Cannara Biotech Subsidiary Global shopCBD.com Raises in Excess of $8.8 Million to Fuel U.S. Hemp-CBD E-Commerce Platform
Cannara Biotech Inc. (CSE:LOVE) (FRA: 8CB), an emerging vertically integrated cannabis company focused on cultivation and cannabis-infused products, today announced its subsidiary Global shopCBD.com Inc. (“shopCBD.com”) has closed private rounds of financing for aggregate proceeds of $8,865,849.15 (the “Offering”). Cannara remains the majority shareholder of the U.S. based online e-commerce platform with an approximately 61% ownership position.
“As the hemp CBD consumer markets continue to evolve, what is increasingly clear is the health and wellness segment is becoming more prominent,” said Zohar Krivorot, President and CEO of Global shopCBD.com. “The high level of investor interest in participating in shopCBD.com underscores the potential of both CBD products overall and moreover, a best-in-class online platform to serve this market.”
With the recent passing of the 2018 Farm Bill in the U.S., CBD represents a developing sector with many vendors seeking national reach to U.S. customers. ShopCBD.com’s strategy is to offer a wide variety of products from leading CBD brands, with competitive pricing and delivery times across the U.S. The rise in popularity for CBD products is driven by consumers seeking natural-based health & wellness solutions to treat various ailments from inflammation, anxiety to insomnia amongst many others. As a result, the hemp-derived CBD market has been estimated to reach US $22 billionby 2022.
Insiders of the Company have subscribed for approximately 21% of the outstanding share capital of shopCBD.com, accordingly such subscription was a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). ShopCBD.com intends to rely on the exemptions from the requirements of MI 61-101 including that the transaction was exempt from the formal valuation requirements of MI 61-101 as none of the securities of shopCBD.com are listed on a prescribed stock exchange.
About Cannara Biotech Inc.
Cannara Biotech is building one of the largest indoor cannabis cultivation facilities (625,000 square feet) in Canada and the largest in Quebec. Leveraging Quebec’s low electricity costs, Cannara Biotech’s facility is expected to produce high-grade indoor cannabis and cannabis-infused products for the Canadian and international markets. Global shopCBD.com, a subsidiary of Cannara Biotech, has entered the U.S. CBD-hemp market with an online e-commerce platform called ShopCBD.com, which will act as an aggregator and reseller of U.S. CBD-hemp product in the U.S.
For more information concerning Cannara Biotech, visit our website: www.cannara.ca
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Cautionary Statement Regarding “Forward-Looking” Information
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information: Sabrina Williams, Communications Manager, email@example.com, T: 514-543-4200 ext. 265; Zohar Krivorot, President & CEO, firstname.lastname@example.org; Lennie Ryer CPA, CA, CFE, Chief Financial Officer, email@example.com
Company is strategically building a diverse edibles portfolio with taste-forward and effects-driven products to cater to market and consumer needs
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, today announced the launch of Wonder Wellness (“Wonder”) Gummies and availability in Illinois. The new low-dose edibles are enhanced with botanicals to complement the overall cannabis experience, and their simple packaging communicates desired effects so wellness-minded category newcomers can consume with confidence to add cannabis as a part of their daily lifestyles.
Reports Eighth Consecutive Quarter of Positive Adjusted EBITDA and Positive Adjusted EBITDA from Cannabis Business
Aphria Inc. (” Aphria ,” ” we ,” or the ” Company “) (TSX: APHA) (NASDAQ: APHA), a leading global cannabis-lifestyle consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today reported its financial results for the third quarter and nine months ended February 28, 2021 . All amounts are expressed in Canadian dollars, unless otherwise noted and except for per gram, kilogram, kilogram equivalents, and per share amounts.
Thoughtful Brands, Inc. (CSE:TBI)(FWB:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands“), an eCommerce technology company that researches, develops, markets, and distributes natural health products through various brands in North America and Europe, announces that it intends to consolidate its issued and outstanding common shares (“Shares”) at a ratio of ten (10) pre-consolidated Shares to one (1) post-consolidation Share (the “Consolidation
The Company currently has 389,274,701 Shares issued and outstanding. Following the Consolidation there will be approximately 38,927,470 Shares issued and outstanding. No fractional Shares will be issued and any fractions of a Share will be rounded down to the nearest whole number of Shares. The exercise or conversion price and the number of Shares issuable under any of the Company’s outstanding convertible securities will be proportionately adjusted upon Consolidation.
In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.
Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.
The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement
Aphria to Host Special Meeting of Shareholders on Wednesday, April 14, 2021 to Approve Proposed Aphria-Tilray Business Combination