Toronto-based Fire Cannabis Inc., doing business as SLANG WORLDWIDE, has closed its private placement offering of roughly 22.4 million special warrants and raised $16.7m in gross proceeds.
Canaccord Genuity Corp. and Clarus Securities Inc. co-led the offering, with PowerOne Capital Markets Limited and XIB Asset Management Inc. acting as members of the Selling Group.
SLANG co-founder, chairman and president Peter Miller said this builds upon the firm's momentum and backs its aggressive growth strategies.
“We’ve laid the first planks of our international distribution platform for the industry’s best brands, in collaboration with our industry-leading partners," Miller said.
SLANG co-founder and director Bill Levy added that partnering with the biggest cannabis firms globally and closing this recent financing has given the firm a solid foundation to build upon.
“We’ve developed a robust pipeline of strategic opportunities that we are moving forward with to further accelerate the expansion of our global platform," Levy said.
The firm wishes to use the proceeds of the private placement to fund its long-term strategy of making targeted brand acquisitions and further developing its brands, distribution and supply chain opportunities.
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