$1.3 Million Hybrid Equity Investment through Private Placement
Amplifies Ability to Drive Expansion in Medical Cannabis Sector
- $1.3 Million Hybrid Equity Investment through Private Placement
- Amplifies Ability to Drive Expansion in Medical Cannabis Sector
- Strengthens Balance Sheet, Enriches Access to Capital, and Positions Compassionate Certification Centers for Long-Term Success
PITTSBURGH, June 21, 2018 /CNW/ - Compassionate Certification Centers ("CCC"), Pennsylvania's largest independent physician cannabis health care organization, today announced that Battalion Consol Corp. ("Battalion"), has entered into a definitive agreement to invest $1.3 million into CCC through a direct private placement of hybrid equity securities. The investment will carry an interest rate of 14% per annum, will include warrants to purchase 10% of CCC, and a 2.9% gross revenue royalty.
"This capital injection will allow Compassionate Certification Centers to leverage its first mover advantage and crystalize a dominate position in the Pennsylvania market," said John Paul Jeffrey, Managing Director, Battalion. "We have already identified several strategic partnership opportunities between CCC and our portfolio companies and partners that will immediately and dramatically accelerate growth, revenue, and margins."
"Our partnership with Battalion Consol will allow us to expand our outstanding patient certification and care programs. We could not be more pleased," said Melonie Kotchey, COO of Compassionate Certification Centers. "Beyond funding, their industry reach and connections have opened several opportunities for us to expand offerings and optimize operations."
The fifth-largest state in the country, Pennsylvania dispensary sales have the potential to exceed $100 million annually in the next few years.
About Compassionate Certification Centers®
Compassionate Certification Centers is a unique company devoted to assisting U.S. citizens who desire access to medical marijuana in a way that respects the laws and guidelines of each state law. Our approach involves convenient cannabis treatment center locations, provides nursing CBD/THC consultation and care, and proof of compliance for the respective Department of Health or Pharmacy depending on the state.
About Battalion Consol Corp.
BATTALION CONSOL CORP. is a private equity investment firm and strategic partner of Cannabis Growth Opportunity Corp. (CSE:CGOC).
SOURCE Battalion Consol Corp.
For further information: John Paul Jeffrey, [email protected], 416-770-1732