VANCOUVER, British Columbia, Feb. 07, 2019 (GLOBE NEWSWIRE) — Redfund Capital Corp (CSE: LOAN) (Frankfurt: O3X4) (OTC: PNNRF) (“Redfund” or the “Company”) announces new USA focused plan in CBD and Hemp.
Redfund Capital is pleased to announce the Company has engaged New Jersey based Wingspan Advisors and Jerry Hug. Mr. Hug is currently Director of Global Operations for Cloud Commerce, a data driven digital marketing company in the United States. Through it’s wholly owned subsidiaries Parscale Digital, Datapropria, Giles Design and WebTegrity, Cloud Commerce provides data-driven digital marketing services, content creation and media buying to its clients. Prior to joining Cloud Mr. Hug was Chief Executive Officer of SITO Mobile a location based mobile advertising company where he architected a transformation of the company which enabled an uplisting to the NASDAQ. From 2003 to June 2006, Mr. Hug served as Executive Vice President and Chief Strategy Officer of Wireless Retail Inc.; an Arizona based $400 million wireless services company that was sold to the Radio Shack Corporation.
Mr. Hug will be Redfund’s first advisor to the Company’s newly formed USA advisory team. He will help advise Redfund on how to position the Company’s current loan portfolio of branded products throughout the USA. The Redfund team will focus on the CBD and hemp sector and help the Company target new opportunities for investments in the USA. Mr. Hug’s first project will be to help establish a working relationship with partnerships in the USA for Redfund’s current portfolio companies and help them footprint the entire country.
New Frontier Data’s estimates that, the hemp-derived CBD market will grow from a $390 million-dollar market in 2018, to a $1.3 billion market (or 3.3x) by 2022, representing a 27.2% 5-year CAGR. (Hemp Business Journal)
“Redfund Capital is converting our strongest portfolio client loans into equity company positions this month. As we build our American footprint, the Company has also begun our application to the OTCQB. We are excited to welcome Jerry to our team and his input and experience will be an invaluable asset to our growth,” said Meris Kott, CEO.
Mr. Hug added, “We have already begun the process of developing a comprehensive plan for Mary’s Wellness to launch a CBD infused Tea line in the USA which includes contract manufacturing, retail distribution, and e-commerce. This process will serve as the playbook we will replicate for the other many brands in the Redfund portfolio.”
About Redfund Capital
Redfund intends to provide debt and equity funding in the mid-to-late stages of a target company’s development, or in technologies that are developed and validated by revenues. The present focus of the merchant bank is on medical cannabis, hemp and CBD-related, healthcare-related target companies.
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.