VANCOUVER, May 13, 2019 /CNW/ - Vapen MJ Ventures Corporation (CSE: VAPN) ("Vapen MJ") is pleased to announce that the capital stock of Vapen MJ has been listed on the Canadian Securities Exchange, (the "CSE") effective today, May 13, 2019, under the symbol "VAPN".
Vapen MJ, through its wholly-owned subsidiaries, currently operates as an agricultural technology, services and property management company utilizing a full vertical integration business model to oversee and execute all aspects of cultivation, extraction, manufacturing (THC and CBD Vape cartridges, concentrates, edibles), retail dispensary, and wholesale distribution of high margin Cannabis THC and Hemp CBD products. Vapen MJ currently provides these management and marketing services in the State of Arizona with expansion plans through acquisitions and partnerships worldwide.
Vapen MJ's mission is to enable licensed cultivators worldwide of cannabis and hemp to enhance quality, yields and proliferate VAPEN branding through their established channels.
Vapen MJ is on a significant revenue and profitability growth trend since 2016 and with our most recent fiscal calendar year having generated over US$18 million in gross revenues with EBITDA in excess of US$6 million.
Management will continue to leverage the VAPEN brand and production capabilities as it expands into other markets.
Thai Nguyen, founder and CEO, commented, "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."
Additional information in respect of Vapen MJ business is available in its prospectus dated April 30, 2019, available under Vapen MJ's profile on www.sedar.com.
Vapen MJ Private Placement
Vapen MJ plans to raise up to CDN$4,000,000 by way of a non-brokered private placement. The private placement will consist of the sale of up to 4,000,000 common shares at a price of CDN$1.00 per common share. The net proceeds of the private placement will be used for equipment, business development and general working capital purposes. All securities will be subject to the standard regulatory hold periods.
Vapen MJ also announced the grant of stock options to employees and consultants of Vapen MJ to purchase up to 200,000 common shares at an exercise price of CDN$1.00. The options are exercisable on or before May 13, 2029.
In addition, Vapen MJ is issuing special warrants ("Special Warrants") to certain arm's length advisors and consultants of Vapen MJ to purchase up to 1,000,000 common shares of Vapen MJ at an exercise price of CDN$1.00. The Special Warrants are exercisable on or before December 31, 2024.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Vapen MJ' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements related to future developments and the business and operations of Vapen MJ.
Although Vapen MJ has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Vapen MJ disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Vapen MJ does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Vapen MJ Ventures Corporation
For further information: Bob Brilon, President and CFO, T: 602-620-9725, Investors@VapenMJ.com