On June 14, 2016, Burn Entertainment Corporation (OTC: BTVN), also known as BurnTV, a cannabis multimedia firm, announced a $2 million equity purchase agreement with Kodiak Capital Group, an institutional investor based in Newport Beach, California.
“This commitment from Kodiak would be our largest investment to date and our first with an institutional partner. The funding will provide us necessary capital to rapidly scale content and distribution positioning BurnTV to become the media leader and lifestyle brand of the Cannabis Industry,” said Jason Santos, CEO of BurnTV. “We are nearing the completion of our audits for the S-1 registration and expect to move forward on the S-1 filing in the coming weeks.”
According to Jim Fitzpatrick, a member of Kodiak’s Advisory Committee, “Kodiak is excited to add a Cannabis Media and Lifestyle brand to our Cannabis Portfolio. Kodiak has confidence in management’s ability to execute and to build the proper foundation for intelligently deploying institutional capital.”
BTVN is currently listed on the OTC Grey Market, which means it does not currently trade on the OTCQX, OTCQB or Pink Markets.
Since 2011, Kodiak has invested $30 million in publicly traded companies, as reported by InsuranceNewsNet.com.