Champignon Brands (CSE: SHRM) completed its initial public offering (IPO) late Friday night, with the equity seeing its first day of trading taking place today. The firm issued 18,916,667 common shares in conjunction with the IPO offering, raising gross proceeds of $2,837,500.05.
Champignon is focused on the pending market that’s quickly become known as the “shroom boom” as firms race to license mushroom related IP as the health benefits of the fungus are discovered. The company currently is focused on the distribution of artisanal, medicinal mushrooms and related CPG’s while promoting holistic health and wellness through a healthy diet.
The company currently sells a line of mushroom-infused teas under the Vitality Superteas brand. The products consist of conventional organic teas that have been infused with a proprietary blend of artisanal mushrooms that are stated to contain medicinal properties. Referred to as “superteas,” Vitality’s products are sold online via their own e-commerce platform.
Additionally, Champignon has entered into a product formulation and R&D agreement with that of BC-based Drip Coffee Social. The agreement will see the two firms work together to develop ready-to-drink (RTD) cold brew coffees, as well as hot beverages crafted in-house with Champignon’s mushroom-extract blend. The beverages will be marketed online by Champignon, as well as direct to consumer at Drip Coffee’s flagship location in Nanaimo, BC. The beverages will be vegan, organic, and fair trade certified upon launch.
Champignon Brands last traded at $0.20 on the CSE, after conducting its IPO at a price of $0.15.
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