Nevada cannabis cultivator Flower One Holdings raised $5 million in the first tranche of a non-brokered private placement. Flower One has the option to increase the size of the private placement by an additional $10 million. Proceeds will be used “for implementing critical improvements to (Flower One’s) facilities and for general corporate and working capital purposes,” according to a Monday news release. Flower One restructured its convertible debentures to reduce its debt earlier this year. Under the private placement, Flower One issued 50 million units, which each include one common share and one share purchase warrant exercisable at $0.25 for three years. Flower One can accelerate the expiry date of the warrants under certain conditions.

MJBizDaily, 09/27/2021 25:00:00

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