After initially announcing plans to go public in Canada back in July of 2018, Denver-based Dixie Brands Inc. revealed today that the company has received conditional approval to list on the Canadian Securities Exchange.
The cannabis-infused edibles company will list shares on the CSE under the ticker symbol DIXI in the coming weeks.
This expansion into Canada and listing of shares on the CSE have been achieved through a reverse takeover of Canadian company Academy Explorations Limited.
The Toronto-based Academy Explorations will now take on the Dixie Brands name in conjunction with the deal.
According to a press release from the company, shares of DIXI are expected to be available on the CSE by the end of the month following the completion of the reverse takeover.
Dixie’s move into Canada follows the Cannabis Act going into effect last month, which legalized adult recreational marijuana across the nation and opened the industry to a slew of companies seeking to expand internationally.
Additionally, Dixie Brands just raised $25 million in new capital through a non-brokered private placement earlier this month.
Private placements have seen a variety of Canadian companies raising large sums for expansion, with IntelGenx drumming up $1 million yesterday and Veritas netting $1.56 million last week.
Dixie’s Chief Executive Officer Chuck Smith commented on the fundraising and Canadian stock listing: “The financing round we have just closed will provide resources for Dixie to expand our brand throughout the U.S. and into Canada.”
Smith went on to say, “Dixie has been a leader in the cannabis industry since its inception. We have nine years of experience developing intellectual property and building a brand that creates an incredible platform for our company and shareholders. We look forward to providing the same safe, high quality, and consistent product to patients and adult-use consumers throughout the U.S. and Canada.”
Besides a range of edible chocolates, gummies, tarts, and mints, Dixie also offers dosed marijuana in the form of extractions, topicals, and tinctures.
In addition to THC-based products, Dixie Brands also sells the Aceso line of hemp-derived CBD products that can be shipped in locations where marijuana remains illegal.
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