New press release from $CFGMF $CGM California Gold Mining Inc. $CGM $CFGMF seems serious about its high #CBD-content #hemp #seed business segment. Days after announcing plans to build a 27,000 sq. ft. greenhouse, they announced US$3M in funding that more than covers the all-in costs. And, the US$3M is in debt, not equity. Today, April 16h, $CGM $CFGMF announced an off-take agreement for up to 5,000 pounds/lbs. of seed. The high CBD-content hemp seed (avg. 16%-19%) that $CGM proposes to propagate currently sells at a wholesale price of US$15,000-US$45,000 (based on what I found online) and is thought to be highly sought after and hard to obtain in large quantities. The 2 offerings I found top quality seeds were for 5 lbs. & 40 lbs., respectively, offered at US$45k/lb. & US$37.5k/lb.
In the press release, the Company also refers to an agreement with their off-take partner in 5 additional States outside of California. I'm not sure what that's all about, but if the Company has ideas about expanding outside of California and can fund that expansion without much or any equity dilution, that would be incredible. I imagine that's 2020 or 2021 business, if at all.
Speaking of funding, the Company has warrants & optons that are in-the-money or coming fairly close to being in the money.