OG DNA Genetics Inc. Completes US$35 Million Equity Capital Raise
Transactions mark DNA’s first equity raise
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LOS ANGELES, Dec. 03, 2018 (GLOBE NEWSWIRE) — OG DNA Genetics Inc. (“DNA” or the “Company”), a globally recognized leading cannabis brand, has successfully closed the first two equity financings in the history of the company, bringing in an aggregate of US$35 million from a strong group of institutional and strategic investors. KES 7 Capital Inc. acted as placement agent for these financings.
For over 15 years, genetics bred by DNA have won hundreds of awards around the world, making DNA a global standard in breeding and growing truly best-in-class cultivars (strains).
DNA intends to use the net proceeds from this capital injection to manufacture, distribute, brand and sell a wide variety of high quality adult cannabis products under the DNA label, including indoor-grown dry flower, pre-rolled joints, vaporizer cartridges, and a full line of concentrates.
“I’m excited with our ability to now bridge the gap between real financial markets and real cannabis companies,” said Don Morris, co-founder of DNA. “We have a strong network of great operators and brands across many verticals and applications in the cannabis space, which combined with this capital raise enables us to further develop and refine them, while always staying true to our core strengths, which have positioned us extremely well for our next phase of growth.”
“This capital raise will allow us to build out our California operations while continuing to license our products internationally through a strong network of national and international partners,” added Charles Philips, CEO of DNA. “DNA’s strong brand visibility and credibility, coupled with access to institutional equity capital, will accelerate our acquisitive growth and allow us to capitalize on the significant opportunity in the fast-growing legal cannabis marketplace.”
About OG DNA Genetics Inc.
DNA was rooted in Los Angeles and founded in Amsterdam in 2004 by Don Morris and Aaron Yarkoni. Over the last decade, the Company has built and curated a seasoned genetic library and developed proven standard operating procedures for genetic selection, breeding, and cultivation. In a world that is increasingly opening up to commercial cannabis activity, DNA is positioned to become the first, truly geographically-diversified company with multiple partnerships with top-licensed producers and brands that have built their companies and global presence utilizing the “Powered by DNA” model. For more information, please visit www.dnagenetics.com.
Notice regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or any of its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Although OG DNA Genetics Inc. has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the Company or any of its subsidiaries. The forward-looking statements included in this news release are made as of the date of this news release and OG DNA Genetics Inc. does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy securities of the Company, nor shall there be any sale of Company securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The securities issued by the Company have not been and will not be registered under the Securities Act of 1933 (’33 Act) or the securities laws of any state of the United States, and may not be offered or sold in the United States absent such registration, or qualification for an applicable exemption therefrom, under the ‘33 Act and the securities laws of all applicable states.
For further information, please contact Rezwan Khan, Director of Business Development at Rezwan@dnagenetics.com