SAVANNAH, GA,, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Smoke Cartel, Inc. (Ticker: SMKC), a leading online retailer and wholesaler of glass water pipes, vaporizers, and other related accessories for the cannabis industry, announced today that it has signed an investment agreement with Tangiers Global, LLC ("Tangiers") for a Fixed Funding Commitment which will provide the Company with an equity investment of up to $5 million.
The funding is contingent upon the Company filing an S-1 registration statement with the Securities and Exchange Commission, and having the Commission deem the registration effective. Concurrent with execution of the investment agreement, Smoke Cartel also entered into a bridge loan facility with a face value of $610,000 pursuant to which it issued a 10% fixed price convertible promissory note. Proceeds of both the bridge loan and equity facilities may be used for working capital purposes and to pursue other strategic opportunities.
“We are excited to work with Tangiers as we believe that Tangiers has the cannabis industry experience and knowledge to help grow our business rapidly in the coming years,” said Darby Cox, CEO of Smoke Cartel. “This capital will allow us to continue towards our best iteration.”
Aaron Raub, Senior Equity Analyst for Tangiers Global, LLC, commented on the announcement, “We have a special interest in companies that are in the early stage of their growth curve with strong management teams and an accretive acquisition strategy. Based upon the company’s recent acquisition of Roll-Uh-Bowl brand from KushCo Holdings, entrance into the rapidly expanding CBD market via MindCBD.com, and diversified product line of accessories, we feel that the company is positioning itself for success in the future. We are confident that our investment will help Smoke Cartel capitalize on opportunities as they arise and accelerate the execution of their overall business plan.”
About Smoke Cartel, Inc.
Smoke Cartel, Inc. (Ticker: SMKC) is one of the leading online retailers of glass water pipes, vaporizers, bubblers, spoons, oil and dab rigs, smoking accessories, and cannabis accoutrements. The Company provides a wide variety of high quality products, reliable customer service, and rapid dependable shipping. Smoke Cartel offers 24-hour support and online chat services to ensure the customer experience is timely and professional. Smoke Cartel operates a transparent business model which is important in an industry with varying state regulations and significant scrutiny. The Company’s website at www.smokecartel.com offers fast load times and optimizations, making the product search process quick and seamless.
(Certain matters discussed in this press release may contain statements, estimates and projections that involve risks and uncertainties in Smoke Cartel, Inc.’s (the “Company”) business that may cause actual results to differ materially from those anticipated by the statements made herein. Such statements, estimates and projections constitute forward-looking statements within the meaning of the federal securities laws. Smoke Cartel undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements. No representations or warranties are made as to the accuracy of such forward-looking statements or whether any of the projections included herein will be realized.)
Contact at Smoke Cartel:
Annie Alexander
Director of Corporate Communications
Phone: 828-412-0719
investors@smokecartel.com