This week has been a whirlwind. We’re preparing for our $30 million Series B round and also preparing for our public listing. We will send around our new business plan and other information for this round shortly. We can't wait to hear your thoughts. We have finalized the syndicate of banks who will be helping us with this raise. It will be Paradigm Capital, Clarus Securities and PI Financial. Off to the races.
This week I am in New York for investment meetings as well as the The Cannabis Private Investment Summit with Dooma and Elad. There is still a lot of work going on with regards to our investor relations deck, business plan, and our new promotional video etc.
This week we’ve been working hard to prepare all of the materials and logistics needed for our “roadshow.” We’ll be hitting several cannabis conferences over the next few weeks. We’ll be presenting at the Cannabis Private Investment Summit in New York on September 13th. We will also be presenting at the Arcview International Investor Forum in Chicago taking place September 16th-18th. Finally, we’ll be at the Extraordinary Future conference in Vancouver September 19th & 20th. We hope to see some of you at these events. We’ve done some great work updating our business plan and marketing materials and are looking forward to sharing them with you.
We’re also very happy to welcome Erin Shand to our team. Erin is my new executive assistant. She has a wealth of experience from various fields and is going to be a great asset to our team.
This week so much happened on the legal and finance team. It was a whirlwind. I am really excited about all of the long-term projects that are starting to come to light and are nearing the finish line. I think these kinds of projects help keep the team eager and focused. I think completing long-term projects that relate to organization also helps the team to feel like we are officially getting ahead of the work instead of always working from emergency to emergency. It was a great feeling this week to have several people ask for help preparing documents that we anticipated that they would need and had already prepared in advance. Great morale boost! I am so pleased with how our team is coming together.
The focus of this week has been on updating the business plan. I have been asked to help out on fundraising so over the next two weeks I will travel to New York, Chicago, and Vancouver for investment summits and meetings with Dooma and Elad.
This week we received comments to lease from the landlord at 270 Hunter Road in Grimsby. We hope to complete negotiations and have this signed very quickly. We've already submitted the deposit to the landlord. We've received an estimate from the engineers to commence the plans. They're ready to go. We're locked and loaded and should have a building soon.
Also this week we received an accepted offer from Natalia Murataeva, a Ph.D. neurobiologist with more than 10 publications in well known peer reviewed journals. She will start with us in October and will steward the development of our Ultra Premium Products. Welcome aboard!
This week has been a lot of work on the new, updated business plan. We have also have had some great meetings between the production and marketing department. We have started to look what possibilities there with different equipment to produce items for labeling and packaging as well as bottling and canning lines etc.
This week tensions were high because we have so many big projects and deadlines. Despite the high stress, I had a moment of clarity and realized how far we have come towards our goal and was proud knowing that so many companies haven’t even made it as far as we have. We are close to going public and getting our license. These goals are well within our reach and we believe them to be attainable – one year ago we weren’t even focused on such challenges. So this upcoming week my message for the team is that the next summit might seem out of reach but we just have to keep climbing.
The big news this week is that we have a building. We'll be moving into 270 Hunter Road in Grimsby, Ontario, soon. The building is 123,000 SF and in a great location in Canada's equivalent of Napa Valley. It's also very close to the USA which should have some benefits when it comes to shipping. We'll be moving in the next few weeks. Greg from our Product Team is taking the lead on the construction, demolition, etc. It's time to rock and roll and start making some beer. In other news, I've spent most of my time this week preparing our business plan for our going public offering. It should be done soon. Can't wait to hear your thoughts
There is still a lot of work going on to expand our team. In the marketing department we have made some good progress with our carton boxes as well as started to craft a new press release.
It was very inspiring to get over the first hurdle in securing our lease. It is great to see how far we have come as a company and signing this lease will be a huge step in realizing our dreams.
The Business Development and Fundraising Team is starting to feel the pressure as we prepare for our Series B raise where we will raise around $30 Million. We already have some very firm commitments for this raise from a few key institutions. All we need now is to put together the business plan and term sheet, wrap up the syndicate, and finish the financial model. It's a lot of work to do, and not enough time in which to do it.
Also this week, we made a few offers to some potentially amazing new team members. We will let you know if they accept.
Perhaps most importantly, this week we had a phenomenal meeting with one of the world's largest spirits brand. They seem extremely interested in working with us, and we are already working on follow-up. Oscar is taking the lead on following up with them and will provide updates. I want to especially thank Province Brands Co-Founder Tarek Tabsh and Province Brands Advisor Gavin Sathianathan who helped set up the meeting and were phenomenal in the room. Fingers crossed.
We are in the process of adding several new team members. Most of this growth will be within the product and business development group. This time last year we had about 5 full-time employees, and we were working out of Dooma’s basement. We will have about 20 full-time employees soon, and I am sometimes shocked at our progress. But this is only the beginning! By the end of the year we plan to have beer (alcoholic) in stores. It is great to see our plans coming to fruition.
This has been a exciting but crazily busy week. Our focus has been on expanding our team as well as a number of company presentations including the The Cannabis Capital conference in Toronto.
We are now in full preparation to record a company infomercial / introduction movie that we will use as a first conversation point in our next fundraising round as well as for potential external communication when we need to explain what the company is working on in a quick, simple, and clear way.
There are also a number of interviews happening for various positions as we will need to expand our team in the near future.
This week we saw the first bit of skeptical press. It made some people on our team nervous, but I think we all eventually come to the conclusion that this skepticism is one of the first signs that our products and company are getting closer to becoming mainstream. If you are a small fish and no one is concerned about your product no one will take the time to criticize, but as we come closer to centerstage there will be more and more “haters.” This is a great sign!
This week we met with several investment banks about joining the syndicate for our next raise. As you may know we are preparing for our next raise which will be our go public raise. Paradigm Capital will be underwriting the raise but we will need several banks to join the syndicate. There has been a tremendous amount of interest from these meetings and we are so thrilled to see interest from these banks. We should be announcing which banks will participate in the syndicate in the coming weeks.
On another note we have been making great progress towards our goals in the product team. We are all really pleased with the amazing job Ryan Naphin has been doing in managing that team and keeping everything moving in the right direction.
This week was pretty exciting. I was in the Toronto office and it was great getting to work in person with the team!
I also had a chance to give an interview about our company. This is something that Dooma usually does so it was fun to step into his shoes for a moment.
The global interest for Province Brands is still really strong and new interview requests from all around the world keep coming in as well as news articles and social media interest. This really fun and great for us. On the PR side we are working on a plan so that we can announce new exciting things throughout the fall.
I could not be more proud of Elad Barak, Julia Romansky, Andrew DelFatti, and Meghan Lenko who helped us close our Series A round. We brought in a bit over $10,000,000 in this round and will announce the final amount once the remaining wire transfers trickle in early this week. These funds will help us build out our plant and purchase the equipment, but we'll need to raise a lot more to complete construction on the facility. I also want to thank all of you who participated in this round. We're so excited to have you along for the ride. Thanks for believing in us and thanks for your support.
Right now there is a shortage of aluminum cans according to all of the premium can suppliers that we have spoken to in Canada. There is about a 4-5 month of delay in production, which means that the total production time is approximately 6 months. We have known this for quiet a while, so we have we just finalized the design of our bottle. The bottles will begin printing now and will have a production time of about 3 months if everything goes correctly.
This week we have had a lot of great press and it brings a ton of energy and encouragement to our hardworking team. I am so proud of the everyone at Province!
It has been a crazy week for Province. The article that came out from the Guardian has gone viral and the interest has been insane. Today I did two interviews for the BBC (listen below) and one for ABC. The inbound interest has been absolutely amazing and unexpected. We're so excited to see so many folks responding to the work we're doing here at Province Brands. Thank you so much for your support and hard work making this dream come true.