A Maryland-based medical cannabis dispensary company raised $840,000 in equity, according to a Securities and Exchange Commission filing.
Nature’s Care and Wellness LLC filed the Form D on March 23. It did not disclose what it intended to with the proceeds.
The company listed eight investors on the form, and it was filed by executive officer Robert Windsor.
Nature’s Care and Wellness was granted stage one pre-approval by the Maryland Medical Cannabis Commission on Dec. 9, 2016. The selection made them one of 102 companies able to apply for state licenses. The company has a year from the approval date to commence operations and apply for a full license.
Patrick Jameson, executive director of the Maryland Medical Cannabis Commission, stated, “These dispensaries will be the new face of the medial cannabis industry in Maryland once final licenses are issued.”
Cannabis was legalized in Maryland for medical purposes in 2014. There is a legal possession limit of a 30-day supply.
The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.
