Jacksam Coporation dba Convectium Announces Commitment For Up To $1.5 Million Equity Investment From Triton Funds

Rhea-AI Summary

Jacksam Corporation, operating as Convectium (OTCQB: JKSM), announced a commitment for up to $1.5 million in common stock and warrants from Triton Funds LP. This investment is intended to enhance Convectium's market penetration within the cannabis and CBD sector. Notably, the company achieved its first operating profit. CEO Mark Adams highlighted the funding's role in expanding sales and engineering capabilities in newly legalized states, along with developing next-generation automation solutions.

Positive

• Received commitment for up to $1.5 million from Triton Funds LP.
• Achieved first operating profit in company history.
• Funding will aid in market expansion and R&D for new automation solutions.

Negative

• None.

NEWPORT BEACH, Calif., June 30, 2021 /PRNewswire/ -- Jacksam Corporation dba Convectium (OTCQB: JKSM) (the "Company", "Jacksam", or "Convectium"), a workflow automation company focused on developing machinery and equipment solutions for the cannabis and CBD industry, today announced it has received a commitment for the purchase of up to $1,500,000 in common stock and warrants from Triton Funds LP ("Triton"), pursuant to a Common Stock Purchase Agreement and a Common Stock Purchase Warrant between the Company and Triton. The investment will help accelerate the market penetration of the Company's market leading workflow automation solutions in the cannabis and CBD industry.

Triton Funds LP was founded by and is currently managed by students from the University of California, San Diego ("UC San Diego"), and is backed by scientific and academic advisory boards. Triton is the largest student-run investment fund in the United States and focuses on "millennial growth ESG (Environmental, Social and Governance)" investment themes.

Convectium achieved operating profit for the first time in its history. Commenting on the news, Mark Adams, CEO of Convectium stated: "We are excited to receive funding from Triton Funds LP as we accelerate our extraordinary business opportunity within the hypergrowth cannabis and CBD industry. The capital is targeted to help Convectium both expand our sales and engineering capabilities into newly legalized states. The funds will also help the Company continue the development of next generation automation solutions." Adams continued: "We are also thrilled to be involved with Triton which represents some of the top intellectual and investing talent produced from the California State education system."

Ashkan Mapar, Principal of Triton commented: "Finding and investing in a revenue-generating local company that develops crucial equipment solutions for the rapidly growing cannabis and CBD industry is a no-brainer for us. We are excited to see our investment assist the Company's growth plans as de-regulation for cannabis continues on the federal level and the market continues to grow."

About Jacksam/Convectium
Jacksam Corporation dba Convectium designs and markets automated vape, POD and cartridge filling & capping equipment for the cannabis and CBD industry. Convectium is also a distributor of other CBD and Cannabis automation solutions including the "PreRoll-ER" automated pre-roll machine. Its automated equipment is designed and built in the U.S. and carries full UL certification in the U.S. Using its automated equipment, Convectium's customers can increase their output by up to 60 times over hand filling. Convectium is focused on helping its customers automate their workflow and quickly get custom branded products onto dispensary shelves. Over 250 companies, including many dominant brands and multi state operators (MSOs) in the space, rely on Convectium for automation of their production and back-office operations.

About Triton Funds LP
Triton Funds LP is the nation's largest student venture investment fund, managed entirely by students from UC San Diego located in Southern California. Triton has taken an active part in both the San Diego ecosystem and nationwide, focusing on investments that will have a lasting positive impact on the Millennial generation with a portfolio of both private and public companies. The aim of Triton is to create a student learning platform that will provide real-world experience and help bridge the gap between a Science, Technology, Engineering and Mathematics (STEM) dominated university and Wall Street, helping students jumpstart their careers in finance, while providing strategic capitalization, business development support, and engineered exits to organizations with a viable future in the modern economy. Follow the Triton story by visiting its website, Instagram, Twitter, or reach out directly via email. More information can be found at http://www.tritonfunds.com

View original content:https://www.prnewswire.com/news-releases/jacksam-coporation-dba-convectium-announces-commitment-for-up-to-1-5-million-equity-investment-from-triton-funds-301323556.html

SOURCE Convectium

FAQ

What is the significance of the $1.5 million investment in Convectium (JKSM)?

The $1.5 million investment from Triton Funds LP is aimed at enhancing Convectium's market penetration in the cannabis and CBD industry.

When did Convectium announce its first operating profit?

Convectium announced its first operating profit on June 30, 2021.

Who is investing in Jacksam Corporation (JKSM)?

Triton Funds LP is investing in Jacksam Corporation (dba Convectium) as part of a commitment for up to $1.5 million.

What will the investment be used for at Convectium (JKSM)?

The investment will be used to expand sales and engineering capabilities and to develop next-generation automation solutions.

What is the focus of Triton Funds LP's investment strategy?

Triton Funds LP focuses on millennial growth ESG investment themes and local revenue-generating companies.