Liht secures shelf space in Nevada, revenues begins!!!https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aLIHT-2758168&symbol=LIHT®ion=C
Liht Cannabis begins selling pot in Nevada
2019-05-13 08:46 ET - News Release
Mr. Rahim Mohamed reports
LIHT CANNABIS CORP. ANNOUNCES FIRST PRODUCT SALES AND CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
Liht Cannabis Corp. has commenced its first commercial sales of recreational cannabis in the state of Nevada. The company has identified wholesale partnerships with two retailers, totalling five dispensary locations in the Reno and Laughlin region of Nevada, from which the retailers will purchase Liht's entire supply of premium, triple-certified organic flower -- presently produced at a rate of 110 pounds per month from Liht's 10,000-square-foot North Las Vegas facility. The partnerships will also leverage the marketing and advertising experience of ACC Industries Group LLC, which has been instrumental in consummating the arrangement between the two parties.
Rahim Mohamed, chief executive officer of Liht, commented: "This is a tremendous achievement for Liht and we look forward to continue supplying the Nevada market with our premium flower in advance of Liht's concentrate product rollout, expected to begin July, 2019. Securing shelf space for our organic products reaffirms Liht's commitment to redefine 'premium cannabis' within the North American market."
The company's California retail location, Green Leaf Wellness, has received an award from Palm Springs Life Magazine for "Best of the Best: 2019" in the dispensary category for the Desert Hot Springs area. The retailer is located in the Coachella Valley, which is home to the famous Coachella Music Festival that attracts an estimated 4.5 million tourists each year. Dubbed "California's prestige magazine," Palm Springs Life and its readers have collectively praised Green Leaf Wellness for its wide array of products and educational programming for both new customers and seasoned connoisseurs.
Additionally, the company has closed the first tranche of a non-brokered private placement of secured convertible debentures for gross proceeds of $250,000. The debentures mature on May 8, 2021, and bear interest at a rate of 10 per cent per annum, payable on the earlier of the maturity date or upon conversion of the debenture.
The debentures (including any accrued and unpaid interests) are convertible at the option of the holder into units of the company at a conversion price of 20 cents per unit. Each unit consists of one common share of the company and one common share purchase warrant of the company, with each warrant entitling the holder thereof to purchase one common share of the company at an exercise price of 35 cents per share for a period of 18 months.
The company will use the net proceeds of the offering to finalize the build-out of the first phase of Liht's Nevada operations, including the purchase of lab equipment, a distribution vehicle, and for general and working capital purposes.
The debentures and the underlying common shares and warrants (and any common shares issuable upon conversion thereof), are subject to a statutory four-month-and-one-day hold period, until Sept. 9, 2019.
About Liht Cannabis Corp.
Liht is a publicly traded company investing in the medical and recreational cannabis space since 2014. Liht has rapidly expanded to include cultivation, production and dispensary locations in the key North American states of Washington, Nevada and California, and is seeking expansion opportunities worldwide.
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