Canna 8 Investment Trust Completes Initial Public OfferingNovember 05, 2018
On September 14, 2018, Canna 8 Investment Trust (“Canna 8”) completed an initial public offering (“IPO”) in Ontario, Alberta, Saskatchewan and British Columbia of 6,000,000 trust units, at a price of $0.10 per unit, for aggregate gross proceeds of $600,000. The net proceeds of the offering, together with the proceeds from prior sales of units, will be used by Canna 8 to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the capital pool company program of the TSX Venture Exchange. Canna 8 was formed as a trust and used this structure to complete its capital pool company IPO to offer tax, time and cost advantages for its future Qualifying Transaction. Canaccord Genuity Corp. acted as agent for the offering.
Wildeboer Dellelce LLP acted as counsel to Canna 8 in connection with the offering with a team that consisted of Perry Dellelce, James Brown, Ron Schwass and Carlye Bellavia (corporate/securities) and Katy Pitch (tax).