SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to announce that it has completed an investment in Fyllo, the leader in digital marketing and compliance solutions technology for highly regulated industries, as part of the close of Fyllo’s USD$30 million Series B round, co-led by SOL Global and JW Asset Management.
SOL Global invested USD$4 million in Fyllo as part of the Series B round. The Company had previously invested USD$600,000 in earlier funding rounds. After the Series B round, SOL Global currently holds an approximate 3.5 percent ownership interest in Fyllo.
Fyllo operates the Fyllo Compliance Cloud, a suite of software and services built to overcome the complexities of highly regulated industries. The company delivers data, media, retail and regulatory solutions that enable organizations and multi-state operators to streamline compliance, increase efficiencies, and scale with speed. Mainstream brands also seek out Fyllo’s Data Marketplace to target previously inaccessible cannabis and CBD consumers. Fyllo’s suite of services includes its recently acquired CannaRegs, a regulatory compliance tool for the cannabis industry, and DataOwl, a retail marketing and point-of-sale solution. The company has raised nearly $60 million since its launch in 2019, and its software is used by some of the country’s largest multi-state operators and global mainstream brands.
“Fyllo has truly built an innovative platform that can help drive cannabis businesses and other highly-regulated businesses forward, and SOL Global is proud to have co-led the company’s Series B round,” said SOL Global CEO Andy DeFrancesco.
Other participants in the Series B round included K2, Entourage Effect Capital, George Steinbrenner IV, Arcadian Capital Management, Salveo Capital, and 2 NRP Managers, LLC.
For more information on Fyllo and its Compliance Cloud suite of SaaS products, please visit www.hellofyllo.com.
SOL Global and its investments and portfolio companies have continued to deliver for both clients and shareholders despite challenges in the overall cannabis space and uncertain market conditions caused by the ongoing COVID-19 pandemic. SOL Global’s portfolio companies and companies in which they retain a non-controlling economic interest, including Bluma Wellness Inc. (“Bluma”) have adapted to the current environment through the continued scale-up of existing Florida cannabis production facilities, the continued expansion of Bluma’s operating subsidiary, One Plant Florida’s, already robust home- and curbside-delivery network and online ordering system in Florida, and the continued oversight of strategic business opportunities. SOL Global remains confident that it will continue to weather the COVID-19 storm and will emerge from the pandemic as a strengthened leader in the larger cannabis marketplace.
About SOL Global Investments Corp.:
SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. The Company’s investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company’s seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, and New Age Wellness.
This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. The forward-looking information contained in this press release includes, without limitation, the conversion of the units issued pursuant to Damon’s financing into common shares, Damon’s strategic plans and the Company’s expectations regarding its ability to operate and emerge from the COVID-19 pandemic.
Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including the inability or failure of the Company’s portfolio companies to execute their business and strategic plans as contemplated or at all, changes in national or regional economic, legal, regulatory and competitive conditions and a resurgence in the COVID-19 pandemic.
Other risk factors include: the risks resulting from investing in the US marijuana industry, which may be legal under certain state and local laws but is currently illegal under U.S. federal law; the risks of investing in securities of private companies which may limit the Company’s ability to sell or otherwise liquidate those securities and realize value; reliance on management; the ability of the Company to service its debt; the Company’s ability to obtain additional financing from time to time to pursue its business objectives; competition; litigation; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company’s current MD&A, which has been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.