Sol Global Borrows Big Money for Expansion, Amid Substantial Changes in the Company

This July, Sol Global reached out to its investors and raised $50 million Canadian dollars through debt financing. This means that they raised this money without giving away any parts of their company through shares or stocks. Instead, they were given the money and will have to pay it back with interest to these investors.

This move to earn investor dollars, expand and grow is one that is becoming increasingly common in the industrial hemp and CBD space. With the CBD industry quickly approaching a market value into the billions of dollars, and industrial hemp projected to reach upwards of $13 billion in just a few short years, companies are scrambling to solidify market positions in what promises to be a gold mine.

Companies such as Next Green Wave, Inc. (Next Green Wave, NGW:CSE | NXGWF:OTCQX) have already followed similar paths, vertically integrating and making strategic acquisitions in order to reduce costs, improve efficiency, and control quality from farm to store shelves.

Use of Capital

This money was raised by Sol Global with the plan in mind to invest in expanding their operations into three of the top ten CBD producing states in the United States. These states are California, Michigan, and Florida. As of August 8th, this investment was made public as well as a switch from Sol Globals original business model as an international cannabis investment company, to a new United States multi-state cannabis operator. This change has them functioning under the Life Sciences category in the Canadian Securities Exchange.

Sol Global has acquired EDC Inc, which controls both Northern Emeralds and One-Plant California dispensaries. Sol Global will take over MCP Wellness Inc which is a company in Michigan as well as 3 Boys Farms, LLC which is found in Florida.

Northern Emeralds

Northern Emeralds is a hemp industry leader based out of Humboldt County, California. They have a consistent production of over 16,000 pounds per year of only high quality cannabis flower products. Being in Humboldt County, they are located in one of the best known growing zones in the world with access to the latest technology in genetics, farming, and post-harvest techniques. This gives Northern Emeralds a distinct advantage in the market based on their available volume as well as access to technology that sets them apart from their competitors.

One-Plant Dispensaries

One-Plant dispensaries is already established national chain with a strong presence in California, Michigan, and Florida. There are currently plans to open nine new dispensaries throughout California in 2019 and eleven more in 2020. In Florida, there are plans to open 5 new dispensaries in 2019 and 8 more in 2020. In Michigan, there are plans to convert three existing dispensaries to One Plant dispensaries. In addition, they plan on adding four new dispensaries in 2019 and six more in 2020. These already planned expansion projects will give Sol Global access into forty six new marketplaces by the year 2020.

Growth and Change on the Horizon for Sol Global

With this growth, brings about a lot of change for Sol Global. The first change is that Jonathan Gilbert stepped down as president of their lower-level company, Impact Biosciences. This is a complete flip from where the company was earlier this year, in April, when Jonathan Gilbert took over the job as president and was excited to be working with the drug development team in Miami. Earlier in the year Sol Global was planning to spin Impact Biosciences, which is a research and development company working towards a Traumatic Brain Injury treatment program using cannabinoids, off into their own independently, publicly traded company. As of their latest updates, Sol Global no longer plans on Impact Biosciences publicly traded offspring company.

Another big change that is coming about with their latest updates is that Sol Global will be changing their name from Sol Global Investments Corporation to Bluma Wellness Inc. They have decided to change their name in an attempt to better represent their new business plan which is to make sure their customers use their products to improve their day to day lives. Brady Cobb, who is the CEO of Sol Global stated, “We chose the name Bluma Wellness, as an appropriate way to honor the true intent of each seed that we cultivate, harvest, and deliver as a product to ensure that every single one of our customers has a consistent and enriching experience that allows them to flourish.” The name change is still not completely official and as it has to be approved by shareholders and the Canadian Securities Exchange.