MedReleaf is the only ISO 9001 certified medical cannabis producer in North America. They have announced a $100 million deal with Canaccord Genuity and GMP Securities.
MedReleaf Corp. (MEDFF) has entered into an agreement with Canaccord Genuity and GMP securities. The organization has agreed to purchase 3,800,000 shares at the price of 26.50 per unit. The deal is expected to close near the end of the month and caps at over $100 million.
Following the announcement, MedReleaf Corp. (MEDFF) stock rose over 7% on the OTC Marketplace. Shares jumped over 7% to late day trade at $23.66. This is near the high of its 52-week range of $24.99.
According to the company statement, MedReleaf plans on using the net proceeds to finance the acquisition and/or construction of additional cannabis production and manufacturing facilities in Canada as well as in other jurisdictions with federal legal markets.
Each unit will consist of one common share and one-half of one common share purchase warrant of MedReleaf. Each warrant will have the power to acquire one common share of the company for a period of two years following the closing date at an exercise price of $34.50. If the volume weighted average trading price exceeds $51.75 for ten consecutive days, MedReleaf will have the right to accelerate the expiry date of the warrants upon not less than fifteen trading days’ notice.
MedReleaf is the first and only ICH-GMP and ISO 9001 certified cannabis producer in North America. MedReleaf is an R&D-driven company dedicated to patient care, scientific innovation, research and advancing the understanding of the therapeutic benefits of cannabis. Sourced from around the world and carefully cultivated in one of two state-of-the-art facilities in Ontario, MedReleaf delivers a variety of premium products to patients seeking safe, consistent and effective medical cannabis.