In Court, Witnesses Say License Holders Losing Millions as Nevada Cannabis Licensing Hearing Trudges Forward – Cannabis Business Times

DENVER, CO, Aug. 14, 2019 /CNW/ – PRESS RELEASE – HempFusion, Inc., a U.S. hemp-based cannabidiol (CBD) company with over 30 product SKU’s distributed to over 3,400 retailers, has announced the closing of brokered and non-brokered private placements of a total of 28,800,000 units of the company at a price of US$1.25 per unit for gross proceeds of US$36,000,000. The brokered portion of the offering consisted of the sale of 26,227,650 units for aggregate gross proceeds of US$32,784,563 and was completed by a syndicate of agents led by Canaccord Genuity Corp. and including Haywood Securities Inc. and PI Financial Corp. Due to demand, the offering was upsized from US$20,000,000 to US$36,000,000.

The offering brings the total amount raised this year by HempFusion to US$42,000,000. Together with funds on hand, the company expects to use the net proceeds of the offering to:

Provide capital to rapidly scale operations; Expand national and international distribution beyond 3,400 retailers; Significantly revamp the company’s e-commerce platform; Launch 20-plus new products expected by the end of 2019; Accelerate M&A activity; Increase brand awareness and marketing initiatives; Drive sales across all channels including retail, big box and national convenience chains; and Advance research & development initiatives.

Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share of the company at an exercise price of US$7.00 per warrant share, subject to adjustment in certain events, including in instances here the issue price (or deemed issue price) of any equity securities of the company issued in connection with a going-public transaction is less than US $7.00 per share.

The warrants are exercisable until the earlier of (i) 36 months from the date the common shares are listed on a recognized stock exchange and

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