“We are very pleased to have this financial support from Auxly and Tilray who are valued and important strategic partners for our company. The Offering will provide Inner Spirit with the resources needed to continue to execute its business plan and provide our shareholders with additional value and growth while simultaneously supporting our franchise partners as we build out our national network,” said Darren Bondar, President and CEO of Inner Spirit.
The Offering is being made through a syndicate of agents, co-led by Acumen Capital Finance Partners Limited, as sole bookrunner, and Canaccord Genuity Corp. (the “Co-Lead Agents”). Closing of the Offering is expected to take place on or about May 24, 2019 (the “Closing Date”).
The Company has also granted to the Co-Lead Agents an over-allotment option (the “Over-Allotment Option”) exercisable from time to time in whole or in part, in the sole discretion of the Co-Lead Agents, up to 30 days from the Closing Date, to arrange for the sale of up to an additional 2,500 convertible debenture units (the “Additional Units,” and together with the Initial Units, the “Debenture Units”) for additional gross proceeds of up to $2,500,000 (or a total of $10,000,000 in aggregate gross proceeds if the Over-Allotment Option is exercised in full), on the same terms as the Initial Units to cover over-allotments, if any, and for market-stabilization purposes.
Inner Spirit anticipates using the proceeds of the Offering to build out and provide inventory for additional wholly-owned corporate Spiritleaf retail cannabis stores, to maintain real estate leases in the Ontario market, to design and produce Spiritleaf custom inventory for the Spiritleaf franchise system, and for working capital purposes.
About Inner Spirit
Inner Spirit is establishing a network of recreational cannabis stores under its Spiritleaf brand. Supporting local entrepreneurs by applying its award-winning franchise and retail models, Inner Spirit has more than 100 franchise agreements in place for potential Spiritleaf locations and plans to operate corporate outlets in certain jurisdictions. The Company is simultaneously developing a diverse portfolio of proprietary quality and curated lifestyle cannabis products positioning the company to be an iconic Canadian brand and the most trusted source for recreational cannabis. Key industry partners and shareholders include Auxly Cannabis Group Inc. (TSX.V:XLY), Newstrike Brands Ltd. (TSX.V:HIP) and Tilray, Inc. (NASDAQ:TLRY). More information can be found on Inner Spirit’s website at www.innerspiritholdings.com.
This press release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “expect”, “anticipate”, “intend”, “plan”, “potential”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; the number of Debenture Units to be sold under the Offering; the gross proceeds of the Offering; the expected subscriptions by Auxly and Tilray for Debenture Units under the Offering; the exercise of the Over-Allotment Option; the use of the net proceeds of the Offering; and the intention to grow the Company’s business and operations. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including but not limited to, fluctuations in the market price of the common shares; changes in market conditions; and the risks identified In the Company’s filings with the applicable Canadian securities regulators, including, without limitation, all risks in and incorporated by reference into the Company’s preliminary short form prospectus in respect of the Offering. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
For further information: Darren Bondar, President and CEO, Email: email@example.com, Phone: 1 (403) 930-9300, www.innerspiritholdings.com
Pineapple Express Delivery Partners with CannTrust to Offer Same-Day and Next-Day Delivery for estoraTM Medical Cannabis Patients in Ontario
Ensuring estoraTMpatients have seamless access to their high-quality medical cannabis products
World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announce that its subsidiary Pineapple Express Delivery Inc. (“Pineapple Express Delivery” or “PED”), a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, has partnered with CannTrust Inc. to bring same-day and next-day delivery to estoraTM medical cannabis patients in Ontario
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.