Vida Cannabis Corp. has announce it has completed a US$ 1 million seed stage round of equity financing. In addition to investments from directors, officers and key personnel, Vida Cannabis has secured a significant portion of the financing from value-added angel investors.
This private placement consists of 6,666,666 common shares at a price of US$ 0.15 per share for total gross receipts of US$ 1,000,000. There are no commissions or fees involved with this financing. Vida Cannabis is looking to buy the Clairtone Building in Stellarton and turn it into a medicinal marijuana facility.
Vida Cannabis CEO Greg Wilson stated: "The proceeds from this initial round of equity financing will primarily be used to advance our Canadian subsidiary's plans of developing a large-scale, licensed production facility for pharmaceutical-grade marijuana. Our desire is to work with tradespersons and service providers based in the Stellarton, Nova Scotia region where the plant will be located. I have just returned from several days of meetings there with a number of consultants and service providers, and am confident the local area is enthusiastically engaged and ready to assist us in a diligent and timely manner to rapidly get our operations up and running.
"We are confident in our ability to raise equity capital and have no interest in asking the taxpayers of Nova Scotia to fund our vision. Vida is here to build a business that benefits the Company, our shareholders and the residents of not only Stellarton but throughout Nova Scotia, without government grants or tax breaks. We will build this business based upon the securing of financing from investors with a long-term perspective on developing Vida Cannabis and are humbled by the confidence already expressed in the Vida team and the vision and strategies we are implementing."
With the financing, Vida Cannabis (Canada) Ltd. ("Vida Canada"), Vida Cannabis' wholly owned subsidiary, will immediately commence with previously announced plans to retrofit a 315,000-square-foot production facility in Stellarton while simultaneously working to secure a commercial production license from Health Canada.
"We are incredibly excited to be able to participate in the development and growth of a company we believe will be a leading producer in the global medical marijuana industry," Isaac Collie, Director of High Alert Investment Management Ltd. ("High Alert") stated. "We are fully committed to putting our considerable business and consulting resources behind Vida Cannabis, and will do our part to help ensure continued success."
Additionally, Vida Canada is accelerating its efforts to secure several key personnel to join the Canadian Vida team, which will solidify its profile as a suitable candidate for licensing with Health Canada.