VANCOUVER, British Columbia, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Redfund Capital Corp (CSE: LOAN) (Frankfurt: O3X4) (OTC: PNNRF) (Redfund or the “Company”) is pleased to announce that it has signed a promissory note with Mary’s Wellness Ltd. (“Mary’s”).
The Company
Mary’s Wellness is based in Ontario, Canada and was founded by Virginia Vidal in 2016. She was inspired to start the line of infused hot beverages to help manage her pain after the birth of her triplets in 2007. Since then, Mary’s brand has become synonymous as a symbol of wellness through cannabis.
Cannabis, if consumed by smoking is considered to be extremely harmful to the body. The active ingredients present in medical forms of marijuana can be infused into different types of liquids making drinks that can be used more regularly and whereby the medical constituents delivered through hot drinks reduce the psychoactive affects.
Mary’s current product line is 100% clean and organic, focused on medicinal cannabis and has a total of 18 varieties of convenient on-the-go brews with 12 packets in each box containing 60mg THC and 6mg CBD per serving. Flavours available are sleep & relax, bella coola, chamomile, chai, orange pekoe, lemon, peppermint, earl grey, plain green tea, green tea with ginger or ginseng, echinacea, berry berry, apple cider, hot chocolate, english toffee cappuccino, french vanilla cappuccino and coffee/java. For more information please visit www.maryswellness.com
The Investment
Redfund and Mary’s Wellness signed a 2 year term convertible secured promissory note on October 17th 2018 for CDN$1,000,000 at an annual interest rate of 12.5%. The Note may be converted at Redfund’s discretion at any time during the term and the Company has a right of first refusal to provide financing to Mary’s upon the same business terms as are being offered to Mary’s Wellness by any other funders. Mary’s will afford Redfund stock warrants in its common stock equivalent to twenty percent (20%) of the amount of the note based upon their current valuation as of the effective date which is stipulated to be CDN$2,000,000.
“We are pleased to welcome Mary’s Wellness to our portfolio of clients, now the second female led cannabis company. The Company continues to support innovative business owners that can easily create global footprints for their already established brands. Redfund will support Mary’s Wellness in their application for legal licensing for cannabis edibles in Canada. The Company will also assist Mary’s team with strategic relationships and help them export their IP and product brand to countries with already approved legal medical cannabis. We believe that Mary’s Wellness can become the world leader of cannabis infused tea and coffee,” stated Meris Kott, CEO.
Dragons’ Den Spotlight
Mary’s Wellness was featured on CBC’s Dragons’ Den television program, aired October 18th, 2018 the day after Cannabis Recreational Legalization in Canada.
About Redfund Capital
Redfund intends to provide debt and equity funding in the mid-to-late stages of a target company’s development or in technologies that are developed and validated by revenues. The present focus of the merchant bank is on medical cannabis, hemp and CBD-related and healthcare-related target companies.
For further information please visit www.redfundcapital.com
For more information on Redfund Capital contact Meris Kott CEO 604.484.8989 or info@redfundcapital.com
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.