Vida Cannabis upped and completed its $2.5 million equity offering according to information released on April 15th by the company. The company had originally secured a $1 million seed financing from Canadian investors in early March. According to an SEC filing $35,000 was raised in the US from three financial backers on March 20th. No offering was previously initiated by the company under a registration exemption with the SEC.
The company is a medicinal marijuana producer. The company’s goal is to develop a major production footprint in the rapidly developing global marketplace for the legal use of medicinal and recreational marijuana. The company is focusing on the Canadian market where Health Canada has established national guidelines enabling best-in-class producers to acquire commercial production licenses under the Marijuana for Medical Purposes Regulations.
The company, headquartered in Toronto Canada, was registered this year. Revenues were not disclosed.
The executive team includes Gary Harbottle, J Gregory Wilson and Ricardo Faria.
The board of directors includes Michael Stocker and Ronald Holland.
Company: Vida Cannabis
Amount offered: $2.5 million
Amount placed: $2.5 million
Data as of: 04-16-2014