HempFusion, a leading US hemp-based cannabidiol (“CBD”) company, recently announced the closing of brokered and non-brokered private placements of a total of 28,800,000 units of the company at a price of $1.25 each, resulting in gross proceeds of $36,000,000. The brokered part of the offering, which was comprised of the sale of 26,227,650 units for total gross proceeds of $32,784,563, was completed by a syndicate of agents including Canaccord Genuity Corp., Haywood Securities Inc. and PI Financial Corp. (“the agents”). Each of the units issued consist of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company at an exercise price of $7.00 each, subject to adjustment in certain events. The warrants are exercisable until 36 months from the date the shares are listed on a recognized stock exchange, or until February 28, 2023, whichever comes first. The agents were issued a total of 1,751,318 units in consideration for the services rendered in the brokered private placement. In addition, HempFusion paid the lead agent, Canaccord Genuity, a corporate finance fee of $75,000 in cash as well as an additional $100,000 in units of the company. “HempFusion’s mission is to provide consumers with a best-in-class customer experience, quality products that work, and peace of mind,” HempFusion co-founder and president Jason Mitchell, N.D, stated in the news release. “With the close of this financing, we can continue expanding operations, provide a more robust and comprehensive product education platform and continue expanding our sales and marketing initiatives to reach more consumers globally than ever before.”
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About HempFusion
HempFusion is a premium CBD wellness brand with distribution to over 3,400 retailers across 47 US States. The company is engaged in the advancement of therapeutic benefits of industrial hemp extract while maintaining the highest level of compliance in the industry. HempFusion’s wide variety of 30 products are sourced from only the highest quality phytocompounds manufactured under the strictest cGMP standards to achieve maximum efficacy and safety. HempFusion’s primary focus is formulating and marketing premium consumer-specific product lines with various delivery methods, across multiple distribution platforms. The company’s products are based on a proprietary Whole Food Hemp Complex(TM). HempFusion products are available through independently owned and national chain health food stores and on the company’s website. For more information, visit the company’s website at www.HempFusion.com.
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