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HempFusion Wellness says accelerating Expressions of Interest date for its proposed IPO to Friday due to demand

Published: 09:05 26 Nov 2020 EST

Cannabis and dollars
HempFusion is set to debut on the Toronto Stock Exchange as the first US-based CBD company to list on the main exchange

HempFusion Wellness Inc. said that, due to demand, it is accelerating the date in which Expressions of Interest for the company's proposed IPO will be accepted, to this Friday, November 27 at 5:00pm EST.

The offering price has been set at US$1.00 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant of the company. Each warrant is exercisable to acquire one common share for a period of 5 years following the closing of the offering at an exercise price of $1.20 each. 

There is a minimum allocation of US$5,000, but no maximum. The group said orders will be accepted on a first come first serve basis, and it cannot guarantee allocations or allocation sizes. Final allocations will be confirmed by the company on Monday, November 30.

READ: HempFusion Wellness to debut as the first US-based CBD company on the Toronto Stock Exchange

HempFusion is set to debut on the Toronto Stock Exchange as the first US-based CBD company to list on the main exchange.

The Denver-based company said on October 22 that it had filed a preliminary prospectus for a proposed IPO of shares valued at up to US$7 million and units valued up to US$10 million, with the offering price of both the shares and units then expected to be priced at between US$0.90 and US$1.35.

The offering is being led by Canaccord Genuity Corp along with Haywood Securities and PI Financial Corp.

HempFusion is a health and wellness CBD company that distributes its family of brands, including HempFusion, Probulin Probiotics, Biome Research, and HF Labs, to approximately 4,000 retailers across all 50 US states and internationally.

"We are incredibly excited to announce our initial public offering and HempFusion's intention to list its securities on the Toronto Stock Exchange,” CEO Jason Mitchell said in the October statement. “To be the first US-based CBD company to apply to list on the TSX is a tremendous honour.”

Completion of the offering will allow the firm to scale its operations both domestically and internationally, Mitchell added, as well as drive accelerated growth within its distribution channels and expand its marketing initiatives.

Contact the author at jon.hopkins@proactiveinvestors.com

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