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Cannabis-focused technology company THC Therapeutics, Inc. (OTCMKTS: THCT) revealed Friday that it has secured up to $50 million in funding from Shefford Capital Partners for acquisitions in the cannabis, alternative therapies and modern health space. Shefford Capital Partners is a private equity firm presently managing over $250 million in capital.
Under the agreement, Shefford Capital will buy up to $25 million in restricted shares of company stock over multiple closings and will arrange for the company to receive $25 million in debt financing.
"It just made absolute sense for my firm to provide the war chest for THC Therapeutics to execute the plan we have developed together," said Jonathan Cross, managing director at Shefford Capital Partners and CFO of THC Therapeutics. "Not only does the company now have an investor committed to its long term success, it also has access to Shefford's vast resources."
As per THC Therapeutics' discussions with Shefford Capital, the company plans to add two additional members to its board of directors, one appointed by Shefford Capital and another to be determined and agreed upon by both Shefford Capital and the company at a later date.
THC Therapeutics is now actively seeking established, revenue-generating acquisition candidates in the marijuana industry. In addition to the cannabis space, THCT is also looking for opportunities in psychedelics, integrative medicine and other modern healthcare-related industries. These acquisitions will be strategically selected as part of THCT's plan to develop as a hands-on, seed-to-sale company with a focus on cultivation, dispensaries and value-added cannabis products.
Each acquisition is required to be approved by both THCT and Shefford.
"Initially, when I brought Therapeutics public, it was for two reasons. The first reason was to develop the dHydronator and bring it to market, and the second was to establish a company which would be ideally positioned to acquire companies in the cannabis industry and modern healthcare space,” Brandon Romanek, THCT founder & CEO said in a statement.
Romanek went on to explain the importance of these milestones saying it is “an absolute game-changer for the company I founded! I'm not aware of any other OTC company in the US which has access to funding comparable to NASDAQ/NYSE companies. It's not the capital alone, but the agreement and strategy as a whole, which is I consider remarkable for THC Therapeutics and our shareholders."
THC Therapeutics closed Thursday's market session 12.02% lower at 19 cents per share.
Photo: Courtesy of 金 运 on Unsplash
Posted In: THCT
