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Cannabis company 1933 Industries to raise C$4.5M for working capital

Canadian cannabis company 1933 Industries Inc. plans to raise C$4.5 million in a nonbrokered private placement.

The company will offer 10 million units at 45 Canadian cents apiece. Each unit comprises 1 common share and 1 common share purchase warrant, which entitles the holder to buy 1 share at 50 cents apiece for of 24 months following the closing date.

The offering is fully subscribed, and the closing date of the offering is expected to occur on or about March 15.

1933 Industries plans to use net proceeds for general working capital.

Chilliwack, Canada-based 1933 Industries is a cultivator and producer of cannabis flower and concentrates and manufacturer of hemp-derived CBD wellness products.