VANCOUVER, June 20, 2019 /CNW/ - Prohibition-era brand house Pasha Brands Ltd. ("Pasha") (CSE: CRFT) (OTC:CRFTF) is pleased to announce they have hired cannabis-friendly former City Councillor Susan Chapelle to lead Government Relations and Affairs for the company. Her role will focus on initiating dialogue and lobbying government partners in an effort to assist craft cannabis producers transition from the illicit market into Canada's new regulatory framework.
Chapelle is a former City Councillor who served two terms on the District of Squamish Council (British Columbia). While on council, she was successful in shaping the District of Squamish cannabis regulations and helped pass progressive legislation for cannabis that has set the stage for industry growth. As a mayoral candidate in the 2018 election, she continued to advocate for equitable access to healthcare.
"Susan brings such strong passion for health advocacy and a clear understanding of the regulatory world that she is able to both educate municipal leaders and bring clarity to farmers looking to gain access to the legal framework," said Jamie Shaw, Chief Communications and Culture Officer of Pasha Brands. "Susan has demonstrated throughout her life and work that she is committed to bringing the concerns of both her constituents, and patients to the forefront, and she is proving to do the same for the cannabis growers that aim to have their products on the shelves of legal retailers without losing their independence."
Chapelle was educated in Community Economic Development at Simon Fraser University and is a graduate of the Executive Masters in Business Administration progam (MBA). She has over 30 years of business experience and opened the first multidisciplinary health care clinic in Squamish, British Columbia.
"I am excited to help municipalities and the provinces achieve their policy goals of a safe and legal cannabis industry," commmented Chapelle on her new role. "Building an understanding of the new regulatory framework and the economic opportunities of localizing the BC cannabis economy with existing craft growers is a chance for rural BC to transition lost opportunities to a clean, scientifically advanced industry. I want my province to thrive in this space."
The most difficult challenge small farmers face is the complex regulations municipal, provincial and federal governments have in place for cannabis. With Chapelle working at the intersection of policy, science and land use, Pasha is confident it has positioned itself and partners to navigate through them successfully.
Pasha also announces that it has closed a non-brokered private placement (the "Offering") of convertible debentures (the "Debentures") in the principal amount of $2,307,456. The Debentures will mature on June 12, 2020 (the "Maturity Date") and bear interest at a rate of 10% per annum. The Debenture holders may convert at any time, all or a portion of the convertible loan principal into units (the "Conversion Units") of the Company at a price of $0.70 per Conversion Unit. Interest on the principal amount outstanding under the Debenture shall be payable in cash or Conversion Units issuable at the conversion price, at the discretion of the borrower.
Each Conversion Unit will consist of one common share (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, being a "Warrant"). Each whole Warrant shall be exercisable by the holder thereof to acquire one additional Common Share of the Company at a price of $0.70 for a period of 18 months from the Maturity Date.
The proceeds raised from the Offering are expected to be used to continue to grow the Company's operations and for general working capital purposes.
Pasha has also reached agreements with two creditors to settle (the "Settlement") payments relating to the acquisition of certain intellectual property associated with the trade name "CBD Therapeutics". The payments total $141,220, and are being settled through the issuance of 307,000 common shares.
All securities issued by Pasha in connection with the Offering, and the Settlement, will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Pasha disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About Pasha Brands
Based in Vancouver, British Columbia, Pasha is a vertically integrated, prohibition-era brand house firmly rooted in BC's craft cannabis industry, which boasts an international reputation. With proven capabilities in cannabis cultivation, genetic research and development, product processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella.
Pasha subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a licence to sell medical cannabis products in Canada.
Pasha and BC Craft are also developing a craft cannabis campus, which is dedicated to bringing craft quality into the newly legal cannabis market in Canada. BC Craft is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market.
Pasha's common shares trade on the CSE under the symbol "CRFT".
For more information, please visit www.pashabrands.com
SOURCE Pasha Brands Ltd.
For further information: Media & Investor Relations Contact: Emerald Asuncion, [email protected], (236) 521-5135