Toronto, Ontario – July 28, 2014 – Vida Cannabis Corp. (“Vida Cannabis”) is pleased to announce it has completed another oversubscribed equity financing, raising US$5,794,000 via private placement offering of its common stock. This brings the total funds raised to-date to US$9,394,010.
Management continues to focus on building a diverse international base of value-added accredited and institutional investors. This private placement took place pursuant to three distinct distributions to qualified investors in the United States, Canada and internationally.
The proceeds from this financing will primarily be applied towards Vida Cannabis (Canada) Ltd.’s Phase 1 construction of a 93,000-square-foot state-of-the-art hydroponic medical marijuana production line at its 300,000-plus-square-foot building in Stellarton, Nova Scotia.
About Vida Cannabis Corp.
Vida Cannabis Corp. (“Vida Cannabis”) is focused on building a dominant production footprint in the rapidly developing global marketplace for the legal use of medicinal and recreational marijuana.
Initial operations are focused on the Canadian market where Health Canada has established national guidelines enabling best-in-class producers to acquire commercial production licenses under the Marihuana for Medical Purposes Regulations.
Via its wholly owned subsidiary, Vida Cannabis (Canada) Ltd., Vida Cannabis purchased a 316,700-square-foot production facility in the town of Stellarton, Nova Scotia and secured a 50-year irrevocable approval unanimously from the local municipality to operate a medical marijuana production plant at the facility.
The highly secure facility is an ideal location for a customized, state-of-the-art hydroponic medical marijuana production plant. Vida Cannabis is working with Quantum 9, the pre-eminent cannabis consulting firm in the world, which has extensive resources in the United States, Canada and Europe, to establish an optimized end-to-end production plan in order to position Vida Cannabis as the most advanced pharmaceutical-grade medical marijuana facility in Canada.
Vida Cannabis continues to evaluate additional potential markets as regulatory bodies around the world pass legislation enabling the production and distribution of medicinal and/or recreational marijuana.
On behalf of the board,
Greg Wilson – Chairman & CEO
Vida Cannabis Corp.
This announcement does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell, a solicitation to purchase, or advice on investments in any securities of Vida Cannabis Corp. (“Vida Cannabis”). Offers and solicitations shall be expressly identified as such and made in compliance with applicable securities laws. This announcement is for information purposes only. It should not be relied upon as a basis for investment decisions. You should consult with your own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of any investments you are considering. Whilst the information provided here is believed to be reliable, it cannot be guaranteed. It may contain forward-looking statements made by or on behalf of Vida Cannabis about its business or financial objectives, position, strategies or expectations. Such forward-looking statements may be identified by words such as, or similar to, “intends,” “anticipates,” “believes,” “expects” and “hopes” and includes, without limitation, the development of production facilities, approval from regulatory authorities and the ability for Vida Cannabis to obtain adequate financing to meet its business objectives. These statements involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated. The statements in this announcement do not guarantee future performance. Vida Cannabis does not undertake any obligation to update any information provided in this announcement. In Canada, Vida Cannabis (Canada) Ltd., a wholly owned subsidiary of Vida Cannabis, must obtain approval from Health Canada in order to operate as a licensed commercial producer under the Marihuana for Medical Purposes Regulations. Vida Cannabis makes no representations or warranties that it will receive Health Canada approval.