CSE New Listing - Vapen MJ Ventures Commences Trading on the Canadian Securities Exchange - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - May 16, 2019) - Vapen MJ Ventures Corporation (CSE: VAPN) is one of the latest new listing on the Canadian Securities Exchange. The company, through its wholly-owned subsidiaries, operates as an agricultural technology, services and property management company.
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Vapen MJ currently provides these management and marketing services in the State of Arizona with expansion plans through acquisitions and partnerships worldwide. Arizona is the third largest medical marijuana market in the US with recreational expected to pass in 2020.
It utilizes a full vertical integration business model to oversee and execute all aspects of cultivation, extraction, manufacturing, retail dispensary, and wholesale distribution of high margin Cannabis THC and Hemp CBD products.
The company, through subsidiaries, leases an approximately 28,000-square-foot space in Phoenix, Arizona, which is used for cultivation, product drying, product processing, product packaging and infusion into edible products.
The company is the exclusive provider to a non-profit company known as the Herbal Wellness Center, which holds dispensary, cultivation, and extraction licenses in Arizona to cultivate, extract and sell medical marijuana and related products to holders of medical marijuana cards, with approximately 48,000 patients in their system and approximately 65 wholesale dispensary clients. Herbal Wellness leases a 2,000 square-foot retail building from Vapen MJ, the maximum allowed in Phoenix, for housing its dispensary.
Vapen MJ is on a significant revenue and profitability growth trend having generated over US$18 million in gross revenues with EBITDA in excess of US$6 million in its latest fiscal calendar year.
Thai Nguyen, founder and CEO, stated: "We are very excited to be listed on the CSE and begin our journey to build a world class international operation that will work with licensed cannabis facilities to produce the highest quality products on a consistent basis. Our listing on the CSE is the beginning of a new era for Vapen MJ as we have focused on perfecting the basics for the last 6 years and are excited for our aggressive expansion plans."
The company plans to raise up to $4 million by way of a non-brokered private placement of up to 4 million shares priced at $1.00. The net proceeds will be used for equipment, business development and general working capital purposes.
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