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Lowell Farms Inc. (CSE:LOWL) (OTCQX:LOWLF), cannabis company and owner of the popular brand Lowell Smokes announced Tuesday that it has completed a US$18 million non-brokered private placement of common equity.
The offering, which was led by Beehouse Partners, LP and included participation from insiders, consisted of 18 million units of the Company for a purchase price of $1.00 per unit or aggregate gross proceeds of $18.0 million.
“We are grateful for the support of our investors who share our conviction and excitement in our mission to capture an enormous market opportunity in front of us,” George Allen, chairman of Lowell Farms said. “This financing allows the Lowell Smokes brand, one of the strongest cannabis brands in the country, to expand geographically and increase scale in its home state of California.”
Each unit is comprised of one subordinate voting share of the Company and one‐half of one share purchase warrant of the company. Each warrant is exercisable to acquire one subordinate voting share of the company until August 30, 2024, at an exercise price of $1.40 per warrant share, subject to adjustment in certain circumstances.
Proceeds from the offering are contemplated to be used for working capital purposes, automation investments, and expansion into new markets.
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Lowell Farms’ shares were trading 8.38% lower at $1.17 per share at the time of writing Tuesday morning.
Photo: Courtesy of Visual Stories || Micheile on Unsplash
