Province Brands of Canada closes $10.95-million in Series A funding

Province Brands of Canada closes $10.95-million in Series A Financing

Province Brands of Canada — the Canadian company developing a suite of premium non-alcoholic, cannabis-powered beers and spirits including the world’s first beer brewed by the cannabis plant — has announced the closing of its Series A round of financing with $10.95-million increased by 91 accredited investors. Province Brands of Canada initiated this financing round in April of 2018, and its final brings the total funding raised by the company since its launch to over $15-million.

“We’re honoured to have such tremendous support from our investors and we will invest the majority of the new funds to the construction and purchase of equipment for the world’s first cannabis brewery here in Canada,” said Elad Barak, Province Brands’ Director of Business Development and Investor Relations.

Prior to this Series A final, Province Brands of Canada closed its seed round on March 15, 2018, raising $4.1-millionfrom over 90 accredited investors, many of whom also participated in this latest funding round. Soon after the close of Province Brands of Canada’s seed around, the company also entered into a strategic alliance agreement and share exchange with Auxly Cannabis Group Inc. (formerly Cannabis Wheaton Income Corp.).

This listing will be achieved via a reverse takeover of Colson Capital Corporation (TSX-V: COLS.P), announced on June 5, 2018.

The Series A was a Convertible Note issued with an 8% interest rate per annum, compounded annually at a 20% discount on another qualified financing. The Series B are the private placement of common shares to be issued concurrently with the reverse takeover mentioned previously. 

Province Brands of Canada is an early phase, Toronto-based, highly disruptive premium adult beverage company founded by seasoned entrepreneurs with extensive experience in the premium alcohol and lawful recreational and medical cannabis industries. Province Brands’ patent-pending procedure has created the world’s first beers brewed from cannabis when utilizing portions of the cannabis plant that would otherwise don’t have any commercial value. Alcohol-free yet intoxicating, and using a dose-response curve like that of alcohol, Province Brands’ cannabis-powered spirits and beers will challenge the alcohol industry by providing a safer and healthier alternative that’s also gluten free and low in calories and sugar.

The company also recently announced a forthcoming line of beer brewed from barley and infused with superior cannabis oil to match its flagship brewed-from-cannabis products.

Released at Fri, 17 Aug 2018 15:17:32 +0000

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