Cannabis Science Pioneer Tikun Olam Announces Closing of $7 Million Convertible Promissory Notes Financing
NEW YORK, NY (March 9, 2018) – Tikun Olam USA, the world pioneer in cannabis research, is pleased to announce the closing of a $7,000,000 offering of 6% convertible promissory notes (the “Notes”), maturing in March 2019.
Proceeds from the Notes, issued by T.O. Global LLC, a New York limited liability company (the “Company”), will be used for product research and development, enhancing and protecting intellectual property, patient studies and trials, advertising and marketing of the Company’s brand, payment of corporate, organizational and transactional expenses, repayment of indebtedness to a related party, and working capital and general corporate purposes.
This financing underpins both the 2018 roll-out of the Tikun brand coast-to-coast and the initiation of additional, important clinical trials in Israel.
Bernard Sucher, CEO of Tikun Olam USA
This financing highlights recent major licensing deals for the Company that will bring its exclusive, branded, science-backed cannabis products to more than ten U.S. states, from coast to coast in 2018.
About Tikun Olam
Tikun Olam (“repair the world” in Hebrew) is a leading cannabis brand and globally recognized as the pioneer of modern medical cannabis. The company’s global mission is to research, develop and provide efficacious, data-based cannabis treatments to help sufferers. Operating as a commercial venture for over ten years, Tikun Olam’s products have been used since 2010 in ongoing clinical trials in Israel’s regulated medical cannabis market, treating over 10,000 patients for a variety of symptoms of medical conditions such as Cancer, PTSD, AIDS, epilepsy, Crohn’s Disease/Colitis, multiple sclerosis, cerebral palsy, chronic pain and neuropathy. Through this access to patients, medical personnel and data collection, Tikun Olam has developed multiple proprietary strains, including the first-ever, high-CBD, “high-less” strain Avidekel™. Tikun Olam’s U.S. operations, established in 2015 as T.O. Global LLC, is a joint venture with Tikun Olam Ltd. (Israel). Tikun Olam also operates similar partnerships in Canada (TSX: LEAF), Australia, United Kingdom and South Africa. Visit www.tikunolamusa.com, and follow on Facebook, Twitter, and Instagram.
T.O. Global LLC/ Tikun™
Chief Marketing Officer