The Nevada Sunrise Corporation, a medical and recreational cannabis production and marketing company, announced the completion of a significant private placement funding to further serve the needs of the vibrant North American cannabis economy.
The completion of the private placement, which was fully subscribed, was the final tranche in a series of three outlined private placements from 2019 to 2021 that raised a total of $3,830,000. The funds raised through the private placement will be used to accelerate the continuing development of Nevada Sunrise’s production, distribution, and marketing operations. Specifically, the funds are being used to complete the build-out of a significant indoor cultivation facility and increase their distribution network, further positioning the company to capitalize on the rapidly growing recreational and medical cannabis markets.
The completion of the final tranche of the private placement involved the issuance of 2,540,000 Units at a price of $0.50 per Unit for gross proceeds of $1,270,000. Each Unit is comprised of one common share of the Company and one common share purchase warrant of the Company. Each Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.75 for a period of two years, subject to adjustment in certain events.
The private placement was structured as a non-brokered private placement and was negotiated and fully subscribed almost entirely by US Institutional Investors. With the completion of the private placement, the Nevada Sunrise Corporation now has a total of 20,807,742 issued and outstanding common shares and a total of 11,772,500 issued and outstanding warrants.
Nevada Sunrise’s President and CEO, Robert Pence, was pleased with the successful completion of the private placement. He expressed his gratitude to the investors for their support and stated: “This funding is a testament to our team’s hard work in developing a high-growth, high-margin business model. We look forward to driving our operational and financial performance to the next level and creating long-term value for our shareholders and partners.”
With the completion of the private placement, Nevada Sunrise is now well-positioned to leverage its growing production and distribution network to capitalize on the exciting opportunities in the cannabis industry while continuing to promote its “Seed to Consumer” approach to the business. This “Seed to Consumer” approach is designed to generate significant margins and allow Nevada Sunrise to rapidly expand its customer base and continue its development as a leading player in the North American cannabis economy.