The compay intends to use the proceeds to fund general working capital, assist in the closing of certain acquisitions, and fund the expansion of its Colorado and Washington operations
Cannabis One Holdings Inc () has closed the second tranche of a non-brokered private placement that raised aggregate gross proceeds of about C$1.76 million, the company said Thursday.
The company, an emerging premier "House of Brands" for cannabis in North America, said it intends to use the money to fund general working capital, assist in the closing of certain acquisitions, and fund the expansion of its Colorado and Washington operations.
Cannabis One’s second tranche consisted of 787,500 subordinate voting units (SUB unit), priced at C$0.40 per SUB Unit, for gross proceeds of C$315,000, according to a statement.
READ: Cannabis One names two directors to its senior executive team
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 for a period of 24 months from the date of issuance.
A portion of the SUB units issued under the second tranche of the offering were issued for services provided in lieu of cash.
The first tranche
Cannabis One’s first tranche of the offering closed on September 3.
That offering consists of 2,287,500 SUB units 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.
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 and one SVS Share purchase warrant entitling the holder to acquire one SVS share at an exercise price of C$6.00 each - with one SVS Share convertible into 10 SUB shares - for a period of 24 months from the date of issuance.
Cannabis One, based in Vancouver, 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: [email protected]
Follow him on Twitter @PatrickMGraham