YCBD - Medical Cannabis Pioneer cbdMD Secures $1.2M To Fund Rollout Of Functional Mushroom Products | Benzinga
Medical marijuana producer cbdMD, Inc. (NYSE:YCBD) (NYSE:YCBD) said Friday that it had entered into a securities purchase agreement with five institutional investors to secure financing for the national rollout of its new ATRx Labs functional mushroom products. The company will use the proceeds for working capital as well.
The news came shortly after cbdMD began selling its two featured products, Apple Cider Vinegar (ACV) and Immunity Gummy Pouches through the grocery chain, Sprouts Farmers Market, which chose the company as a key brand for its CBD section.
Investors advanced the North Carolina-based company an aggregate of $1.25 million in gross proceeds. The company issued each investor a senior secured original issue discount convertible promissory note in the aggregate principal ...