- Private placement closed at $1.8 million, higher than the initial target of $1.75 million
- Proceeds will be used to develop and enhance Wildflower’s manufacturing capability in Washington State; this development will give the company a better chance to address the growing market demand for its products
- Over the years, Wildflower has established a solid distribution network across the U.S., and the company also registered significant growth through its direct-to-consumer online store
Vancouver-based cannabis company Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) recently announced that it has closed a previously detailed placement of units at a price of C$0.54 per unit. A unit consists of one common share and a half of one share purchase warrant. The placement was closed with aggregate proceeds of up to $1,882,000 – higher than the initially announced target of $1.75 million (http://ibn.fm/JIYMM).
All the proceeds of the financing will be used to build and enhance the company’s manufacturing capability in Washington State so as to meet an increasing demand for Wildflower products, as well as offering general working capital.
Wildflower Brands Inc. is a public cannabis company that develops plant-based wellness and health products. The company markets its full spectrum CBD oil developments to retailers throughout the U.S. and in other legal cannabis markets.
Currently, the U.S. Wildflower distribution network consists of over 200 retailers in Washington State and over 20 retailers in New York City. In addition, the company has partnered up with Retail Worx for the setting up of shop-in-shop retail locations in the heart of NYC and San Francisco. The distribution model also includes over 80 wellness and health care practitioners throughout the U.S.
The Wildflower product development and business growth model is holistic. The company’s operational model encompasses nearly every stage of product creation – research, development, manufacturing, distribution, marketing and retail.
Some of the most prominent brands under the Wildflower umbrella include:
- Wildflower Wellness – provides CBD vaporizers, capsules, tinctures, soaps and topical products
- King Extracts – a California-based company that focuses on cannabis technology and delivery systems
- Exclusive – a high-quality cannabis product dispensary in Los Angeles, California
Wildflower holds 14 cannabis licenses that cover both medicinal and recreational cultivation and manufacturing in California and Los Angeles. Upon activation of these licenses, Wildflower will have an opportunity to drive significant additional revenue with very little risk.
In December 2018, the company started an on-demand cannabis delivery service to adult consumers in the Los Angeles area. To ensure effective deliveries, Wildflower partnered up with Eaze.com. The partnership also facilitates effective inventory management and compliance with all California laws pertaining to legal and licensed cannabis delivery.
A final noteworthy development is the growth of the direct-to-consumer Windflower online store. In 2018, the store registered notable growth in organic demand. Recently, Wildflower announced an increase in online sales of 300 percent and annualized revenues exceeding $1 million for online sales since January 2018. These figures coincide with the platform’s ninth consecutive quarter of growth.
For more information, visit the company’s website at www.WildflowerBrands.co
NOTE TO INVESTORS: The latest news and updates relating to WLDFF are available in the company’s newsroom at http://ibn.fm/WLDFF