1606
Corp (OTC | CBDW) Secures $20,000,000 in Financing For The Purpose
of Acquiring CBD Businesses
PHOENIX, AZ --
February 16, 2023 -- InvestorsHub NewsWire --
1606
Corp (OTC: CBDW), an acquisition-based CBD + Hemp
retail product distribution company, announces that 1606
Corporation has entered into an Equity Financing Agreement and
Registration Rights with GHS Investments LLC. Under the terms of
the Equity Financing Agreement, GHS agreed to provide 1606 Corp
with, up to $20,000,000, to be used for acquisition financing after
the registration of an S-1 filed with the U.S. Securities and
Exchange Commission.
1606 Corp is pleased
with the terms of the deal disclosing that the purchase price of
all equity by GHS shall be eighty percent (80%) of the market
price. Following an up-list to the NASDAQ or an equivalent national
exchange by the Registrant, the purchase price of equity related to
this registration will be purchased at ninety percent (90%) of the
market price, subject to a floor of $2.00 per share, below which
the company shall not deliver any puts.
The use of funds for
the $20,000,000 equity financing is earmarked to acquire and
develop additional CBD brands, distribution networks, and
businesses. By building the portfolio of CBD businesses through
acquisitions, 1606 Corp aims to add shareholder value by utilizing
this equity line of credit.
1606 Corp is committed
to adding shareholder value and believes that this is a great step,
along with funding for acquisitions, to do that.
"We're moving fast.
Now that we have our feet underneath us since receiving the ticker
symbol CBDW and now we're taking definitive steps toward adding
shareholder value. This $20 Million-dollar financing is going to
allow us to buy profitable CBD companies and we'll be a great
investment opportunity for investors around the world." Said CEO
and Chairman Greg Lambrecht
About 1606
Corp;
1606 Corp acquires and
develops CBD brands including Truz and CBD Singlez,
(www.1606hemp.com). The company
utilizes an acquisition model aimed at consolidating the fragmented
CBD industry. 1606 Corp has a primary focus on Hemp and CBD
products, brand development, and establishing distribution
channels. 1606 Corp. was awarded the ticker symbol CBDW on January
12th, 2022 and began trading on the OTC Market on January 17th,
2023.
About the CBD
Industry;
The Cannabidiol (CBD)
market accounted for USD 12.8 billion in 2021 and is estimated to
grow with a 21.7% CAGR between 2022 and 2028, according to Grand
view research (link). The global
cannabidiol (CBD) market size was valued at $5.18 billion in 2021
and is expected to expand, at a compounded annual growth rate
(CAGR) of 16.8% from 2022 to 2030. Cannabidiol (CBD) is a chemical
compound that is found in the cannabis Sativa plant, and is
extracted from hemp or cannabis, generally from hemp due to its
naturally high cannabidiol (CBD) content…
Forward-Looking
Statements
This press release
contains statements that constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements appear in a number of places in this
release and include all statements that are not statements of
historical fact regarding the intent, belief, or current
expectations of 1606 Corp (the "Company"), its directors, or its
officers with respect to, among other things: (i) financing plans;
(ii) trends affecting its financial condition or results of
operations; (iii) growth strategy and operating strategy. The words
"may," "would," "will," "expect," "estimate," "can," "believe,"
"potential" and similar expressions and variations thereof are
intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond the Company's ability to
control, and actual results may differ materially from those
projected in the forward-looking statements as a result of various
factors. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties, and other factors, which are, in some cases, beyond
the Company's control and which could, and likely will materially
affect actual results, levels of activity, performance, or
achievements. The Company assumes no obligation to publicly update
or revise these forward-looking statements for any reason, or to
update the reasons actual results could differ materially from
those anticipated in these forward-looking statements, even if new
information becomes available in the future. Important factors that
could cause actual results to differ materially from the company's
expectations include, but are not limited to, those factors that
are disclosed under the heading "Risk Factors" and elsewhere in
documents filed by the company from time to time with the United
States Securities and Exchange Commission and other regulatory
authorities.
Contact:
Greg
Lambrecht
greg@1606corp.com
CBD.inc
Austen
Lambrecht
austen@1606corp.com
CBD.inc
888-223-9510
Company
Websites;
www.1606hemp.com
www.CBD.Inc