Sol Global raises CA$50 million for CBD expansion; exec resigns

Sol Global, a Toronto-based international cannabis investment firm, said it raised 50 million Canadian dollars ($37.5 million) in debt financing.

The company will use the proceeds to fund its expansion in CBD activities and operations in California, Florida and Michigan.

The company also said Jonathan Gilbert resigned as president of its subsidiary, Impact Biosciences, which Sol Global is no longer planning to spin off as an independent public entity.

Impact Biosciences is involved in researching cannabinoid treatment for concussive and traumatic brain injury conditions.

Sol Global trades on the Canadian Securities Exchange under the ticker symbol SOL.

More details on the financing and Gilbert’s resignation can be found here.