Florida medical cannabis company Bluma Wellness Inc. has started trading on the Canadian Securities Exchange under the BWEL.U symbol. The approval comes after regulators approved the company’s reverse takeover of CannCure Investments Inc., a portfolio company of Sol Global Investments.
The common shares of Bluma – headquartered in Toronto, Ontario, Canada – had been previously listed on the CSE as Goldstream Minerals Inc. Bluma operates in Florida as One Plant and has a new 54,000-square-foot Nexus greenhouse facility in Indiantown and a 24,000-square-foot greenhouse in Ruskin. It operates three dispensaries in Boynton Beach, Jacksonville Beach, and St. Petersburg and said it’s planning an additional seven dispensaries and delivery hubs by November 2020, pending approvals.
The company’s next dispensary is set for June 30 in Port St. Lucie.
CEO Brady Cobb said in a statement last week following the completion of the reverse takeover that its first harvest from the Indiantown facility is expected to reach One Plant dispensaries by next month. He added that the Nexus facility will boost its cultivation capacity from 300 pounds of flower per month to 1,300 pounds per month.
As per the CSE new listing bulletin, Bluma is set to have 82,780,962 common shares outstanding at the time of its go public, in addition to 60,721,500 common shares reserved for issuance. In total, SOL will own 19.41 percent of the issued and outstanding shares, totaling 16,067,269 shares. The public issuer also owns a further 6.45 million warrants, however the firm is restricted from exercising warrants to increase its position beyond 20 percent ownership.