15:04:14 EDT Mon 29 Apr 2024
Enter Symbol
or Name
USA
CA



True Leaf Medicine International Ltd
Symbol MJ
Shares Issued 70,517,287
Close 2017-11-29 C$ 0.83
Market Cap C$ 58,529,348
Recent Sedar Documents

True Leaf receives SEC qualification for $10M financing

2017-11-30 08:38 ET - News Release

Mr. Kevin Bottomley reports

SEC QUALIFIES TRUE LEAF OFFERING FOR EQUITY CROWDFUNDING

True Leaf Medicine International Ltd. has received a notice of qualification from the Securities and Exchange Commission (SEC) of its Regulation A+ Tier 2 offering statement under Title IV of the JOBS Act to raise up to $10-million in an offering that launches today.

True Leaf's Regulation A+ offering enables underwriters to solicit orders from the general public in addition to traditional accredited investors and institutional investors. The SEC qualified the offering statement on Nov. 21, 2017. The company is offering a maximum of 14,285,715 common shares at a price of 70 cents per share, with a minimum subscription amount of $350 (or 500 shares) per investor.

In addition to traditional marketing methods used in public offerings, this offering is being marketed to on-line investors via the Invest Trueleaf website.

Founded in 2013, True Leaf has applied to become a licensed producer of medicinal marijuana and has received Health Canada's approval to build a production facility on a 40-acre site in Lumby, B.C., Canada. The facility is expected to have a production capacity of more than 2,500 kilograms of dried cannabis per year when phase one of the project is completed and approved by Health Canada.

Launched in 2015, True Leaf Pet, a subsidiary of True Leaf, developed the True Hemp brand and became one of the first hemp-based pet product lines to be marketed worldwide. True Hemp formulations combine the properties of hemp seed with other active ingredients that support multiple functions in a soft chew, stick and oil supplement format. The company has tripled its product line over the past nine months and has seen rapid growth in the United States, Canada and Europe, with a seven-fold increase in sales for the first quarter of 2017 compared with the same quarter last fiscal year.

"We are excited about gaining SEC qualification for our Regulation A+ offering," said True Leaf founder and chief executive officer Darcy Bomford. "It has been a remarkable nine-month journey and now we're able to extend a unique opportunity to own a piece of True Leaf to customers, supporters, and investors who share our values and enthusiasm for the potential of our products."

About True Leaf Medicine International Ltd.

Founded in 2013, True Leaf has two main operating divisions: True Leaf Medicine Inc. and True Leaf Pet Inc. The company's goal is to provide federally approved, safe and effective cannabis products that will be sold across Canada and the United States. True Leaf Medicine Inc. was launched in July, 2013, to become a licensed producer of medicinal cannabis for the Canadian market. As of Oct. 19, 2017, True Leaf Medicine Inc. has been given approval by Health Canada to build its grow facility and will be subject to a Health Canada security inspection upon completion to allow for the cultivation, manufacture, and distribution of cannabis products.

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