California Cannabis Company Plus Products Files IPO Prospectus in Canada
August 28, 2018 at 1:28 pm
Published by Alan Brochstein, CFA
California-based Plus Products filed a preliminary prospectus yesterday, seeking to raise up to US$15 Million. PI Financial and Canaccord Genuity are the lead underwriters, and the company intends to list its shares on the Canadian Securities Exchange.
According to the filing, the company operates in California through a wholly-owned subsidiary, Carberry, and has six infused gummy candy SKUs currently that are sold in over 200 licensed dispensaries and delivery services, with the products manufactured in Adelanto.
Plus raised over $5.86 million earlier this year and completed a non-brokered private placement of $10 million earlier this month. The company intends to use almost 40% of the capital raised to expand capacity:
In the first half of 2018, the company generated sales of US$2.45 million after posting sales of US$1.07 million in 2017.
Published by Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email
