One World Products Provides Update On Its Stock Purchase Agreement For Up To $10M In Funding

One World Products Provides Update On Its Stock Purchase Agreement For Up To $10M In Funding

Cannabis producer One World Products, Inc. OWPC has filed its S-1 with the Securities and Exchange Commission as part of the recently announced common stock purchase agreement and registration rights agreement with an institutional investor for up to $10 million worth of shares issuable over a 36-month period time, based upon the current market price of the stock at the time.

In addition, upon entering into the agreements, the investor made an initial fixed price equity investment of $150,000, which is subject to Rule 144 and a 6-month holding period, the company said on Wednesday.

Both of these fixed-price equity investments were priced at $0.15 per share.

"We are delighted that our newest institutional investor clearly values the vision and tremendous growth potential that we see for OWP," Isiah Thomas, the company's chairman and CEO, said. "Their second equity investment provides additional capital that will be used to continue to scale our operations in Colombia, enhance industrial sales of hemp products to customers and expand our carbon credits program. Of tremendous importance to us has been the faith and enthusiasm this institutional investor has demonstrated, evidenced by their $300,000 investment that is priced approximately 50% higher than our recent share price. Even more supportive long term, they are allowing us control over the timing and amounts of future equity capital, which allows us to take advantage of sudden increases in our stock price."

Thomas also highlighted that one original investors in the company opted to increase his investment resulting in the restructuring of OWP's debt under more favorable terms.

"I would also like to highlight that I am personally investing an additional $500,000 at $0.15 per share in $100,000 increments over the next five months," Thomas added. "As an ascendant international hemp and cannabis company focused on environmental, social, and governance (ESG) standards, we believe that these latest rounds of investment and refinancing position us well to elevate the Company to the next level."

Price Action

One World Products shares traded 4.67% higher at $0.1099 per share during the pre-market session on Wednesday morning.

Photo: Courtesy of geralt and Kindel Media by Pixabay

Posted In: debtIsiah ThomasmarijuanaCannabisNewsPenny StocksFinancingOfferingsMarkets

BENZINGA CANNABIS CONFERENCE

Meet the biggest cannabis industry players and make deals that will push the industry forward.

Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.

Join us April 11-12, 2023 at Fontainebleau Miami Beach in sunny Florida.