Juva Life, a life science company with pharmaceutical research and development and consumer-facing operations in cannabis production and distribution, announced today that it has closed a non-dilutive financing of CAD$11.8 million, enabling the company to acquire its Stockton, California, facility as well as further its clinical research on its two novel compounds.
The non-dilutive financing, which was closed on June 15, 2022, was facilitated by Pelorus Equity Group. The primary purpose of the financing was to provide capital to the company to complete the acquisition of its Stockton cultivation facility, but it will also help further clinical research development programs on novel compounds Juva-019 and Juva-041, targeting the treatment of inflammation.
“I am extremely pleased to close this round of debt financing, especially given the recent distressed capital markets and economic conditions. I believe it is a testament to the excitement around both Juva’s cannabis operations as well as our clinical research initiatives,” said Doug Chloupek, CEO and Founder of Juva. “As our cannabis operations continue to grow and generate revenue, it was imperative that we secure our real estate holdings while furthering our pharmaceutical initiatives. This financing allows us to accomplish both of these goals, while retaining significant equity in our Stockton real estate holding. Additionally, the financing will also provide us with the capital needed to finish construction on our downtown Redwood City retail store which, upon completion, will create a new revenue stream for Juva. I am confident that this transaction will provide us with a strong runway and allow us to expand our revenue generating cannabis assets while also moving forward with our clinical research, a focus area that we believe holds the most potential upside for the company.”
The financing is secured by the assets of Juva and its subsidiaries, including the real estate held in Stockton.