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CSE New Listing - Vinergy Cannabis Commences Trading on the Canadian Securities Exchange - Video News Alert on Investmentpitch.com
July 30, 2019 9:00 AM EDT | Source: InvestmentPitch Media
Vancouver, British Columbia--(Newsfile Corp. - July 30, 2019) - Vinergy Cannabis (CSE: VIN) (OTCQB: VNNYF) is one of the latest new listings on the Canadian Securities Exchange, having previously traded as Vinergy Resources. Vinergy has acquired PhytoPharma Inc. for $840,000, which was settled through the issuance of 7 million shares at a deemed price of $0.12 per share. Should Phyto generate revenue greater than $3 million, Vinergy will issue an additional 7 million shares.
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This transaction was treated as a change of business by the Canadian Securities Exchange as the company is transforming into an investment issuer.
Phyto is a phytopharmaceutical and intellectual property holding company that has been created to develop products from industrial hemp, using accepted pharmaceutical formulation techniques, to reliably produce identifiable and replicable dosage forms for human use. Phyto has two distinct business segments: a consumer products segment in manufacturing, marketing and selling hemp-based CBD products to a range of market sectors; and a specialty pharmaceutical testing segment focused on developing and commercializing novel CBD products derived from its hemp farming and biomass production.
Phyto's subsidiary, Full Spectrum Biosciences Inc., holds an approved industrial hemp manufacturing license and an industrial hemp cultivation license in the state of Colorado. Phyto currently operates a 12,000 square foot storage and manufacturing facility for biomass, extraction and distribution of industrial hemp in Denver, Colorado.
The company also has a proprietary seed strain library and over 20 CBD products under its "Rehab RX" brand. RehabRx® was developed as a health and fitness lifestyle brand and excellent alternative to opioids, being both safe and convenient.
The company's flagship product, Phytocine®, has been formulated as a therapeutic relief pill consisting of 100 mg to 250 mg of CBD in a dissolving capsule.
Phyto currently produces and sells hemp-derived CBD products in Colorado, California, Puerto Rico and on its ecommerce site but it intends to expand its operations both domestically and internationally, where legally permitted.
On March 2019, Vinergy closed a non-brokered private placement raising gross proceeds of $1,614,680 through the sale of approximately 12.8 million units priced at $0.12 per unit, with each unit consisting of 1 share and 1 warrant with the warrant exercisable at $0.15 for 24 months. The company has a working capital position of approximately $2.5 million including available cash of approximately $1.1 million.
Vinergy will focus on investing in private and public companies whose businesses involve cannabis business opportunities or other selected sectors with strong intellectual property, exceptional management and high growth potential that may be strategically positioned in the global cannabis market.
For more information about PhytoPharma, please visit the company's website at www.PhytoPharma.ca, call 778-373-4877 or email info@PhytoPharma.com. For more information about Vinergy, contact Glen McDonald by email at investors@VinergyResources.com.
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