Dixie Brands, Inc. will become a publicly-traded marijuana company
Dixie Brands, Inc., a marijuana products company based in Colorado, is going public. It has announced a reverse takeover (RTO) of Academy Explorations Limited (AEL), a public company traded on the Canadian Securities Exchange (CSE) – a deal that has already been approved by the boards of both Dixie and AEL. Now, it just needs approval by the CSE.
In conjunction with the RTO, Dixie has completed a Series C funding round that saw it attract around $25 million. It was initially expected to be a private placement of about $20 million, but demand forced the offering to be raised.
According to a company press release, Dixie CEO Chuck Smith asserts, “The financing round we have just closed will provide resources for Dixie to expand our brand throughout the U.S. and into Canada. Dixie has been a leader in the cannabis industry since its inception. We have nine years of experience developing intellectual property and building a brand that creates an incredible platform for our company and shareholders. We look forward to providing the same safe, high quality, and consistent product to patients and adult-use consumers throughout the U.S. and Canada.”
Dixie offers a variety of marijuana products, including its famous THC-infused soda, Dixie Elixer. It manufactures more than 100 different products, including confections, tinctures, concentrates and topicals. It is also the parent company of two other brands, Aceso Wellness and Therabis.
Dixie operates in four states in the US – Colorado, Maryland, California and Nevada, and will be adding from four to six additional states to its footprint next year. It also has manufacturing and distribution partners in Australia and Canada.