"We are pleased to complete this credit facility, which illustrates our ability to access alternative forms of financing and provides us with further financial flexibility to scale our business," said Joel Toguri, Humble’s CEO. "We currently maintain strong liquidity with no debt on the balance sheet, combined with this new Credit Facility of $2 million, we are in a strong position to execute on our strategic plan."
In connection with the Credit Facility, Humble also issued 750,000 warrants, with each warrant exercisable to purchase Humble common share at a price of $0.25 per share for a period of three years.
Pursuant to the loan agreement, the Credit Facility is secured against the assets of the Company. The Credit Facility is expected to be used by the Company to fund working capital requirements in the ordinary course. The credit agreement will be filed under the Company's issuer profile on SEDAR at www.sedar.com.
Humble & Fume, Inc. is a leading North American distributor of cannabis and cannabis accessories, supported by a customer-centric sales team and strong fulfillment infrastructure. As the only fully-integrated cannabis distribution solution, Humble bridges the gap for retailers, licensed cannabis producers, multi-state operators, and cannabis consumers to maximize sales penetration, and increase financial performance. With over 20 years of North American operating experience, Humble has cultivated extensive vendor and customer relationships, distributing premium cannabis consumables and consumption devices. The Company is comprised of four subsidiaries that represents its vertical integration across North America; B.O.B. Headquarters Inc. / Humble+Fume, Windship Trading LLC, Humble+ Cannabis Solutions and Fume Labs Inc.
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to, the Company's assessment of the cannabis edibles market in Canada, the demand for cannabis edibles in Canada and the expected results for brand partners of the Company. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, the potential impact on brands that engage Humble for their distribution and / or sales agency and the future of the cannabis edibles industry including the anticipated ongoing consumer demand, are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such forward-looking statements will occur as described herein. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law. Readers are encouraged to refer to the Company's disclosure available on its SEDAR profile (at www.sedar.com)for information as to the risks and other factors which may effect the Company's business objectives and strategic plans.
SOURCE Humble & Fume Inc.
Graham Meneray, CFO
Humble & Fume Inc.