Hemp-based Food Company Raises C$3 Million, Expands Store Presence

Four grocery chains will add Planet Based Foods' taquitos later this month.

Hemp-based food company Planet Based Foods Global Inc. (CSE: PBF) (OTCQB: PBFFF) (FRA: AZ0) raised C$3 million in a private placement of subordinate voting shares for C$0.10 per share. The net proceeds will be used for general working capital and corporate purposes.

The company has also entered into a C$200,000 loan agreement secured against the company’s assets with a 10% interest rate. The loan will mature on Feb. 28, 2024.

Expansion

Planet Based Food’s best news, however, was that two versions of its taquitos will be found various Lazy Acres Natural Markets, New Leaf Community Markets, and Lunardi’s Markets store locations this month.

“We’re happy to be disrupters in the culinary landscape,” said Braelyn Davis, CEO and co-founder of Planet Based Foods. “I’m happy that Planet Based Foods can remain at the forefront of food technology with our hemp-formulated superfood products. Our goal was to get our products out to the masses, and with our strategic partnerships in place, we’re achieving just that. The best of all, the feedback for our products has been fantastic.”

Lazy Acres is a subsidiary of Bristol Farms and is dedicated to promoting natural approaches to optimal health and wellness. Lazy Acres serves local communities as a marketplace for individuals who prioritize healthy living and eating.

New Leaf Community Markets is a grocery store chain primarily located in Northern California. Lunardi’s Markets is a family-owned grocery store chain primarily located in Northern California, specifically in the San Francisco Bay Area.

Board Addition

Planet Based Foods also appointed Kevin Vines as an independent director. Vines is recognized as a prominent exporting specialist in the realm of produce from North America. His expertise extends to a diverse range of items, including avocados, berries, cherries, and asparagus, with a primary focus on facilitating exports to Southeast Asia and the Middle East.

“We have full confidence that his wealth of experience will significantly contribute to the company’s product development, particularly from the fresh food perspective,” Davis said.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


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