Redfund Capital Corp (CSE:LOAN, OTC:PNNRF) said Monday that cannabis tea client Mary’s Wellness Ltd is taking steps to become a global brand and aims to go public next year.
The Vancouver-based, cannabis-focused financier added that it’s in discussions to launch Mary’s line of cannabis-infused tea in the United Kingdom, Switzerland, Colombia and Portugal.
“Creating a worldwide brand like Starbucks is exactly what we are planning with Mary’s,” Redfund CEO Meris Kott said in a statement. “Our goal for the first quarter of 2019 is to finance and list Mary’s Wellness on a public exchange.”
Last month, Redfund and Mary’s signed a two-year term convertible secured promissory note for $1 million at an annual interest rate of 12.5%
Mary’s is working on filing documentation to the Canadian government when regulations on new licensed classes of cannabis for edibles are written. Mary’s is also in discussion with various Canadian licensed cannabis producers to produce tea products.
"We are excited for the opportunity to share our original Canadian infused tea blends and our family brand with the world's most renowned tea enthusiasts from Europe to South America," Mary’s Wellness Founder and CEO Virginia Vidal said.
In October, Canada made it legal for adults to purchase, cultivate and use small amounts of marijuana. Last week, in Tuesday’s midterm US elections, Michigan became the 10th state to approve recreational use of marijuana while Missouri and Utah voted in favor of allowing its medical use.
Redfund shares climbed $C0.03 to $C0.55 on the Canadian Securities Exchange on Monday. They slipped $0.01 to $0.38 in OTC trading.
Contact Dennis Fitzgerald at [email protected]