Redfund Capital Corp (CSE:LOAN) (OTCMKTS:PNNRF) announced Thursday the launch of the Cannabis Mercantile Exchange International Hemp/CBD Auction Platform.
Building on the success of its existing cannabis trading platform, Cannamerx reported 1.5 tonnes of hemp biomass has been listed for auction. Earlier this week, Redfund said it had formed a strategic alliance with Cannamerx to help it with financing and building clientele.
Cannamerx, according to Redfund, is welcoming hemp clients in Canada, the US and Europe and is in the process of vetting cannabidiol (CBD) labs in the US for trade there.
READ: Redfund announces strategic alliance with hemp auction platform Cannamerx
“The hemp revolution has begun in North America,” Redfund CEO Meris Kott said in a statement. “We are excited to help Cannamerx create a global path for many of these companies to trade Hemp/CBD internationally and become cash-flow-positive at a much quicker pace.”
By next fall, Kott is hopeful that CBD edibles will be federally approved and licensed in Canada, with Cannamerx’s platform providing the raw materials.
Redfund, based in Vancouver, provides debt and equity funding in the middle to late stages of a company’s development.
“We look forward to working with Redfund to roll out our platform and services for markets outside North America,” said Dietwald Claus, founder and CEO of Cannamerx.
Shares of Redfund slipped C$0.03 to C$0.20 in Wednesday’s Canadian trading. They traded at US$0.17 on the OTC Markets.
Contact Dennis Fitzgerald at dennis@proactiveinvestors.com
