A medical cannabis company raised $1.6 million from 42 investors, according to a filing Thursday with the Securities and Exchange Commission.
Green Leaf Medical filed the Form D on March 23. The minimum investment accepted from any outside investor is $25,000, with the first sale occurring June 25.
Of the proceeds, $170,000 will be used for payments to executive officers, directors, or promoters of the company. The offering is not being made in connection with a business combination transaction, and is not intended to last more than one year.
Green Leaf Medical was founded in 2014, when cannabis was legalized in Maryland for medical purposes. The company is currently building its facility to produce flower, trim and whole plants for dispensaries and processors throughout Maryland.
Philip Goldberg, chief executive officer of Green Leaf Medical, signed the Form D, which can be found here. He serves as the president-elect of the Maryland Cannabis Industry Association and is a founding member.
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.
