Medical Cannabis Pioneer cbdMD Secures $1.2M To Fund Rollout Of Functional Mushroom Products
Medical cannabis producer cbdMD has secured $1.25m in financing from five institutional investors to support the national rollout of its new ATRx Labs functional mushroom products. North Carolina-based cbdMD will use the proceeds for working capital as well. The news comes after the company launched two new products--Apple Cider Vinegar (ACV) and Immunity Gummy Pouches-through grocery chain Sprouts Farmers Market. Sprouts chose cbdMD to be a leading brand in its CBD section. The institutional investors will receive a senior secured original issue discount convertible promissory note, which matures 18 months from the date of issue. At that point, the notes can be converted into shares at a rate of $0.684 per share.
