Cannabis oil and solution provider Golden Leaf Holdings has raised nearly $9 million during the third tranche of non-brokered private placement of convertible senior secured debentures, the company announced in a press release. As of Nov. 2, nearly $3 million in principle amounts of debentures were issued at a price per debenture of $743.70.
The debentures carry a holder’s option to convert into common shares at .22 cents per common share after they mature 18 months from the date of issuance and carry an interest rate of 10 percent annually.
The company plans on using the proceeds from the offering for working capital.
Golden Leaf retained AlphaNorth Asset Management as its financial advisor in connection with the offering. The deal with AlphaNorth will see the firm paid 8 percent of the gross proceeds from the offering.
The company is traded under the symbol GLH on the Canadian Stock Exchange and was approved as an over-the-counter stock in the U.S. on Nov. 1, under the symbol GLDFF. The company’s products are available in both medicinal and adult-use markets in Oregon.
Correction: This piece previously mentioned Lunchbox Alchemy and Dab Society Extracts among Golden Leaf’s partners, which was inaccurate. These companies are not affiliated with Golden Leaf Holdings in any way.