Province Brands of Canada, a Toronto-based cannabis beverage company, has raised $10.95 million in a Series A financing.
The round, which brings the company’s total funding to more than $15 million, was backed by 91 accredited investors. It was structured as a convertible note.
Founded in 2016 by CEO Dooma Wendschuh and CCO Jennifer Dianne Thomas, Province Brands is developing a suite of non-alcoholic, cannabis-based beers and spirits.
The company said it is planning to raise a Series B round of $20 million to $30 million to coincide with its listing on the TSX Venture Exchange. The listing will be achieved through a reverse takeover.
Province Brands of Canada closes $10.95-million in Series A funding
TORONTO, Aug. 15, 2018 /CNW/ – 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 from the cannabis plant — has announced the closing of its Series A round of funding with $10.95-million raised by 91 accredited investors. Province Brands of Canada initiated this funding round in April of 2018, and its closing brings the total funding raised by the company since its launch to more than $15-million.
“We are honoured to have such tremendous support from our investors and we will invest the majority of the new funds into 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 closing, Province Brands of Canada closed its seed round on March 15, 2018, raising $4.1-million from over 90 accredited investors, many of whom also participated in this most recent funding round. Shortly after the close of Province Brands of Canada’s seed round, the company also entered into a strategic alliance agreement and share exchange with Auxly Cannabis Group Inc. (formerly Cannabis Wheaton Income Corp.).
Province Brands of Canada plans to raise a Series B of $20- to $30-million, which will coincide with its public listing on the Toronto Stock Exchange’s Venture Exchange (TSX-V). This listing will be achieved through 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 the next qualified financing. The Series B will be the private placement of common shares to be issued concurrently with the reverse takeover mentioned above.
About Province Brands of Canada
Province Brands of Canada is an early stage, Toronto-based, highly disruptive premium adult beverage company founded by veteran entrepreneurs with extensive experience in the premium alcohol and legal medical and recreational cannabis industries. Province Brands’ patent-pending process has created the world’s first beers brewed from cannabis while utilizing parts of the cannabis plant which would otherwise have no commercial value. Alcohol-free yet intoxicating, and with a dose-response curve similar to that of alcohol, Province Brands’ cannabis-powered beers and spirits will challenge the alcohol industry by offering a safer and healthier alternative that is 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 premium cannabis oil to complement its flagship brewed-from-cannabis products.
For more information, please visit: www.provincebrands.com
Twitter & Instagram: @provincebrands
Available for interviews:
Elad Barak, Director of Business Development and Investor Relations at Province Brands
Dooma Wendschuh, Co-Founder and CEO of Province Brands