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Darcy Bomford is riding high these days.
The CEO of True Leaf chuckled when he was asked about his company's latest success story.
"Return the love, right? That's our motto."
True Leaf Medicine International Ltd. was able to raise $14 million through equity financing — $10 million was through a Regulation A+ public equity offering, and $4 million through non-brokered private placement.
That is a more clinical way of saying the company crowdsourced this money for future investments.
"It allows companies to sell equity through a crowdfunding platform, which is online," explained Bomford. "So instead of actually going to your broker and buying shares, you could have just gone to a website and clicked on the 'buy shares' button and actually bought equity in our company online."
After spending the better part of a year working through an application process to the U.S. Securities and Exchange Commission to use the equity crowdfunding format, in November the company was approved.
True Leaf was the first Canadian company to do Regulation A+ crowdfunding in the U.S. The initial goal was $3 million then the company raised it to $5 million, and eventually settled on a $10 million target.
It only took two months to raise the money.
"On top of that," Bomford said, "we were oversubscribed, so we actually had to return over $2 million because we're only allowed to raise a certain amount. We actually had to give back that's how much interest we had in our company."
The money will be used to build the medicinal cannabis facility in Lumby and build up the True Leaf pet brand in the U.S.
For investors who jumped at the chance to buy into True Leaf, the share price for financing was 70 cents at the beginning. Now, with the offering fully closed that share price is $1.40.
"So, all those people that put in $14 million dollars they've already doubled their money."
Under the Regulation A+ platform, True Leaf is allowed to raise up to $50 million in a year.
"It's our golden rule. Return the love to our pets; to our family; to ourselves."
