Humble & Fume Inc. (OTCQX:HUMBF) (CSE:HMBL), a North American distributor of cannabis and cannabis accessories, has entered into a new revolving credit facility pursuant to the terms of a loan agreement that provides for a $2 million secured revolving credit facility.
“We are pleased to complete this credit facility, which illustrates our ability to access alternative forms of financing and provides us with further financial flexibility to scale our business,” stated Joel Toguri, Humble’s CEO. “We currently maintain strong liquidity with no debt on the balance sheet, combined with this new credit facility of $2 million, we are in a strong position to execute on our strategic plan.”
In connection with the credit facility, Humble also issued 750,000 warrants, with each warrant exercisable to purchase Humble common share at a price of $0.25 per share for a period of three years.
Pursuant to the loan agreement, the credit facility is secured against the assets of the company. The credit facility is expected to be used by the company to fund working capital requirements in the ordinary course.
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 North American operating experience, Humble has cultivated extensive vendor and customer relationships, distributing cannabis consumables and consumption devices. The company is comprised of four subsidiaries that represents its vertical integration across North America; B.O.B. Headquarters Inc. / Humble+Fume, Windship Trading LLC, Humble+ Cannabis Solutions and Fume Labs Inc.
Photo by Giorgio Trovato on Unsplash
Related News
Humble & Fume Partners With Berner’s Cookies
PAX Announces New Distribution Partnerships Across North America
Humble & Fume Revenue For Q3 Fiscal 2022 Drops 15.78% YoY
