logo-loader
viewTimia Capital Corp.

TIMIA Capital invests $2 million into Cova Software, a technology platform for designed for cannabis retailers

Cova’s software allows retailers to successfully navigate and expand in the highly regulated cannabis industry

Timia Capital Corp. -
The investment includes a two-year financing facility with an initial disbursement of $1.25 million and an additional $750,000 payment upon completion of certain milestones

TIMIA Capital Corporation (CVE:TCA) (OTCMKTS:TIMCF) announced a new $2 million investment into Cova Software, an inventory management and point of sale platform to help streamline cannabis retail.

The investment into Retail Innovation Labs LLC, which does business as Cova, includes a two-year financing facility with an initial disbursement of $1.25 million and an additional $750,000 payment upon completion of certain milestones over the two-year period.

In a statement, TIMIA’s vice president of origination Rob Foxall told shareholders that Cova’s award-winning technology platform and POS currently powers nearly 90% of Ontario cannabis retailers and over 50% of Canadian cannabis stores.

READ: TIMIA Capital outlook continues to be positive, chief executive says in letter to shareholders

"Given their success, the team at Cova has selected TIMIA's innovative non-dilutive financing to support their continued growth,” Foxall said. “Our financial solution is a great alternative for organizations like Cova that require funding to increase their customer base and drive sales, while maintaining equity ownership and control over their company."

Cova’s software allows retailers to successfully navigate and expand in the highly regulated cannabis industry, a solution that is seeing “tremendous growth” in the sector, according to its CEO Gary Cohen.

"Recognizing the need for expansion capital, we explored several alternatives and found that TIMIA had the best solution for our needs. We look forward to working with the team at TIMIA as we continue to strengthen our competitive position in the growing cannabis industry,” Cohen said in a statement.

TIMIA provides growth capital to technology companies in exchange for payments based on monthly revenue. Its technology-driven fintech platform targets higher risk-adjusted returns on its finance solutions, creating value for shareholders, and leveraging its non-dilutive capital structure.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Timia Capital Corp.

Price: 0.175 CAD

TSX-V:TCA
Market: TSX-V
Market Cap: $7 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Timia Capital Corp. named herein, including the promotion by the Company of Timia Capital Corp. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Timia Capital releases strong year-end financial numbers

Timia Capital (CVE: TCA) CEO Mike Walkinshaw joined Steve Darling in the Vancouver office of Proactive to discuss the company’s end year financial number that saw them increase revenue by 89%. Walkinshaw also told Proactive about the current market condition and why their vetting process of...

on 10/3/20

2 min read