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Resonate Blends, Inc. (OTCQB:KOAN) has successfully closed a $500,000 bridge funding round, with an additional $250,000 committed. This funding aims to enhance innovation in their Cordial product line, launching new formulations 'Love' and 'Sleep' in early 2022. The proceeds will facilitate a single-package offering for eight blends, cut serving costs by 60%, and support expansion into new states and M&A opportunities. The company is also investing in its sales team to boost brand awareness in California.
Positive
Completed a successful $500,000 bridge funding round with $250,000 additional commitment.
Plans to launch two new Cordial formulations, 'Love' and 'Sleep', enhancing product variety.
Cost reduction of 60% per serving with new 100ml multi-serving bottle.
Expansion plans into new legal states and strategic M&A roll-ups.
Investments in an internal sales team aimed at improving brand awareness.
Negative
None.
The New Funding Assists in Several New Revenue Producing Initiatives
CALABASAS, Calif.--(BUSINESS WIRE)--
Resonate Blends, Inc. (OTCQB:KOAN), a Wellness Lifestyle cannabis holding company (“Resonate” or “the Company”), has closed on a $500,000 bridge funding round with two accredited investors who have funded multiple rounds with the Company and another $250,000 committed, on the same terms. The new funding is expected to allow Resonate to continue to innovate on its Cordial line by delivering two new formulations to the market, “Love”, expected to be launched on Valentine’s Day, and its “Sleep” product slated for the March timeframe.
In addition, the proceeds will help launch all eight blends in a new Cordial single-package in response to dispensary requests to be able to offer Koan Cordials as a register impulse product. The singles will also meet customer requests for variety packs and a less expensive point of entry as well as helping to support more cost-effective product sampling.
The company is also finalizing production of a 100ml multi-serving bottle which reduces the cost per serving by 60% from the current three-pack configuration. Finally, the Company plans to explore expanding into other legal states with the Cordials and will also pursue strategic M&A roll-ups into the holding company.
“We are very proud of the company we have built over the past eighteen months,” said CEO Geoffrey Selzer. “We remained true to two of our core values that value-added brands are the future of cannabis and that innovation in this market is about refining the qualitative aspects of the experience. Our team has built a growing library of product development IP, won several awards including ‘Best New Brand of 2021’ from the Luxury Meets Cannabis Conference, developed a robust and innovative roadmap and we are supported by a family of dedicated investors. We are acutely focused on rapid revenue development that includes new products, new product formats, robust distribution agreements and a potential acquisition strategy all designed to push innovation and growth. While we have a lot of work ahead of us, we remain excited and inspired by what we see for 2022.”
Resonate will also use these proceeds to continue investing in its own internal sales team. The Company recently hired an experienced and connected dispensary representative for Southern California and is in the process of adding a representative for the Northern California region. Several well-known dispensaries are slated for onboarding as the new sales initiatives have increased overall Cordial awareness in California.
The securities offered will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Resonate Blends, Inc. (OTCQB:KOAN)
Resonate Blends is a Calabasas, CA-based portfolio of Cannabis Wellness and Lifestyle brands. The company created the Resonate System—a comprehensive system of interconnected experience targets to personalize consumers’ relationship with Cannabis through its products. The Koan Cordials were awarded the “Best New Brand” at the Luxury Meets Cannabis Conference (LMCC) in 2021 and a Bronze award for “Brand Design” from the 2021 Clio Cannabis Awards. www.resonateblends.com
Safe Harbor Provision:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, among others, statements we make regarding: guidance relating to net income; anticipated customer onboardings; and expected operating results, such as revenue growth and earnings. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
