STELLARTON - Vida Cannabis announced that it has completed another oversubscribed equity financing, raising US$5,794,000 via private placement offering of its common stock. This brings the total funds raised to-date to US$9,394,010.
A release from the planned medicinal marijuana production plant stated that management is continuing to focus on building an international base of investors. This private placement took place pursuant to three distinct distributions to qualified investors in the United States, Canada and internationally.
The proceeds from this financing will primarily be applied towards Vida Cannabis (Canada) Ltd.’s Phase 1 construction of a 93,000-square-foot state-of-the-art hydroponic medical marijuana production line at the former 300,000-plus-square-foot Claritone building in Stellarton.