CAPITOL HEIGHTS, Md., May 19, 2017 /PRNewswire/ -- Holistic Industries LLC ("Holistic"), the only company in Maryland awarded license pre-approval for growing medical cannabis in Prince George's County, Maryland, is pleased to announce the closing of more than $8 million in investments in a private convertible debt offering.
In 2016, the Natalie M. LaPrade Maryland Medical Cannabis Commission announced that Holistic was awarded license pre-approvals for growing, processing, and dispensing medical cannabis in the State. Holistic is the only grower selected to operate in Prince George's County and is one of the few companies to be awarded preliminary approval for vertically integrated medical cannabis operations in the State of Maryland.
Holistic, which broke ground on its state-of-the-art cultivation and processing facility in Prince George's County in January of this year, is planning for their Prince George's County facility to be fully operational by August 2017, with medical cannabis product lines coming online in late Fall 2017.
Holistic's CEO Josh Genderson brings to Maryland years of experience in the Washington, D.C. medical cannabis industry, and his experience in Massachusetts, where he has approval for cultivation and dispensary operations, has been invaluable as the Company ramps up its operations in Maryland's nascent medical cannabis industry. Holistic's management team and board of advisors bring decades of experience in executive management, agriculture, business, and health and medical science. Mr. Genderson's Washington, D.C. operation manufactures a rare category of medicinal products designed specifically for young patients suffering from seizures and associated symptoms, and Holistic plans to produce these same medicines in Maryland as part of an extensive product line.
"I am excited about this financing because this capital will help the patients of Maryland have access to Holistic's much-needed products as quickly as possible. The capital will be used to complete the build-out of our cultivation and processing facility with state-of-the-art fixtures and equipment, to attract great talent to our operation, and to launch our leading dispensary in Maryland that will offer exclusive high-quality products with exceptional service," said Genderson. "I have been fortunate in Washington, D.C. to see the benefits that these medicinal products can have, and we are pleased to have investors show confidence in our ability to bring those same products and services to Maryland."
The sales of the convertible notes were sold in reliance on the exemption from registration in Rule 506 of the Securities Act of 1933 (the "Securities Act") and were not registered under the Securities Act or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the convertible notes nor shall there be any sale of the convertible notes in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Some of the statements included in this press release constitute forward-looking statements. Forward-looking statements are inherently uncertain and involve significant known and unknown risks and uncertainties (many of which are beyond the control of Holistic) that could cause actual results to differ materially.
About Holistic Industries LLC
Holistic Industries LLC was founded with the mission of providing the highest-quality medicinal cannabis to the medical patients of Maryland. Holistic has been awarded Stage One license pre-approvals by the State of Maryland for the cultivation and processing of medical cannabis in Prince George's County, Maryland, and for the dispensing of medical cannabis in Rockville, Maryland. Holistic was founded by Josh Genderson, who brings years of experience in the medicinal cannabis industry.
For more information, visit www.holisticindustries.com.
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SOURCE Holistic Industries LLC