Le Lézard
Classified in: Business
Subjects: FNC, PDT

Corsica Innovations "LEAF" Closes Oversubscribed $4.5-Million Financing to Launch Commercial Manufacturing of Fully Automated Home-Growing System


Begins Manufacturing with Foxconn Subsidiary Ennoconn; Plans to Go Public; Appoints Board Members

TORONTO, May 10, 2019 /CNW/ -- Corsica Innovations ("LEAF") is pleased to announce a $4.5-Million oversubscribed private financing round to fully fund its commercial manufacturing launch. LEAF has developed the most advanced automated home-growing system in the world allowing anyone to grow high-quality, pesticide free, medical plants and food.

Financing

LEAF had initiated a $2.5-Million financing which was significantly oversubscribed, and elected to upsize the transaction to $4.5-Million. The financing, which includes leading funds and top industry executives, will fund LEAF's manufacturing and delivery of its approximately $4-Million existing pre-sales. LEAF CEO Yoni Ofir commented, "We are excited to have successfully closed the upsized financing round, which will allow us to launch manufacturing and deliver the commercial LEAFs for all our pre-sale customers. LEAF welcomes investors and incoming board members as we embark upon our most exciting growth yet."

Investors include Arcadian Fund, a California ancillary specialist growth fund; Paul Rosen, Managing Director of Breakwater VC & co-founder of PharmaCan Capital; Jeffrey Kadanoff, former Principal at Bain & Company and former CFO of Knight Therapeutics currently valued at over $1-Billion; Steven Isenberg, CEO of M Partners and an early banker for top industry cultivators; Neil Closner, former CEO of MedReleaf, which was amongst the largest cultivators when it was acquired by Aurora for $2.5-Billion in one of the largest industry acquisitions to date; Dr. Danial Schecter, Co-Founder of Canabo Medical Clinic and current Director of Global Medical Services at Canopy Growth; and Isaac Maresky of Gainsborough Capital.

Successful Completion of Pre-Manufacturing ? Commercial Manufacturing Ready for Launch

LEAF is also excited to announce that it has signed a manufacturing agreement and started its manufacturing process successfully at Foxconn subsidiary Ennoconn in China, with commercial manufacturing now ready for launch. This financing will fully fund manufacturing of pre-ordered units. LEAF had previously completed approximately $4-Million of pre-sales and intends to begin fulfilling such existing orders by the end of 2019.

Plans to Go Public

LEAF is excited to announce its intent to consider a public listing in North America, and will report more on this matter as this initiative progresses. This initiative remains preliminary in nature, and as such there can be no guarantee that the company will be successful in this regard.

Appoints Leading Executives and Investors to Board of Directors

LEAF has appointed leading industry executives Paul Rosen, Isaac Maresky, and Jean-Mark Aflalo to its Board of Directors. Paul Rosen was a co-founder of PharmaCan Capital, which invested in one of the first Health Canada cultivation licenses in Canada, and has grown into a leading company in the industry. Mr. Rosen also sits on the board of iAnthus investment firm, and recently founded Tidal Royalty, a US investment firm in the process of merging with MichiCann. Mr. Rosen is a lawyer who graduated from the University of Toronto. Isaac Maresky is a former investment banker, with experience in M&A and leading investments in a range of industries. Jean-Mark Aflalo is co-founder of Groupe Zohar, a successful Canadian manufacturing company founded in 1984 with over 100 employees. Mr. Aflalo co-manages over 2.5-Million square feet of industrial space, and has particular experience in complex manufacturing. Mr. Aflalo has been an early investor in several successful companies.

About LEAF

LEAF has developed the most advanced automated home-growing system in the world, which produces high quality, pesticide free, medical plants and food. LEAF previously won Product Hunt's Hardware Product of the Year, and has been featured in Forbes, VICE, Huffington Post, TechCrunch, Mashable, and Inc Magazine, with millions of views to its product videos. LEAF's CEO Yoni Ofir was recently awarded Forbes Israel 30 Under 30 Award. The company has pre-sold $4-Million of its devices, and recently signed a manufacturing contract with Foxconn subsidiary Ennoconn. Dentons LLP acted as Canadian counsel, with KO Firm as US counsel, and Gainsborough Capital Corp. acting as strategic advisor.

 

SOURCE LEAF


These press releases may also interest you

at 10:30
Unifi Aviation is making a pledge to employ 500 refugees over the next three years, a commitment the company made at the second annual TENT U.S. Business Summit on Refugees hosted by Pfizer at its global headquarters in New York City on March 26....

at 10:15
Today, Investopedia announced the winners of its 2024 Best Online Broker Awards, featuring 14 categories highlighting winners whose products and services helped investors navigate rising but volatile markets, a crypto resurgence, and new assets like...

at 10:12
NerdsToGo®, a leading information technology (IT) solutions and technology repair services franchise for both business and home, announced today plans for its strategic expansion throughout the greater Chicago area with 20 new territories available...

at 10:10
The group division of Ameritas proudly announces its 17th consecutive certification as a BenchmarkPortal Center of Excellence, solidifying its position as a leader in customer service and support excellence. This prestigious recognition for 2023...

at 10:00
Frost & Sullivan recently researched the customer experience outsourcing services industry and, based on its findings, recognizes AeC with the 2023 Company of the Year Award. AeC is connecting technology with outstanding customer service to increase...

at 10:00
Seniors Helping Seniors® in-home care services, a franchisor with over 125 franchise partners and more than 200 territories nationwide, has grown rapidly in recent years by building a workforce of talented caregivers who create meaningful...



News published on and distributed by: