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Humble & Fume Inc., a leading North American distributor of cannabis and cannabis accessories, announced on Monday that it has completed a US$8 million private placement from Green Acre Capital Distribution Corp. for 18,795,471 common shares at a price of C$0.53 per share, representing 15.23% of the issued and outstanding common shares of Humble, following completion of the private placement.
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- US$8 million private placement by Green Acre Capital Distribution Corp. to acquire 15.23% of Humble, with an LOI to complete definitive agreements for an additional US$2 million for the formation of a joint venture.
- LOI to provide for a further US$10 million of additional capital on a non-dilutive basis to bring Green Acre's interest in JV to 50%.
- Funds will be used to execute Humble's expansion strategy of cannabis distribution operations in California.
- Both investments funded, or to be funded, by a subsidiary of Johnson Brothers through the purchase from Green Acre of options to acquire both of Green Acre's investments.
Green Acre also intends to invest an additional US$2 million to form a joint venture with Humble focused on accelerating the Company's expansion into cannabis distribution operations in California. Green Acre received funding for the private placement by entering into an option agreement with Johnson Brothers, a leading wine, spirits and beer distributor. Johnson Brothers purchased its rights for US$8 million and has the right to acquire the Humble Equity for nominal consideration once cannabis is federally legalized in the United States.
Humble and Green Acre also intend to establish a joint venture which will engage in the business of cannabis distribution in the United States, initially in California. The initiative will be funded through aggregate capital contributions of US$10 million - US$8 million (to be provided by Humble) and US$2 million by Green Acre. As a result, the joint venture will be owned 80/20 by Humble and Green Acre, respectively.
"This investment by Johnson Brothers, through their Green Acre option agreement, is a pivotal milestone for our expansion into the United States. Johnson Brothers is known for their operational expertise in the distribution of beverage alcohol in the United States," said Joel Toguri, CEO of Humble. "Johnson Brothers is excited about the future of Humble & Fume and its expansion strategy of cannabis distribution operations in the U.S. states where it's allowed," added Mark Hubler, president of Johnson Brothers.
Image By Ilona Szentivanyi.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.