DionyMed Brands Inc. Began Trading November 28 and Provides Operational Update
TORONTO--(BUSINESS WIRE)-- DionyMed Brands Inc. (“DionyMed” or the “Company”) (formerly Sixonine Ventures Corp.) (CSE: DYME), a multi-state cannabis brand and distribution platform, is providing an operational update following the commencement of trading of the Company’s shares on the Canadian Securities Exchange on November 28, 2018.
- On August 31, 2018, completed the acquisition of JDK Holdings LLC dba Winberry Farms, which is an award-winning concentrates and vape cartridge brand founded in Oregon;
- Signed a binding term sheet to acquire a distribution license in the State of Nevada;
- On October 31, 2018, completed an investment in HomeTown Heart, a direct-to-consumer non-retail storefront delivery dispensary. This investment includes the option, but not the obligation, for DionyMed to purchase the outstanding shares of HomeTown Heart on or before December 31, 2020;
- The Company completed a reverse take-over (“RTO”) with DionyMed Holdings Inc. on November 27, 2018 and began trading on the Canadian Securities Exchange under the ticker “DYME” on November 29, 2018; and
- Raised approximately C$35 million through a private placement offering in connection with the completion of its RTO.
Edward Fields, CEO of DionyMed, commented, “DionyMed has become a leading player in the U.S. cannabis market due to our ability to offer today’s premium cannabis brands through our distribution and direct-to-consumer delivery platform. We are proving the strength of our existing operational infrastructure, and the C$35m equity financing will help further scale our operations and expand our operational footprint across the U.S.”
He continued, “Capital efficiency is quickly becoming a key success metric for cannabis operators. We are pleased to have successfully reached a level of our growth where we are well capitalized to further develop our vertically integrated platform. We are now focused on expanding our premium cannabis brand portfolio, enhancing our distribution reach and strengthening our manufacturing capabilities through strategic acquisitions.”
In addition to the above, DionyMed also achieved the following:
- On October 1, 2018, the Company acquired the assets of Cascade Distribution, Inc., enabling DionyMed to expand its distribution and processing capabilities in Oregon;
- Launched Cali Chill, a direct-to-consumer e-commerce site; and
- Launched Winberry Farms brand in California in November, 2018.
Founded in 2017, DionyMed is a multi-state cannabis brands and distribution platform, supporting cultivators, manufacturers and award-winning brands in the medical and adult-use cannabis markets. DionyMed entered the cannabis industry in the vape cartridge manufacturing category and following California’s adult-use legalization in January 2018, expanded from manufacturing into distribution. DionyMed sells branded products in every category from flower to vape cartridges, concentrates and edibles. DionyMed serves more than 700 dispensaries and completes over 40,000 Direct-To-Consumer deliveries each month with its growing portfolio of products and brands.
Forward-Looking Information and Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved” and include, without limitation, statements related to the development of the Company’s vertically integrated platform, enhancing the Company’s distribution reach and strengthening the Company’s manufacturing capabilities through strategic acquisitions.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Source: DionyMed Brands Inc.