“Canada will be, it already is leading in this way, but it will be a global leader in cannabis.”
Brett Wilson is grabbing a bigger share of the cannabis industry.
The former Dragon’s Den star has purchased the entire unsecured convertible debentures offering by cannabis producer Indiva Ltd. for $1.5 million. The investment was made through Prairie Merchant Corporation and another entity “both controlled or affiliated with W. Brett Wilson,” and is in addition to a previous $500,000 in debentures previously purchased by PMC.
According to a press release, “the debentures will mature on the date that is 36 months from the date of issuance, bear interest at the rate of 10 per cent per annum, computed on the basis of a 360-day year composed of 12, 30-day months, and payable semi-annually on the last day of June and December of each year, commencing on June 30, 2020.”
Based in London, Ont., Indiva produces edibles, capsules and premium pre-rolls. The company also makes and distributes Bhang Chocolate, Ruby Cannabis Sugar, Sapphire Cannabis Salt, Gems and “other Powered by Indiva products through licence agreements and joint ventures.”
The company reported it would direct the funds toward capital expenditures and the purchase of new equipment.
The investment reflects Wilson’s belief that extraordinary things are in store for the country’s developing cannabis industry. “Canada will be, it already is leading in this way, but it will be a global leader in cannabis,” he told BNN Bloomberg.
“The United States has fumbled its own position so badly with having some states legalized, but intrastate federal jurisdiction has said ‘no,’ so theoretically you can go to jail for crossing the border between two states where it’s legal by virtue of crossing the border,” he said.
“So that puts a hamstring on investment on business on capital activity and we don’t have that in Canada.”
Indiva has a selection of strains available in Ontario, Quebec and Saskatchewan.
Written by David Yasvinski