AgraFlora Organics International Inc (CSE:AGRA) (OTCMKTS:PUFXF) on Thursday hailed medical cannabis clinic operator, Empower Clinics Inc’s (OTCMKTS:EPWCF) (CSE:EPW) corporate rebranding.
As part of the image overhaul, Empower will seek shareholders' approval to change its name to CBD Therapeutics Corp. It has changed its ticker symbol on the Canadian Securities Exchange to CBDT, effective Thursday. The company will also make sweeping changes to its website.
Empower’s name change will allow its patients, customers, shareholders, and the investment community get a clear understanding of the company's focus as a brand which is passionate about CBD-based therapies, products and treatment options, said the comppany.
Empower Clinics earlier revealed it has closed more than $2.9 million in debenture and equity financings to be used to complete strategic acquisitions and for working capital.
As part of the offerings, AgraFlora Organics International, a cannabis firm with a large-scale 2.2 million sq/ft greenhouse in British Columbia, has invested $1 million in Empower.
"AgraFlora committed $1 million as a lead strategic investor in the recent financing by Empower Clinics as we continue to expand our footprint through strategic partnerships and co-operation in the global cannabis sector," AgraFlora Organics International CEO Derek Ivany said in a statement.
Empower is rapidly expanding its clinic network and announced the acquisition of the Sun Valley franchise model. The firm expects it will grow its total patient list substantially in the years ahead.
The company has also started selling its own line of CBD-based products called Sollievo via its network of company-owned clinics in the US.
On Wednesday, the company said it has been repositioning its overall strategy to become a vertically integrated health and wellness company, connecting to its 120,000 patients using a data-driven focus aimed at improving patients' lives through products, technology and health systems.
AgraFlora said it will work closely with renamed CBD Therapeutics Corp to launch new CBD-based therapies, products and other wellness treatments through its network of clinics.
Contact Uttara Choudhury at [email protected]