Wildflower Brands Inc. closed its private placement of units sold at 54 Canadian cents each for gross proceeds of up to C$1.9 million.
The units consist of one common share of the company and one half of a common share purchase warrant. Each whole two-year warrant is exercisable at 85 cents per common share.
The Vancouver, Canada-based cannabis company can accelerate the expiry of the warrants if its shares trade at or above a weighted average trading price of C$1.50 for 20 consecutive trading days.
Wildflower plans to use the proceeds to build its manufacturing capability in Washington and to fund general corporate purposes.