Cannex completes funding of US$2.5 million Jetty note – Markets Insider

Cannex to support continued growth of strong Jetty brands in California

VANCOUVER, April 16, 2018 /CNW/ – Cannex Capital Holdings Inc. (CSE: CNNX) (“Cannex” or the “Company“) is pleased to announce that further to its April 9, 2018 news release regarding its in-progress 100% acquisition of Oakland, California-based Ametrine Wellness Inc., dba Jetty Extracts (“Jetty“), the Company has now completed the funding of a US$2.5 million interest-bearing secured 30-month convertible note (the “Convertible Note“). The Convertible Note, which provides for a second tranche of US$2.5 million being released to Jetty upon the completion of certain agreed-upon performance targets, is convertible into Class A voting shares of Jetty at Cannex’s option.

The primary use of proceeds for the Convertible Note is to fund working capital, capex and inventory expansion to meet the increasing demand in California for Jetty’s consumer branded products. Jetty enjoys a number of strong brands in the California, including Jetty Gold vaporizer cartridges, Jetty PAX Era pods, Jetty’s patent pending Dablicator and MindTricksTM artisanal toffee, which was recently featured in Rolling Stone Magazine, and which has consistent 5-star reviews

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