Westleaf Cannabis secures financing

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By Ted Liu

Westleaf Cannabis Inc. has closed private round of financing, raising $[mepr-active rule=”374″ ifallowed=”hide”]#SUBSCRIBERS ONLY CONTENT Where and how did you get your news? Subscribe today to see our research on this and all other subscriber ONLY news. See what you have been missing and be informed!#[/mepr-active][mepr-active rule=”374″]7,931,500 through the issuance of 15,863,000 common shares priced at $0.50 per share. 152 investors from Alberta, BC, Manitoba, Ontario, Quebec and Yukon participated in the financing. Investors also received liquidity warrants which are convertible in the event that no liquidity transaction has occurred before the liquidity deadline. [/mepr-active]

Canaccord Genuity Corp. acted as placement agent while Borden Ladner Gervais LLP acted as legal counsel.

Calgary based Westleaf Cannabis Inc. is a private vertically integrated cannabis company.

In January 2018, Westleaf entered into a non-binding letter of intent with Delta 9 Cannabis Inc. (TSX-V: NINE) to create a strategic partnership for the joint development of a large-scale cannabis production facility located in Southern Alberta. Delta 9 and Westleaf will each own a 50 per cent equity interest in the project.

In addition to the Alberta project, Westleaf is developing a 200,000 square foot cannabis production facility in Saskatchewan. Westleaf and its affiliates are pursuing retail distribution in both Alberta and Saskatchewan.