Vida Cannabis Corp. announced Monday that the company has signed a Financial Partnership Agreement with High Alert Investment Management Ltd. ("High Alert") to provide various venture capital services.
These include the provision of a US $1,000,000 line of credit securing the company's ability to close on its recently announced acquisition of a 315,000-square-foot facility in Stellarton for the production of medical marijuana.
Under the terms of the agreement, High Alert will receive 40 per cent of the company's founders common shares, and be issued two million special warrants entitling High Alert to purchase up to two million common shares of the company at US$ 0.15 per share, exercisable within two years of issuance.
Vida Cannabis CEO J. Gregory Wilson stated: ‚ÄúWe selected High Alert as our strategic venture capital partner based on the people involved. Anthony Wile, High Alert‚Äôs Chief Investment Officer, has venture capital experience. We look forward to working with Anthony and his High Alert team.‚ÄĚ
Anthony graduated from Saint Mary's University and worked in the Canadian investment industry with Scotia McLeod (Bank of Nova Scotia) and Nesbitt Burns (Bank of Montreal). In 1994 Wile was made a Fellow of the Canadian Securities Institute. High Alert specializes in assisting high potential, early-stage companies to achieve business success by providing a myriad of value-added consulting and business services.
"We are optimistic that Vida Cannabis is poised to become one of the leading market participants in the legal global production and distribution of medicinal and recreational cannabis. A well-managed company with a solid plan of execution, Vida Cannabis' revenue potential is simply staggering. We look forward to helping that potential turn into reality,‚ÄĚ Wile said.
‚ÄúOn a personal level, I am particularly pleased that Vida Cannabis has selected my home province of Nova Scotia to be the base of its Canadian production operations. I know firsthand the exceptional nature of the people of Nova Scotia and it is with a great sense of pride that I am able to be part of creating quality job opportunities in the region."
To learn more about Anthony Wile and High Alert, visit http://www.HighAlertCapital.com.