VANCOUVER, BC — StickIt Technologies Inc., an Israeli technology and cannabinoid company, today announced an unsecured convertible debenture placement.
The $10,000 unsecured convertible debenture from StickIt, which matures on April 18, 2025, carries a 5% interest rate per annum and is payable at the end of the term. The convertible debenture can be automatically converted into Common Shares at a conversion price of $0.35 per Common Share at the election of the debenture holder.
The funds will be invested in Ripco Processing Inc., a cannabis processing and research and development facility located in Calgary, Alberta. Ripco, which has a team of experienced cannabis pioneers, focuses on creating unique, desirable cannabinoid-based products for recreational and medical use.
“Ripco is pleased to be working with Stickit in Canada. This relationship gets the amazing Stickit products into the Canadian market quickly, feeding directly into our existing distributions channels for immediate sales,”says Ripco.
“Stickit, as an innovator in cannabis technologies, knows that its success in Canada in directly tied to the success of Ripco’s Stickit launch. We are happy to help our licensees achieve success with our products and we know Ripco does great work,” said Eli Ben Haroosh, CEO of Stickit Technologies.
About StickIt Technologies Inc.
StickIt is a technology company that invented and manufactures innovative products (“devices”) that can contain varying quantities of CBD/THC for recreational and medical cannabis users. Its operating model is to establish joint ventures/licensees (“partners”) in countries around the world that will establish a production facility in which they will add the cannabinoid content to the “sticks” and “straws” produced and supplied by StickIt. The Company’s precise dosing options cater to a wide range of effects, including painkilling, energizing, focus, sleep improvement, etc., and can be tailored to meet local preferences and regulations. StickIt Technologies serves customers worldwide.
About Ripco Processing Inc.
Ripco, known for its innovative cannabis products, brings popular brands like Stickit and Stripit to the Canadian market.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any forward-looking statements, other than as required by law. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by StickIt Technologies Inc. Readers are cautioned not to place undue reliance on forward-looking statements.
