Weed Me is a producer of cannabis with indoor growing facilities in Ontario and holds cultivation, processing and sales licences under the Cannabis Act from Health Canada.
() Canadian investment, privately-owned Weed Me Inc has completed a C$2.5 million capital raising.
MMJ has been an investor in the licensed cannabis producer since December 2017, which represents one of the largest investments within the MMJ cannabis and hemp portfolio.
“Funding in challenging market conditions”
MMJ chairman Peter Wall said: “We congratulate the management of Weed Me in securing funding in challenging market conditions and believe that it reflects the quality of its business plan and its substantial cultivation assets.”
MMJ’s investment in Weed Me comprises:
3.46 million shares representing 14% of Weed Me’s issued capital and 3.46 million warrants; and A$1.1 million convertible note with a first ranking charge that bears interest at a rate of 8% per annum and is repayable on August 7, 2020.Chairman Peter Wall is also a non-executive director of Weed Me.
SPP closing date extension
MMJ has also extended the closing date of its share purchase plan (SPP) announced last month to Tuesday, March 17 in order to provide eligible shareholders with sufficient time to consider the offer as well as submit their applications and payments.
Under the SPP, existing shareholders may apply for between $1,000 and $30,000 worth of MMJ shares without incurring any brokerage or transaction costs.
Participation in the SPP is optional and open to all MMJ shareholders registered as at 5:00pm (AWST) on February 13 with an address in Australia or New Zealand.
Shares will be issued at 11 cents per share.
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