M7 Secures $10.2M In Financing In 2020, To Go Public Via P&P Ventures Merger

ManifestSeven (M7) secured some $10.2 million in financing through three private placement offerings over 2020.

The Commerce, California-based company, which plans to begin trading on the Canadian Securities Exchange, has closed a unitized private placement offering worth around $2.3 million earlier this year.

In August, M7 completed a private placement financing in the amount of roughly $2.5 million in subordinated secured convertible promissory notes.

The notes bore non-compounding interest at a rate of 15% annually, with an 18-month term.

Earlier this month, the company finalized a private placement offering worth approximately $5.4 million in subordinated secured convertible promissory notes which bore non-compounding interest at 17.5% per annum over an 18-month term.

The company also disclosed it expects to go public once it finalizes a previously announced merger with P&P Ventures, Inc. PPV in the days to come.

Under the reverse takeover deal, P&P Ventures would file a listing application to move from the Toronto Venture Exchange to the Canadian Stock Exchange. It would also change its name to ManifestSeven Holdings, Inc., with the trading symbol of "MSVN".

"Today's announcement is a resounding affirmation of M7's business model and corporate resilience in the face of economic headwinds, making us one of the few cannabis companies to raise capital in this environment successfully," M7's CEO Sturges Karban said Thursday.

Meantime, in January, the California-based omnichannel cannabis platform acquired Lady Chatterley Health.

The cannabis delivery service, which focuses on high-end women's products, grated M7 access to the San Francisco market.

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