Redfund Capital Corp, the cannabis-focused investment firm, (CSE:LOAN) (OTCMKTS:PNNRF) said Wednesday that it has agreed to fund Cannaki Beverage Inc, a nano cannabidiol (CBD)-infused water company.
Headquartered in Las Vegas, Cannaki produces a range of still and sparkling flavored waters. The Nevada company is also set to roll out a new line of hemp and guayusa beverages in April of 2018.
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“Partnering with a water company with a strong footprint is a tremendous opportunity for Redfund,” said Meris Kott, Redfund CEO in a statement. “Cannaki has still, sparkling, flavored, plus Pet water, and a global presence as well.”
Under the terms of the deal, Redfund has signed a convertible note term sheet with Cannaki for US$1 million at a rate of 14% interest with a term of two years. Redfund and Cannaki will be finalizing a promissory note and security document in the next week and will share details of the completed transaction at that time.
Based in Vancouver, Redfund provides debt and equity funding in the mid-to-late stages of a target cannabis company’s development. Its focus is on companies specializing in medical cannabis as well as healthcare and hemp and CBD-related products.
Contact Ellen Kelleher at [email protected]