THC Therapeutics (OTCPK: THCT) announced this morning that it has entered into an agreement with private equity firm Shefford Capital Partners to secure up to US$50 million in funding. The company aims to raise the funds in support of its acquisition strategy “in the cannabis, alternative therapies, and modern health space”.
The agreement will see the private equity firm purchase up to US$25 million in restricted shares of the company over multiple closings and provide US$25 million in debt financing. Specifically, the proceeds will be utilized on the “acquisition strategy in the cannabis industry, psychedelic medicine space, or companies providing healthcare-related products and services”.
Following the transaction, the company plans to add two more members to its board, one appointed by Shefford Capital and another that will be agreed upon by both firms.
The company relayed that it is now “actively seeking established, revenue-generating acquisition candidates” in the cannabis industry.
THC Therapeutics last traded at US$0.19 on the OTCPK.
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