Compass Cannabis Closes Over-Subscribed Non-Brokered Financing
CALGARY, Alberta, April 24, 2018 (GLOBE NEWSWIRE) — 10330698 Canada Ltd. (dba Compass Cannabis Clinic, or “the Company”) is a medical cannabis consultation company with thirty nine clinics that are now open or signed and in development across Canada. Compass Cannabis Clinic announced today that they have now closed their second round of financing, with proceeds of $2,500,000 CDN at $0.31 cents per share.
The funds received in the raise are intended for further clinic and retail portfolio expansion across British Columbia, Alberta, Saskatchewan and Ontario.
We are pleased to have closed an oversubscribed private placement at a substantial increase in valuations for our existing investor base. The funds raised will allow Compass to continue to expand its real estate portfolio by adding premiere locations for both Compass Clinics and Starbuds retail locations across Canada.
Dave Martyn, President of Compass Cannabis Clinic
Post legalization of cannabis for recreational use within Canada, the majority of clinics will convert to dispensary operations where licensing allows. Compass Cannabis Clinic has initiated the process on applying for 37 retail locations in Alberta, under their joint venture company with Starbuds Colorado, one of the leading cannabis retailers in the United States. The joint venture company has also submitted 10 applications for the Saskatchewan RFP process for retail.
Leveraging the operational expertise of Starbuds, the joint venture intends on becoming a leading distribution business within Canada’s cannabis industry. This application will also be supported through strategic alliances with Cannabis Compliance Inc. and David Hyde & Associates for their regulatory and security expertise. The retail locations are designed by acclaimed architecture and design firm, McKinley Burkart. Created to provide an interactive knowledge sharing experience for patrons, the dispensaries are designed to welcome the new and curious who will come to begin their education on the properties of cannabis, and the seasoned customer will come for the approachable service.
The Vice President for Compass Cannabis Clinic, Graeme Hawkins, has also recently joined the Board of Directors for the Alberta Cannabis Collective, a leading industry association of cannabis retailers in Alberta. The group includes advisory board members from Alberta Health Services, National Access Cannabis, and Tokyo Smoke. The cannabis retail collective’s mission is to foster a flourishing cannabis industry in Alberta characterized by integrity, respect and prosperity, while setting the standard of excellence for retailers within Alberta.