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LEEF Brands, Inc. (OTCQB:LEEEF) (CSE:LEEF) entered into a strategic partnership with Farming First Holdings, LLC.
Under the terms of the agreement, Farming First will cultivate 27 acres of biomass cannabis material exclusively for LEEF. This partnership ensures a steady and reliable source of quality biomass material, contributing to LEEF's commitment to providing exceptional concentrate products to its customers. The planting of the cannabis crops is expected to commence over the summer, with an anticipated fall harvest.
LEEF anticipates that this collaboration will yield approximately 65,000 lbs. of biomass material. By securing this robust supply, LEEF is well-positioned to meet the demands of the winter season and maintain a competitive edge.
"We are thrilled to partner with Farming First on this project," stated Micah Anderson, CEO of LEEF Brands. "This strategic collaboration allows us to enhance our supply chain and ensure a consistent flow of high-quality cannabis material. We are confident that our customers will greatly benefit from this partnership, as we continue to provide them with exceptional concentrate products."
In addition to the current agreement, LEEF has also secured a right of first refusal on an additional 27 acres of biomass cannabis material for the 2024 season. This option provides LEEF with the opportunity to expand its production capacity and meet the growing market demand.
The company also completed a fundraising round, securing $600,000 through a note payable arrangement. The funds were raised through a private arms length offering, with the note payable featuring a competitive flat interest rate of 12%. The note will be payable in full on January 20th, 2024.
The also raised $100,000 in capital funding through the issuance of 4.7 million common shares. These shares were priced at $0.0288 each and were acquired by an arms-length entity.
Photo: Benzinga edit with photos by geralt, lindsayfox Pixabay
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