Debra BorchardtCanadian edibles company City View Green Holdings Inc. (CSE: CVGR) (OTC Pink: CVGRF) announced that the remaining balance of units available for sale in its private placement offering will remain open until May 10, 2025. Under the First Tranche announced on December 23, 2024, the company said it issued 23,475,000 units for gross proceeds of C$234,750. For the remaining financing, it plans to issue 76,525,000 units for gross proceeds of C$765,250. The company hopes to raise C$1 million in total.
Last month, the company updated investors on a plan it announced in 2023 to explore strategic alternatives. The Board said it considered the following options:
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a potential spinout of its subsidiary into a separate, independently traded public company;
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strategic partnerships or joint ventures with third parties;
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sale or divestiture of non-core assets; and/or
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other value-enhancing initiatives.
CEO Rob Fia said in February, “With the recent debt settlements for over $2.3 million, the company is now well positioned to execute on one or more of the various options identified in the strategic review. Given the challenges in an ever-changing cannabis industry, the Company is committed to moving forward with a plan that will allow the company to adopt quickly to changing market conditions and providing shareholders with enhanced value.” The company paid that debt by issuing more shares.
City View said it may leave cannabis or at least bring in other non-cannabis assets. City View told investors that it was considering changing the business from an industrial issuer to an investment issuer whose focus would be to identify and invest in innovative and fast-growing companies within the Esports, Artificial Intelligence, Blockchain, and Web3 sectors or the Gold sector. The company’s statement said, “The Board will consider and identify accretive acquisitions that meet a wider strategic scope and strategy for the Company.”
Green Market Report previously wrote that despite receiving its cannabis processing license in April 2021, the Toronto-based company has yet to generate any revenue from its edibles business and reported a C$244,328 loss in its most recent quarter. City View recently moved to a leased facility model after exiting retail operations through its 27.5% stake in Budd Hutt, which surrendered its final Alberta licenses due to fierce competition in small towns.
