CordovaCann Corp (OTC-LVRLF) stock surged significantly as it recorded a rise of 8.70% to $0.2500 at the previous close following an equity effort. The CordovaCann (LVRLF) stock performance over the last week was 4.58% versus its monthly performance of -1.96%.
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What action has LVRLF taken?
CordovaCann (LVRLF) reported the completion of a non-brokered private placement financing recently (the “Offering”).
- CordovaCann issued 6,718,000 units (“Units”) at a price of $0.25 per unit for a total of $1,679,500 USD in the offering.
- Each Unit consists of one LVRLF common share and one warrant (“Warrant”) that authorizes the holder to acquire one share of LVRLF common stock for $1.25 CDN per share for a period of two years.
- The gross revenues are made up of $1,510,000 USD in cash and $169,500 USD set against CordovaCann’s outstanding fees and obligations.
- The proceeds of the Offering will be utilized for LVRLF’s Canadian retail operations’ capital expenditures and acquisitions, as well as general corporate purposes and working capital needs.
Who took charge of the offering?
- Sunderland Capital, a private investment firm with extensive experience and past investment success in the cannabis business, lead the offering.
- The business was WM Technology’s first institutional investor (NASDAQ: MAPS).
- During this process, the business built a large network in the cannabis sector and gained valuable data regarding consumer, retail cultivation, and distribution trends.
- Sunderland Capital was created in 2015 to invest in public and private opportunities across a number of industries.
- The business employs a diligent and disciplined approach to investing in order to achieve desired results over a multi-year time horizon.
Addition to the LVRLF board
- Tom Bushey was also added to the CordovaCann Board of Directors.
- Bushey brings two decades of expertise as a successful investor, board member, and capital manager to the table.
- He founded Sunderland Capital and has served as its CEO since 2015.
How will the addition to its board benefit LVRLF?
Mr. Bushey’s skills, network, and financial acumen will be extremely beneficial to CordovaCann (LVRLF). Cordova will be able to swiftly grow the Star Buds Cannabis Co. retail brand in Canada, allowing LVRLF to reach more customers across the country, thanks to the funding led by the new executive and his team.