Cannabis Sativa, Inc. Announces Raising $300,000 To Cover Short Term Expenses
June 11, 2015 at 02:50 AM EDT
MESQUITE, NV / ACCESSWIRE / June 11, 2015 / Cannabis Sativa, Inc. (OTCQB:CBDS) (referred to collectively with its subsidiaries as "CBDS") has issued an 8-K report to announce that it has issued a 10% Senior Convertible Security in the face amount of $300,000 to Weed Growth Fund, Inc. "This covers our burn rate for the immediate future," said Steve Kubby, CBDS Chairman. "This infusion of working capital assures that the deals that are currently in the works will get the funding they require," Kubby added.
The debenture comes due on April 30, 2017, and is convertible any time into shares of common stock of the Registrant at the rate of $2.00 per share. The debenture was issued to one entity and the Registrant receives $300,000 in cash proceeds in connection with the transaction. The issuance of the debenture was exempt from the registration requirements of Section 5 of the Securities Act of 1933 pursuant to Rule 506(b) of Regulation D. There was no general solicitation in connection with the transaction.
Cannabis Sativa, Inc. is engaged through its recently acquired subsidiary, Kush, in the research, development and licensing of specialized natural cannabis products, including cannabis formulas, edibles, topicals, strains, recipes and delivery systems. CBDS also offers the Skin Garden line of cosmetic products through its subsidiary, Wild Earth Naturals, which are designed to use organic and natural ingredients, including hemp seed oil, to benefit inner wellbeing as well as outward appearance.
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
SOURCE: Cannabis Sativa, Inc.