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  • Maven Brands (MJ) has launched a crowdfunding campaign for its partner-focused craft cannabis processing program and has received an amendment to its Standard Processing License for the sale of dried cannabis
  • The company will issue up to a maximum of 8,333,334 units at $0.18 per unit to raise up to $1.5 million
  • Maven plans to use the net proceeds of the offering to complete work for the launch of the company’s craft cannabis processing program
  • Andrew Gordon, VP of Strategy sat down with Caroline Egan to discuss the campaign
  • Maven offers B.C. micro-cultivators a partnership-focused approach to processing and distributing their craft cannabis products
  • Maven Brands Inc. (MJ) is down 6 per cent, trading at C$0.235 per share at 1:40 pm ET

Maven Brands (MJ) has launched a crowdfunding campaign for its partner-focused craft cannabis processing facility and program.

This campaign is part of the offering announced in the company’s press release issued on November 3, 2021.

The company will issue up to a maximum of 8,333,334 units at $0.18 per unit to raise up to $1.5 million. The minimum investment is $1,000.

Andrew Gordon, VP of Strategy sat down with Caroline Egan to discuss the campaign.

Maven believes its program is unique by offering B.C. micro-cultivators a partnership-focused approach to processing and distributing their craft cannabis products. Operating from the company’s 19,500 square foot facility in Lumby, B.C., the program plans to provide quality assurance, on-site microbial remediation, dry flower packaging, and national distribution support.

At launch, the program will increase processing capacity in the province and help alleviate the bottlenecks small producers currently face in the industry.

Maven CEO Darcy Bomford commented on the campaign.

“Maven is providing the craft cannabis community and the general public with an opportunity to join us as we prepare to disrupt the craft cannabis processing sector,” said Maven CEO Darcy Bomford. “This is an opportunity to invest in a much-needed capacity-building project which will provide services to one of the fastest-growing segments in the federal licensing system: micro-cultivators.”

“Our crowdfunding campaign very much aligns with the spirit of our innovative partner-focused model, which reduces barriers for small-scale producers and provides a better path to market for craft cannabis,” said Andrew Gordon, VP of Strategic Growth. “Like our program, crowdfunding also reduces barriers. Now anyone from cannabis enthusiasts to the producers themselves can invest in Maven.”

Maven plans to use the net proceeds of the offering to complete work for the launch of the company’s craft cannabis processing program and general corporate purposes.

In other news, Maven has received an amendment to its Standard Processing License for the sale of dried cannabis. The company is now permitted to sell dried cannabis products directly to provincial distributors, retailers in select provinces, and licensed sellers of medical cannabis.

Maven is a licensed producer of cannabis preparing to launch a program to provide path-to-market services for micro-cultivators. The program will offer a full suite of in-house processing services to the craft cannabis community.

Maven Brands Inc. (MJ) is down 6 per cent, trading at C$0.235 per share at 1:40 pm ET.

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Written by Kerry Lutz