True Leaf Medicine Raises $10 Million Through Reg A+ Offering

True Leaf Medicine International Ltd. (TRLFF) announced today that the company has raised $10 million (CAD) through a Regulation A+ public equity offering, making it the first Canadian-listed cannabis company to successfully conduct a Regulation A+ offering. The announcement comes two months after the U.S. Securities and Exchange Commission (SEC) qualified its offering statement.

In the offering, True Leaf offered 14,285,715 common shares at a price of C$0.70 per share. The minimum subscription amount was 500 shares per investor, which amounts to C$350. All securities issued in accordance with the offering are subject to a hold period of four months and one day.

True Leaf also announced that it is in the process of closing of a non-brokered private placement. Valued at $4,051,654.60, the company sold 5,788,078 common shares at a price of C$0.70 per share. The shares were only sold to Canadian investors.

“We’ve always wanted to give the people who love our products, and share in our vision and values, the chance to own a piece of True Leaf,” said Darcy Bomford, Founder and Chief Executive Officer of True Leaf, in a statement. “Regulation A+ gave us this opportunity. We believe the proceeds from this offering should put us in an excellent position to execute our business plan and accelerate our growth.”

True Leaf Pet was established in 2015 to pioneer and market hemp-focused products for the pet industry. The company launched the True Hemp product line in Canada, the USA, and Europe; becoming the first hemp-based pet product line to be marketed worldwide. True Leaf Med launched in July 2013 to become a licensed producer of medicinal cannabis. It has received approval to build its facilities from the Government of Canada. The company’s goal is to provide federally-approved, safe and effective cannabis products that will be sold in Canada.

Working with its affiliate, FlashFunders, Boustead Securities is the lead underwriter and book runner for the offering. CrowdfundX has been chosen as the digital marketing agency of record.

The proceeds from the Regulation A+ offering will go towards the funding of phase one of True Leaf’s 40-acre cannabis production facility; which includes the construction of a 16,000 square foot hydroponic grow building and a 9,000 square foot building housing offices, extraction facility, laboratory and packaging areas.

The facility is set to be built in Lumby, British Columbia, through its wholly-owned subsidiary True Leaf Medicine Inc. Once the facility passes Health Canada’s inspection, and True Leaf becomes a licensed cannabis producer, the company expects to produce approximately 2,500 kilograms of dried cannabis annually.

Construction of the production facility is set to begin in the coming weeks and the company expects that the construction will be complete by the summer of 2018, which should coincide with the Government of Canada’s goal of legalizing recreational cannabis by July 2018.

William Sumner

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.


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