Sol Global subsidiary closes $12 million round of private financing

Toronto-based cannabis investment firm Sol Global Investments has completed a nonbrokered private placement financing of common shares of its international hemp subsidiary, Heavenly Rx, for more than $12 million.

As a result, Sol Global now holds 34.4% of Heavenly Rx’s shares, while the rest of the common shares were sold to accredited investors for 10 cents each.

Heavenly Rx will use proceeds from the offering to acquire significant or controlling ownership interests in various hemp, CBD and THC-free cannabis wellness businesses.

Also based in Toronto, Heavenly Rx will focus primarily on hemp cultivation, processing and manufacturing of traditional CBD products, including oils, tinctures, balms, and vape-ready products.

Sol Global made another hemp acquisition in March, purchasing a majority stake in Knoxville, Tennessee-based biomass processing and extraction company Bluhen Botanicals through a $30.6 million investment from Heavenly Rx.

Sol Global Investments trades on the Canadian Securities Exchange as SOL and on over-the-counter markets as SOLCF.