Redfund Capital Funds Winterlife Inc.
Announces Premier of WinterlifeCBD Branded Hemp & CBD Products
VANCOUVER, British Columbia, Nov. 05, 2018 (GLOBE NEWSWIRE) — Redfund Capital Corp (CSE: LOAN) (Frankfurt: O3X4) (OTC: PNNRF) (Redfund or the “Company”) is pleased to announce that it has signed a promissory note to fund Winterlife Inc. (“WL”) and their premier launch of WinterlifeCBD a branded new CBD and hemp based product line.
Winterlife Inc. has just launched the WinterlifeCBD product line that is free of THC, is 100% organic, vegan and gluten free. The SKUs will include Winterlife’s famous gourmet cookies, tinctures and capsules manufactured in Washington State.
Founded in 2013 in Seattle, Washington, Winterlife Inc. lead the early days of the cannabis legalization movement and quickly has gained international recognition for bold branding and quality products. Their items are currently available in 600+ dispensaries in Washington State and have processing agreements in multiple US states with revenues of close to CDN $3,000,000 per annum.
Winterlife recognized the present demand for familiarity and the future of consumption methods by developing products that could meet the consumers needs today, as well as positioning them to adapt to the future maturity of the industry. The trust they have garnered with the Winterlife brand in their products’ quality and efficacy has paved the way for the successful creation of the innovative products of WinterlifeCBD.
Redfund and Winterlife Inc. signed a 2 year term convertible secured promissory note on November 1st 2018 for CDN$1,000,000 at an annual interest rate of 14%, The Note may be converted at Redfund’s discretion at any time during the term and the Company has a right of first refusal to provide financing to WL upon the same business terms as are being offered to Winterlife Inc. by any other funders. WL will afford Redfund stock warrants in its common stock equivalent to twenty percent (20%) of the amount of the note based upon their current valuation as of the effective date which is stipulated to be USD $5,000,000.
“Redfund is leading all merchant banks funding branded medical cannabis, CBD and hemp product lines that have the ability to go global today. Winterlife Inc.’s owners Charity and Evan Cox bring with them not only innovative products but an already successful history in the cannabis industry. They were the first ever to have a medical cannabis delivery system when few believed medicinal cannabis helped anyone. The Company is excited to work with such visionaries and their assistance footprinting our other branded clients will be a tremendous asset to the entire Redfund portfolio and team. As we look to the first quarter of 2019, a number of companies in our current loan portfolio are already assessing opportunities to become independently traded public companies. Redfund is evaluating all equity upside opportunities within our loan portfolio through the warrants and loan convertibility positions to directly maximize shareholder value,” stated Meris Kott, CEO.
About Redfund Capital Inc.
Redfund intends to provide debt and equity funding in the mid-to-late stages of a target company’s development or in technologies that are developed and validated by revenues. The present focus of the merchant bank is on medical cannabis, hemp and CBD-related and healthcare-related companies.
For further information please visit www.redfundcapital.com
For more information on Redfund Capital contact Meris Kott CEO 604.484.8989 or email@example.com
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.