ManifestSeven Raises Capital & Looks to Go Public
September 23rd, 2020
App, Exclusive, News, Top Story
ManifestSeven, California’s first integrated omnichannel platform for legal cannabis, recently closed an aggregate $10.2 million capital raise consisting of three private placements. In addition to affirming its business model, the capital raise injects fresh funding into the company’s ambitious plan to become the Amazon of cannabis.
Let’s take a closer look at the company’s innovative business model and why investors may want to take note as it plans to go public in the near-term.
A Massive Market
California’s cannabis industry has experienced tremendous growth since commercial cannabis activity began in January of 2018. With over 10,000 commercial licenses granted by January of 2020, the state quickly became the largest market in the United States with nearly $2 billion in 2019 sales generating $590 million in state taxes.
By 2022, industry analysts project California’s cannabis industry to reach $5 billion with a total economic impact of nearly $10 billion. Legal recreational sales are projected to make up about 60% of the overall market with the remainder coming from medical marijuana (9%), and black market products (~30%), which remain a major issue for the industry.
Amazon for Cannabis
ManifestSeven is the first integrated omnichannel platform for legal cannabis, merging compliant distribution with a retail superhighway. With offices in Commerce and Irvine, California, the company serves the needs of lawful operators across the supply chain, from the cultivator to the consumer, through an expansive network of four facilities.
By connecting products with consumers, the company aims to become a kind of Amazon.com for the cannabis industry. The company aims to provide an integrated and seamless experience across multiple geographies and touchpoints with warehousing and delivery capabilities, as well as the expertise required to meet legal and financial requirements.
The company has also built its own portfolio of owned and operated retail operations located in major metro markets, including brick-and-mortar dispensaries, local on-demand delivery services, ecommerce and subscription offerings.
Imminent Public Listing
ManifestSeven received conditional approval to list its common shares on the Canadian Securities Exchange, or CSE, in July, subject to customary listing obligations. Since then, the company has been working diligently to complete its reverse merger with P&P Ventures Inc. and plans to go public in September or October.
“This is a watershed moment for ManifestSeven, our shareholders and our employees, who’ve been instrumental in helping us achieve this long-term strategic ambition,” said Sturges Karban, M7’s Chief Executive Officer in a July press release. “Our company has also proven its resilience by weathering the economic impacts of COVID-19.”
After raising $10.2 million in several private placements, the company has sufficient capital to advance its business plan and continue to build its cannabis superhighway throughout California. The company’s upcoming public listing will enable investors to participate in its ongoing efforts and reap the potential rewards.
For more information, visit the company’s website or sign up to receive a public listing alert and download the investor presentation.
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