Lotus Ventures (CSE: J), a Vancouver based medical marijuana company, announced this morning that their business partner Cannabis Wheaton Income Corp. (CVE: CBW) has bought 818,181 units at $0.55, for a total of a $1M capital raise for the company. This news comes after the initial influx of cash the CBW had already invested in Lotus. Last month Lotus was about to raise a grand total of $5M from CBW.
Lotus also added that the company has successfully submitted it application into Health Canada for their British Colombia based cultivation facility. The new facility plans to adhere to the Access to Cannabis for Medical Purposes
Regulations, set in place in Canada to help
regulate medical marijuana in the country.
CEO of Lotus Ventures Dale McClanaghan said,
“Both these announcements are material milestones
for the company and our shareholders. We are very
pleased to be working with CBW on our future
About Lotus Ventures, Inc.
Lotus is a late stage licensed producer (“LP”) applicant under the ACMPR rules and regulations, in active review with Health Canada. The unique business model combines an upstream royalty financing model with CBW and a downstream licensing model with farmer/grower partners using Lotus technology and intellectual property. The first facility is currently under construction in Armstrong, B.C. It is a purpose built, “state of the art” indoor facility with proprietary processes. The company has previously announced its first farmer/grower partner with its second facility slated in Ontario. See our December 14, 2017 press release for more details. The Lotus approach enables a scalable and reliable low-cost, high quality production at our BC facilities and our national partners.