Jacksam closed a convertible debt financing with gross proceeds of $1,791,666. The financing was led by Merida Capital Partners and included certain institutional investors with a track record of investing in the cannabis industry.
The company intends to use the net proceeds from the financing for new product rollout, expansion of sales and engineering personnel, as well as for general corporate purposes and funding its working capital needs. The senior secured convertible notes pay interest of 15% per annum, have a maturity of nine months and are convertible by election of the holders into Jacksam/Convectium common shares at a fixed price of $0.35 per share.
Jacksam/Convectium CEO Mark Adams said, “This financing comes at a key time in our development as we grow the sales channel of Jacksam/Convectium’s automated cartridge solutions across a larger cross section of the overall cannabis/CBD industry.”
Jacksam/Convectium designs and markets proprietary automated vape cartridge filling/capping equipment for the cannabis industry.
