Humble & Fume Inc. HUMBF HMBLa North American distributor of cannabis and cannabis related equipment, has entered into a new revolving credit facility under the terms of a loan agreement that provides: a $2 million secured revolving credit facility.
“We are pleased to have completed this credit facility, which demonstrates our ability to access alternative forms of financing and gives us further financial flexibility to scale our business,” stated Joel Toguri, CEO of Humble. “We currently have strong liquidity with no debt on the balance sheet, combined with this new $2 million credit facility, we are in a strong position to execute on our strategic plan.”
In connection with the Credit Facility, Humble has also issued 750,000 warrants, each warrant exercisable to purchase Humble common stock at a price of $0.25 per share for a period of three years.
According to the loan agreement, the credit facility is secured by the Company’s assets. It is expected that the credit facility will be used by the Company to fund working capital needs in the normal course of the business.
About Humble & Fume
Humble bridges the gap for retailers, licensed cannabis producers, multi-state operators and cannabis consumers to maximize sales penetration and increase financial performance. With over 20 years of operating experience in North America, Humble has developed extensive supplier and customer relationships, distributing cannabis consumables and consumer devices. The Company consists of four subsidiaries representing its vertical integration throughout North America; BOB Headquarters Inc. / Humble+Fume, Windship Trading LLC, Humble+ cannabis solutions and Fume Labs Inc.
Photo of Giorgio Trovato on Unsplash
Similar news
