Acacia Diversified Holdings, Inc. announced that it expects to receive $5 million in funding from Peak One Investments, LLC
April 20, 2017
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Acacia Diversified Holdings, Inc. (OTCPK:ACCA) announced that it has entered into an equity purchase agreement for a private placement of common shares for gross proceeds of $5,000,000 in equity line of funding on March 21, 2017. The transaction will include participation from accredited investor, Peak One Opportunity Fund, L.P., a fund managed by Peak One Investments, LLC. The company will receive the funding over the course of its 24-month term. The company will issue common shares at 90% of the lowest closing price of the common shares during the 10 trading days immediately prior to the date of the respective drawdown notice. The put amount must have an aggregate value of at least $15,000, and cannot exceed the lesser of 250% of the average daily trading value of the common stock in the 10 trading days immediately preceding the put notice or such number of shares of common stock that has an aggregate value of $150,000. The company agreed to issue 110,000 shares to investor or investor’s designee as a commitment fee. The company will issue the securities pursuant to exemption provided under Regulation D.
Acacia Diversified Holdings, Inc. is a diversified holding company. The Company focuses on conducting its business operations through its subsidiaries, such as MariJ Pharmaceuticals, Inc. (MariJ), and Canna-Cures Research & Development Center, Inc., in which it focuses on including the operations of the MariJ Agricultural and Canna-Cures entities. MariJ focuses on the extraction and processing of high-cannabidiol (CBD)/low-tetrahydrocannabinol (THC) content medical grade cannabis oils from medical cannabis plants. MariJ has a mobile cannabis oil processing and extraction unit designed into a heavy-duty vehicle. The unit is engaged in the extractions and processing of medical organic hemp into oils at various sites, and is developing additional contracts for services. The Company, through Canna-Cures Research & Development Center, Inc., focuses on research and development activities, as well as retail and wholesale distribution of medical cannabis products and dietary supplements.