Canaccord Genuity Leads Two New Deals

 

DOJA Cannabis Company (CSE: DOJA) announced a C$15 million bought deal private placement of convertible debenture units with Canaccord Genuity as the lead underwriter on behalf of a syndicate of underwriters. The underwriters agreed to purchase 15,000 units of the company priced at $1,000 per unit and the deal is expected to close on or about December 28, 2017.

DOJA is a premium cannabis lifestyle brand that grows high-quality handcrafted flower. The company was founded by the team that started SAXX Underwear. Each convertible debenture will be convertible into common shares at C$1.24 per share for three years following the closing date. The stock was lately trading at C$1.25. The debentures bear an interest rate of 8% per year. The company intends to use the proceed for capital projects and general corporate purposes.

In October, DOJA said it was buying a 22,580 square foot building in Kelowna, British Columbia. The completion of the new facility called “Future Lab” will bring the company’s production capacity to 5,000 kg. per year. It is expected to be ready for its first cultivation prior to July 2018.

Canaccord Leads Deal For Delta 9

Delta 9 Cannabis Inc. (TSXV: NINE) announced that it was also doing a deal with led by Canaccord Genuity for C$20 million. 7,410,000 units at a price of C$2.70 will make up the bought deal with an option for an additional 1,111,500 units at a price of C$2.70. The stock was lately trading at C$2.73.  The proceeds will be used for expansion capital expenditures and general corporate purposes. It, too, is expected to close December 28, 2017.

Delta 9 Cannabis owns Delta 9 Bio-Tech, a licensed producer of medical marijuana in Canada and operates an 80,000 square foot facility in Winnipeg, Manitoba. The company is focused on small batch, hand trimmed medical cannabis. Just a few weeks ago, Canopy Growth announced that it entered into a distribution agreement with Delta to offer their products through the CraftGrow line via Tweed Main Street’s online store.

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