Compass Cannabis raises $6.75 million for recreational cannabis growth, secures partnerships for international export of medical cannabis
Investment will be used to spur growth of corporate-owned locations, international expansion in medicinal cannabis
KELOWNA, British Columbia, Jan. 16, 2019 (GLOBE NEWSWIRE) — 10330698 Canada ltd d/b/a Compass Cannabis Clinic (“Compass”) and majority owner of the joint venture entities Starbuds Canada (“Starbuds”) and Compass Australia, is pleased to announce the closing of both a non-brokered private placement and a convertible debenture offering for total proceeds of $6,750,000.00 CAD. Equity valuations in the non-brokered private placement were provided at $0.60 per share with additional half-warrants at $0.75 per share.
The funds received through these offerings are intended for further expansion of the Starbuds Canada retail brand across Canada. Today marks a sizable step forward for the Starbuds retail brand in Canada.
Dave Martyn, President of Compass
Through our existing portfolio of leases and retail cannabis development permits, we are positioned to aggressively roll out corporate locations across Canada upon the reopening and expansion of licensing in various provinces in 2019. We expect the Starbuds brand to be among the fastest growing cannabis brands in North America.”
Further to this, Compass Australia intends to open its first clinic in Sydney Australia in early 2019. Compass Australia intends to begin exporting cannabis oil products for its Australian patients by mid 2019, via partnerships with Canadian Licensed Producer and export entities.
About Compass Cannabis
Compass Cannabis Clinics is a medical cannabis consultation company focused on providing educational and consultative services for Canadians looking to obtain cannabis from a licensed producer under the ACMPR. Through a joint partnership with Starbuds US, Compass Cannabis Clinics is a licensee of the Starbuds brand name in Canada. With a rapidly growing patient base and a rapid expansion place for recreational cannabis, Compass aims to be one of the largest cannabis organizations in Canada. In 2019, Compass will expand to Australia to become one of the first international cannabis clinics. Learn more about Compass at https://compasscannabis.ca/.
About Starbuds Canada:
Starbuds Canada, part of North America’s fastest growing cannabis network, is changing the way Canadians think about cannabis by providing a high-touch, educational guest experience. Through a joint venture with Compass Cannabis Clinic, Starbuds aims to operate cannabis retail locations across British Columbia, Alberta, Ontario, and Saskatchewan. Founded in 2013, Starbuds was the first retail outlet to receive licensing when Colorado legalized recreational cannabis. Starbuds operates 13 locations across Colorado and Maryland, with additional licensing to operate in Louisiana, and Massachusetts. Through this partnership, Starbuds aims to become the largest recreational cannabis provider in North America.
For further information contact