optimizing popular cannabis brands throughout North America, with its unique, franchise-ready retail brand, The Joint, and through targeted acquisition and partnership opportunities.

Contact the author at [email protected]

Quick facts: Cannabis One Holdings Inc.

Price: 0.165 CAD

CSE:CBIS
Market: CSE
Market Cap: $7.3 m
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