Freedom Leaf Inc.’s bid to diversify into an industrial hemp cultivator, CBD producer and formulator drew support with a $3 million investment from Merida Capital Partners in October, capping off a busy year of deal-making for the Las Vegas-based company.
While Freedom Leaf (OTCQB: FRLF) has been traded on the Over-The-Counter markets as a fully reporting and audited public company for four years, the transaction with Merida Capital Partners marks the first time it has sold equity in the company to a venture capital firm. Merida Capital is not just any venture firm. It already commands a high profile in the cannabis business as a backer of KushCo Holdings Inc., New Frontier Data, Grow Generation, Emerald Scientific and many others successfully participating in the cannabis and hemp sector.
Freedom Leaf CEO Clifford J. Perry says Merida Capital’s long-term view on its investments reflects the firm’s name, taken from an area in Spain where the Romans built aqueducts that have stood for some 2,000 years: “They stay with their companies and promote acquisitions and synergy in their portfolio. So far, they’ve been tremendously successful.”
Perry likes to call Freedom Leaf the “little train that could” since it started out as a