Bruce Linden, chief executive of multi-state cannabis operator Vireo Health, invested $ 1 million in a Minneapolis-based company through a private employment equity arrangement he organized.
Linden, who was appointed Veer’s executive chairman last November, purchased 1.74 million of the 13.65 million units offered in private employment. Units have one share and a warrant to buy one share at CA $ 0.96.
Through the offering, the company raised approximately $ 7.7 million (CA $ 10.5 million).
The sale of additional installments could raise another $ 2 million to a total of 10 million by April 17.
The proceeds will be used for unspecified growth plans and public company purposes.
“This funding reflects the growth in sales of the capital markets and the confidence in the margins of the vireo,” Linden said in a statement.
He said Vireo has “significant opportunities” to improve operations and sales growth.
In the last 90 days, the company has cut corporate spending by about 25% year-on-year.
Become a VREO on the Canadian Securities Exchange and a U.S. Securities Exchange.
Since industrial hemp has been legalized in the United States, police forces have been trying to figure out the difference between it and its illegal cousin. Jute is part of the reason why it was banned in the first place.
At the time, lawmakers worried that people would escape the guilt of growing the blanket of a legitimate crop. Because, well, the two plants are the same. They are both identical in appearance and have an identical odor. The difference is defined as less than 3% THC.
Senate Majority Leader Mitch McConnell didn’t pay much attention to the confusing factor when he did his political mantra a few years ago to bring back the industrial hemp.
It has also caused a real stormy storm in jute legal states.
Police unconsciously break the jute action to the left and right, hoping to bring down the gangs of mega-pot-smugglers, only to find out later that they’ve screwed up the pest. This is where prosecutors across the country begin to dismiss cases of petty pot possession. Because without extensive, time-consuming tests to determine the difference between hemp and marijuana, it is difficult to prove whether a criminal violates the law.
A group of Texas-based scientific minds who have enjoyed their fair share of stumbling-nut jumps as a result of legal hemp believe they have come up with a solution to the problem. Researchers from Texas a&M University College of Agriculture and Life Sciences say there is a discrepancy in the amount of junk work and lab snacks associated with the identification of hemp.