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Herbal Dispatch Announces Equity Private Placement

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Herbal Dispatch Announces Equity Private Placement

Herbal Dispatch Announces Equity Private Placement

Vancouver, B.C. – Herbal Dispatch Inc. (formerly, Luff Enterprises Ltd.) (CSE: HERB) (“Herbal Dispatch” or the “Company”) is pleased to announce that, subject to regulatory approval, the Company intends to complete a non-brokered private placement ("Private Placement") of approximately 100,000,000 units of the Company (the “Units”) at a price of $0.01 per Unit for gross proceeds of $1,000,000. Each Unit shall consist of one common share and one common share warrant (a “Warrant”) with each Warrant exercisable for one common share at a price of $0.05 per share for a period of 24 months after the closing date. The Private Placement shall be completed on a best-efforts basis from eligible purchasers that shall be restricted to accredited investors or other investors meeting exemption requirements for a non-brokered private placement.

The Company continues to experience significant revenue growth on a month-to-month basis in 2023. In the first quarter of 2023, the Company achieved gross sales of almost $400,000, representing over 60% growth from the previous quarter ended December 31, 2022. Monthly run rate gross revenue has gone from less than $100,000 in January 2023 to approximately $300,000 in April and an estimated $400,000 in May 2023. The Company also now has over 1,500 active customers on its medical sales platforms.

The Company expects that strong repeat orders and new customer growth will continue to drive strong month-over-month sales growth throughout the remainder of the year. In addition, the Company is seeing strong inbound interest on export sales that are expected to convert to revenue starting later in the second quarter.

Proceeds from the Private Placement will be used for working capital in support of the Company’s significant growth. Should the Private Placement be oversubscribed, the Company reserves the right to accept additional funds, subject to the approval of the Canadian Securities Exchange (“CSE”).

The closing of the Private Placement is expected to occur before June 30, 2023 and is subject to receipt of all necessary regulatory approvals, including the approval of the CSE. All securities issued pursuant to the Private Placement will be subject to a four month hold period in accordance with applicable Canadian securities laws. 

ABOUT HERBAL DISPATCH INC.
The Company owns and operates leading cannabis e-commerce platforms and is dedicated to providing top quality cannabis to informed consumers at affordable pricing. The Company’s flagship cannabis marketplace, herbaldispatch.com, is a trusted source for exclusive access to small-batch craft cannabis flower and a wide-array of other product formats. The Company’s common shares trade on the Canadian Securities Exchange under the symbol “HERB”

For further information: 
Philip Campbell, CEO and Director 
Email: IR@herbaldispatch.com 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: 
Certain statements in this news release, including statements or information containing terminology such as “anticipate”, “believe”, “intend”, “expect”, “estimate”, “may”, “could”, “will”, and similar expressions constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, that address activities, events, or developments that the Company or a third party expect or anticipate will or may occur in the future, including the Company’s future growth, results of operations, performance, and business prospects and opportunities are forward-looking statements. These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company. These statements require the Company to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties. 

Actual results and developments may differ materially from the anticipated results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond the Company’s control. These risk factors are interdependent and the impact of any one risk or uncertainty on a particular forward-looking statement is not determinable. Examples of forward-looking statements in this news release and the key assumptions and risk factors involved in such statements include, but are not limited to, executing the Company’s strategic growth initiatives for 2023 and beyond, which includes: (i) growing medical sales from its new online e-commerce platforms; (ii) growing recreational sales via direct delivery orders to retailers; (iii) growing revenue from manufacturing services; and (iv) achieving revenue growth from export sales. The successful execution of these initiatives is subject to a number of risks and uncertainties, including industry competition, and future customer demand for the Company’s products, among others.

Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on the Company. These forward-looking statements are made as of the date of this news release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances. 

THE CANADIAN SECURITIES EXCHANGE (THE "CSE") HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS NEWS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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