Denver-based MJardin has engaged Canaccord Genuity along with KES 7 Capital Inc. to pursue a private placement to raise money to hasten the company’s expansion strategy. The offering will be complete along with the company’s previously announced reverse take-over of Sumtra Diversified Inc. The shares will be listed on the Canadian Stock Exchange.
“This capital raise will broaden an already strong shareholder base and provide incremental capital to further accelerate our growth,” said Joann Bailey, President of MJardin. “MJardin currently operates with a strong balance sheet, and this capital raise, along with the closing of the Transaction, will allow us to efficiently access the public equity markets, accelerate our acquisitive growth and capitalize on the significant opportunities in the fast-growing U.S. and international cannabis markets.”
MJardin says it is a profitable company with a strong cash flow, executing a high-growth, recurring revenue model from operations in the U.S. It is in 13 U.S. states and has designed and planned more than 100 legal cannabis facilities. The company also has a long-term exclusive relationship with Toronto-based GrowForce Holdings Inc. for international royalties.
MJardin spun-off GrowForce Holdings Inc. back in April with a mission to become one of the premier vertically-integrated cannabis platforms globally outside of the U.S. GrowForce recently announced that it has entered into a license agreement with MJardin for the exclusive rights to its cannabis management services and intellectual property portfolio in international markets.