Wildflower Closes on $2 Million Private Placement to Meet Massive California Demand
VANCOUVER, British Columbia, Feb. 01, 2018 (GLOBE NEWSWIRE) -- Wildflower Marijuana Inc. (CSE:SUN) (the "Company") is pleased to announce a private placement of units (“Units”) at a price of C$1.50 per Unit for aggregate gross proceeds of $2,000,000.
The financing is being done with a strategic investor, Daniel Petrov who will be joining the Wildflower Advisory Board. Mr. Petrov has founded a number of successful cannabis companies and currently works with industry related companies in Canada, California, Washington, Hawaii and Columbia. Daniel’s innovative and entrepreneurial acumen has made him a force in the cannabis industry. He has worked in the cannabis industry since 2011 when he co-founded VODIS Innovative Pharmaceuticals and held the position of Executive Vice President of Aurora Cannabis, one of Canada’s largest licensed marijuana producers, from 2014 to 2016.
To meet the unprecedented demand in California, Wildflower will be using these proceeds to increase production and inventory levels, increase marketing initiatives and for general working capital.
Each Unit of the private placement shall consist of one common share of the Issuer and one half of one share purchase warrant (“Warrant”). One whole Warrant will entitle the holder to acquire one common share of the Company at a price of $2.25 for a period of 24 months following the closing date of the private placement. Once resale restrictions of the Shares have expired and upon Company’s shares trading at or above a weighted average trading price of $3.25 for 20 consecutive trading days, Wildflower may give notice that the Warrants will expire 30 days from the date of providing such notice (in writing to the Warrant holder and via a news release). All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing.
William MacLean, CEO states, "I would like to welcome Daniel to our Advisory Board. He brings with him a wealth of experience in the cannabis industry that will be invaluable, and his breadth of knowledge within the industry in Canada will be an exceptional asset as Wildflower looks to enter the Canadian market."
ABOUT WILDFLOWER
Wildflower is a cannabis company focused on developing and designing branded cannabis products. Wildflower sells its CBD+ products online and to retailers throughout the US and also produces and markets its THC products in regulated cannabis jurisdictions.
On Behalf of the Board of Directors
“William MacLean”
____________________________________
William MacLean
Director and CEO
The Canadian Securities Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.