RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--Jacksam Corporation (OTCQB: JKSM) (the “Company” or “Jacksam/Convectium), a workflow automation company focused on developing solutions in the cannabis and CBD industry, announced today the closing of convertible debt financing providing the Company with gross proceeds of $1,791,666. The financing was led by Executive Management, Merida Capital Partners and included certain institutional investors with a track record of investing in the cannabis industry. The Company intends to use the net proceeds from the financing for new product rollout, expansion of sales and engineering personnel, as well as for general corporate purposes and funding its working capital needs. The Senior Secured Convertible Notes pay interest of 15% per annum, have a maturity of nine months and are convertible by election of the holders into Jacksam/Convectium common shares at a fixed price of $0.35 per share.
Jacksam/Convectium CEO Mark Adams stated: “This financing comes at a key time in our development as we grow the sales channel of Jacksam/Convectium’s automated cartridge solutions across a larger cross section of the overall cannabis/CBD industry. Our equipment and cartridge sales have expanded along with the industry, and this timely infusion of capital will allow us to grow efficiently and support an active pipeline of both new and repeat equipment/cartridge sales.”
Jeff Monat Merida Capital Partners stated: “Merida is eager to partner with Convectium, a pioneer of efficiency solutions for the cannabis supply chain.”
Jacksam/Convectium designs and markets proprietary automated vape cartridge filling/capping equipment for the cannabis industry. Our automated equipment line is designed and built in the U.S. and carries full UL certification. Using Jacksam/Convectium's automated equipment, our customers are able to increase their output by up to 60 times over hand filling. Jacksam/Convectium is focused on helping our customers automate their workflow and get custom branded products onto dispensary shelves and into the hands of customers more quickly. Over 100 companies, including many dominant brands in the space, rely on Jacksam/Convectium for automation of their filling operations.