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Vext Announces $15 Million Bought Deal Public Offering

VANCOUVER, BC, Jan. 13, 2021 /CNW/ – Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) (“VEXT” or the “Company”), a vertically integrated multi-state cannabis company in the United States, today announced that it has entered into an agreement with Beacon Securities Limited (“Beacon”), as lead underwriter and sole bookrunner, on its own behalf and on behalf of a syndicate of […]

The post Vext Announces $15 Million Bought Deal Public Offering appeared first on CannabisFN.

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Ryan Allway

January 13th, 2021


VANCOUVER, BCJan. 13, 2021 /CNW/ – Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) (“VEXT” or the “Company”), a vertically integrated multi-state cannabis company in the United States, today announced that it has entered into an agreement with Beacon Securities Limited (“Beacon”), as lead underwriter and sole bookrunner, on its own behalf and on behalf of a syndicate of underwriters (collectively with Beacon, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 13,400,000 units (the “Units”) of the Company at a price of $1.12 per Unit (the “Offering Price”) for aggregate gross proceeds of approximately $15 million (the “Offering”).  All references to currency in this news release are to Canadian dollars.

Each Unit will consist of one common share (each, a “Subordinated Voting Share”) in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”) of the Company.  Each Warrant will entitle the holder thereof to purchase one Subordinated Voting Share at a price of $1.40 for a period of 36 months from the Closing Date (as defined below), subject to the Accelerated Exercise Period (as defined below), after which time the Warrants will be void and of no value.  If, at any time prior to the expiry date of the Warrants, the volume weighted average trading price of the Subordinated Voting Shares on the Canadian Securities Exchange (or such other stock exchange where the Subordinated Voting Shares are then listed) is greater than or equal to $2.50 for a period of 20 consecutive trading days, the Company may, in its sole discretion, provide written notice to the holders of the Warrants by way of a news release advising that the Warrants will expire at 4:00 p.m. (Toronto Time) on the 30th day following the date of such notice unless exercised by the holders prior to such date (the “Accelerated Exercise Period”). The Company intends to apply to list the Warrants on the Canadian Securities Exchange.

The Company has granted the Underwriters an option (the “Over-Allotment Option”), exercisable, in whole or in part, by Beacon, on behalf of the Underwriters, giving notice to the Company at any time and from time to time up to 30 days following the Closing Date, to purchase, or to find substituted purchasers for, up to an additional number of Units equal to 15% of the Units sold pursuant to the Offering at the Offering Price to cover over-allotments, if any, and for market stabilization purposes. The Over-Allotment Option shall be exercisable to acquire Units, Subordinated Voting Shares or Warrants (or any combination thereof), at the discretion of the Underwriters.

The proceeds raised from the sale of Units under the Offering are expected to be used by the Company for working capital and general corporate purposes. Closing of the Offering is expected to occur on or about February 3, 2021 (the “Closing Date”) and is subject to a number of conditions, including without limitation, receipt of all regulatory approvals. There can be no assurance as to whether or when the Offering will be completed.

The Offering is to be effected on a bought deal basis in each of the provinces of Canada (other than Quebec) (the “Qualifying Jurisdictions”) pursuant to a short form prospectus to be filed in each of the Qualifying Jurisdictions and by private placement to eligible purchasers resident in jurisdictions other than Canada that are mutually agreed to by the Company and Beacon, provided that no prospectus filing or comparable obligation arises and the Company does not thereafter become subject to continuous disclosure obligations in such jurisdictions.

The Units, Subordinated Voting Shares and Warrants being offered have not been, nor will they be, registered under the U.S. Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, “U.S. persons” (as those terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. The Units may be offered and sold in the United States to Qualified Institutional Buyers (as defined in Rule 144A under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) and to “accredited investors” (as defined in Rule 501(a) of Regulation D under the U.S. Securities Act), in each case by way of private placement pursuant to an exemption from the registration requirements of the U.S. Securities Act and pursuant to any applicable securities laws of any state of the United States. Any Units offered and sold in the United States shall be issued as “restricted securities” (as defined in Rule 144(a)(3) under the U.S. Securities Act).

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Vext Science

Vext Science, Inc. is a vertically integrated US Cannabis THC and Hemp cannabinoid products company, manufacturing THC cartridges, concentrates, edibles, and accessories under the Vapen™ Brand, and Hemp based products under the Pure Touch Botanicals brand as well as the Vapen CBD brand.  Based in Arizona, Vext Science, Inc. has one of the leading THC concentrates, edibles, and distillate cartridge brands sold in most of the state’s 100+ dispensaries. Herbal Wellness Center dispensaries are among Arizona’s leading dispensaries and we execute all aspects of the cultivation, extraction, edibles infusion and manufacturing processes which insures a product of the highest quality and purity.  Quality, accessibility and efficacy are among our most essential core values.  Vext Science, Inc. continues to grow and expand throughout the U.S. and internationally, by utilizing its  knowledge, experience and expertise in extractions, product manufacturing, and marketing, including through various revenue and profit-sharing joint venture partnerships. For more information visit our website at www.VextScience.com.

COVID-19 Risk Factor

VEXT may be impacted by business interruptions resulting from pandemics and public health emergencies, including those related to COVID-19. An outbreak of infectious disease, a pandemic, or a similar public health threat, such as the recent outbreak of COVID-19, or a fear of any of the foregoing, could adversely impact VEXT by causing operating, manufacturing, supply chain, and project development delays and disruptions, labor shortages, travel, and shipping disruption and shutdowns (including as a result of government regulation and prevention measures). It is unknown whether and how VEXT may be affected if such a pandemic persists for an extended period of time, including as a result of the waiver of regulatory requirements or the implementation of emergency regulations to which VEXT is subject. Although certain VEXT facilities have been deemed essential and/or have been permitted to continue operating during the pendency of the COVID-19 pandemic, there is no assurance that all of the Company’s operations will be deemed essential and/or will continue to be permitted to operate. VEXT may incur expenses or delays relating to such events outside of its control, which could have a material adverse impact on its business, operating results, financial condition, and the trading price of the Subordinated Voting Shares or any other securities of VEXT.

Forward Looking Statements

This news release contains “forward-looking statements”, including with respect to the proposed terms of the Offering and the proposed use of proceeds. Wherever possible, words such as “may”, “would”, “could”, “should”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “potential for” and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the annual information form of the Company dated September 17, 2020 and the other filings made by the Company with the Canadian securities’ regulatory authorities (which may be viewed at www.sedar.com). Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

The Canadian Securities Exchange has not reviewed, approved, or disapproved the content of this news release.

Eric Offenberger
Chief Executive Officer

SOURCE Vext Science, Inc.

For further information: Jonathan Ross, VEXT Investor Relations, [email protected], 416-244-9851

Related Links

https://vextscience.com/

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

Ryan Allway

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


Source: https://www.cannabisfn.com/vext-announces-15-million-bought-deal-public-offering/

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CBD News: Want to promote hemp’s health benefits? Here’s how to do it without getting in trouble

Hemp businesses walk a fine line when describing the health benefits of their products: Make a claim without evidence or wording that misleads consumers, and soon the legal fees will pile up.

Want to promote hemp’s health benefits? Here’s how to do it without getting in trouble is a post from: Hemp Industry Daily: Financial, Legal & business news for hemp & CBD entrepreneurs

From Want to promote hemp’s health benefits? Here’s how to do it without getting in trouble on CBD Products & CBD Business News – Hemp Industry Daily.

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Hemp businesses walk a fine line when describing the health benefits of their products: Make a claim without evidence or wording that misleads consumers, and soon the legal fees will pile up.

Want to promote hemp’s health benefits? Here’s how to do it without getting in trouble is a post from: Hemp Industry Daily: Financial, Legal & business news for hemp & CBD entrepreneurs

From Want to promote hemp’s health benefits? Here’s how to do it without getting in trouble on CBD Products & CBD Business News – Hemp Industry Daily.

This was autoposted by IFTTT. To find out more, read my post about news articles.

Source: http://blog.hempcbd.business/2021/01/cbd-news-want-to-promote-hemps-health.html

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Recreational Marijuana Could Raise $43 Million In Tax Revenue For Delaware Each Year

The Delaware state auditor is making a strong case for cannabis legalization in the state.

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Recreational Marijuana Could Raise $43 Million In Tax Revenue For Delaware Each Year | High Times






























Source: https://hightimes.com/news/delaware/recreational-marijuana-could-raise-43-million-tax-revenue-delaware/

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Hollister Biosciences Inc. Commends the State of Arizona for starting Adult-Use Cannabis Sales ahead of schedule, Venom Extracts it’s 100% owned subsidiary is a category leader with over 4 million grams sold throughout the state in 2020

VANCOUVER, BC, Jan. 25, 2021 /PRNewswire/ – Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the “Company“, “Hollister Cannabis Co.” or “Hollister“) a diversified cannabis branding company with products in over 98 dispensaries throughout Arizona, is pleased to commend the state of Arizona for its efficient activation of adult-use cannabis sales. Legal sales of adult use cannabis in Arizona commenced mid-day on Friday January 22nd, […]

The post Hollister Biosciences Inc. Commends the State of Arizona for starting Adult-Use Cannabis Sales ahead of schedule, Venom Extracts it’s 100% owned subsidiary is a category leader with over 4 million grams sold throughout the state in 2020 appeared first on CannabisFN.

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Ryan Allway

January 26th, 2021

News, Top News


VANCOUVER, BCJan. 25, 2021 /PRNewswire/ – Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the “Company“, “Hollister Cannabis Co.” or “Hollister“) a diversified cannabis branding company with products in over 98 dispensaries throughout Arizona, is pleased to commend the state of Arizona for its efficient activation of adult-use cannabis sales. Legal sales of adult use cannabis in Arizona commenced mid-day on Friday January 22nd, 2021, several months ahead of industry expectations, and the fastest that any of the 15 states with recreational marijuana has gone from voter approval to actual sales.

The company’s wholly owned subsidiary, Venom Extracts (“Venom“) product suite is a category leader with over 4 million grams sold in 2020, accounting for up to 30 percent of category sales state-wide. Venom is positioned for continued growth in Arizona, it has a strong brand recognition and distribution network, its products are available at leading retailers including Harvest Health and Recreation (CSE: HARV,OTCQX: HRVSF), Curaleaf (CSE: CURA,OTCQX: CURLF), Bloom, MuV and Oasis Cannabis dispensaries among others.

Arizona voted to legalize adult use cannabis in November, “Marijuana Business Daily projects that the state’s recreational market could generate up to $400 million in revenue its first year and more than $700 million by 2024″.

“Medical-marijuana dispensaries that got approved to sell recreational marijuana on Friday include 13 of the 15 Harvest shops in the state, all eight Curaleaf shops, The Mint locations in Guadalupe and Mesa, three Territory Dispensary locations, and dozens of others in places across the state, including in TucsonYumaFlagstaffCottonwood and Sedona. Arizona Department of Health Services spokesman Steve Elliott said Friday that the department had approved 86 applications. Some dispensaries in the state are still waiting to file their applications because they are not yet prepared to offer recreational sales, which are expected to bring substantially more traffic to their stores”. As reported by AZ Central on January 22nd, 2021.

In 2020, sales of medical cannabis in Arizona grew by greater than 27%, as such Venom has been a catalyst for revenue growth of the Company. On March 26th, 2020 (see press release dated March 30th, 2020), Hollister Biosciences acquired Venom Extracts and since the closing, in the three quarters following, Venom contributed approximately CDN$38 million to the company’s 2020 revenue.  In the entire year of 2020, Venom Extracts generated greater than CDN$ 40 million in revenue (and CDN$4.8 million in adjusted EBITDA), up from CDN$16.4 million in 2019 a 144% year over year increase, and ending the year with a record month of sales for December totaling approximately CDN$5.5 million. These unaudited numbers represent record sales for the company, and the expectation is that sales growth will continue in 2021.

In addition to continued revenue growth, the company plans to focus on core growth area’s including; enhancing; unit margins, market penetration, loyalty and same-store sales.

Some additional highlights of the company include:

  • Branded Products now on sale in over 370 cannabis dispensaries in Arizona and California
  • 4 owned brands, and 3 brand collaborations
  • Over 4 million grams sold
  • Over 96,000 lbs. of cannabis biomass converted into finished products in Arizona
  • Total sales for 2020 increased 3233% from 2019 and are estimated to be approximately CDN $40 million
  • December 2020 sales totaled greater than CDN$6 million

The Company looks forward to continuing execution of its business plan and growth targets in 2021, primarily focused on the exponential growth anticipated in Arizona and continued market penetration of branded products throughout California.

About Hollister Biosciences Inc.

Hollister Biosciences Inc. is a multi-state company with a portfolio of innovative, high-quality cannabis & hemp branded consumer products and white-labeling manufacturing.  Our products are sold in 370 dispensaries across Arizona and California. As of March 26th, 2020 (see press release dated March 30th, 2020), Hollister Biosciences acquired 100% of Venom Extracts, a category leading brand which sold over 4 million grams of product in 2020, accounting for up to 30 percent of category sales in Arizona.

Website:www.hollistercannabisco.com

The CSE, nor its regulation services provider, does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com

This press release includes reference “EBITDA” and “adjusted EBITDA”, which are non-International Financial Reporting Standards (“IFRS”) financial measures. Non-IFRS measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted by removing other non-recurring or non-cash items, including the unrealized change in fair value and realized fair value adjustments on inventory sold in the period, share-based compensation expenses, depreciation of right-of-use assets, revaluation adjustments of financial assets and liabilities measured on a fair value basis and non-recurring transaction costs included in operating expenses. EBITDA and Adjusted EBITDA have no direct comparable IFRS financial measures. The Company has used or included these non-IFRS measures solely to provide investors with added insight into the Company’s financial performance. Readers are cautioned that such non-IFRS measure may not be appropriate for any other purpose. Non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

SOURCE Hollister Biosciences Inc.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

Ryan Allway

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


Source: https://www.cannabisfn.com/hollister-biosciences-inc-commends-the-state-of-arizona-for-starting-adult-use-cannabis-sales-ahead-of-schedule-venom-extracts-its-100-owned-subsidiary-is-a-category-leader-with-over-4-million-gra/

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