Canadian cannabis company 1933 Industries Inc. closed its private placement of 10 million units priced at 45 Canadian cents each.

Each unit comprises one common share and one 2-year common share purchase warrant, exercisable at 50 cents per share. Total proceeds to the company amounted to C$4.5 million.

The units are subject to a four month and one day hold period, under which the company can force the acceleration of the warrants' expiry on less than 30 days' notice if the trading price of 1933 Industries' common shares on the Canadian Securities Exchange exceed 75 cents for 10 consecutive trading days.

The company plans to use net proceeds for general working capital.

Chilliwack, British Columbia-based 1933 Industries produces hemp-based and cannabidiol infused products, such as flowers and concentrates. The company also offers cannabidiol extraction services.