ABcann and Cannabis Wheaton Announce Closing of $15 Million Investment
02 August 2017 - 7:00PM
Further to their joint news release dated July 10, 2017,
ABcann Global Corporation (TSX.V:ABCN)
(Frankfurt:23Q) (OTCQB:ABCCF) (“
ABcann”) and
Cannabis Wheaton Income Corp. (TSX.V:CBW)
(“
Cannabis Wheaton” or “
CW”) are
pleased to announce completion of CW’s purchase of $15 million of
ABcann common shares at an agreed upon valuation of $2.25 per share
(the “
Initial Investment”). The Initial Investment
forms part of a larger phased investment by Cannabis Wheaton to
fund an additional 50,000 square feet at ABcann's second production
facility. The joint expansion is in addition to ABcann's
current construction plans for a 100,000 square foot purpose built
facility, with both being located on ABcann’s 65 acre Kimmett
property in Napanee, Ontario.
Chuck Rifici, Chief Executive Officer of
Cannabis Wheaton, commented: “Completing this investment marks a
historic day for our team. We are excited to move one step closer
to unlocking the stream of ABcann cannabis and adding their
incredible product to our platform. Cannabis Wheaton is a catalyst
for change in the cannabis industry and this investment represents
the beginning of it.”
Aaron Keay, Chief Executive Officer of ABcann,
remarked: “We are pleased to have completed the initial funding
phase of our partnership with Cannabis Wheaton and to welcome them
as new equity holders in ABcann. The initial investment represents
Cannabis Wheaton's first funding allocation and we look forward to
future investment from them, as both companies advance our
respective businesses.”
About ABcann Global
Corporation (TSX.V:ABCN) (Frankfurt:23Q)
(OTCQB:ABCCF)
ABcann was one of the first companies to obtain
a production license under the Marijuana for Medical Purposes
Regulations, which it received on March 21, 2014. It obtained a
sales license on December 31, 2015. ABcann’s flagship facility, in
Napanee, Ontario, contains proprietary plant-growing technology,
including environmentally-controlled chambers capable of monitoring
and regulating all variables in the growing process. This approach
and the systems in place allow ABcann to produce organically grown
and pesticide-free, high-yielding plants, which, in turn, can
generate high-quality products that are consistent from batch to
batch. ABcann is able to control environmental and nutrient
demands, tailor-made for a particular strain of cannabis, without
the variation that is typical when producing large quantities in
less controlled, larger rooms and greenhouse-type structures.
ABcann’s modular approach to systems technology eliminates scale-up
risk and allows ABcann to locate anywhere in the world and maintain
consistency and quality of product. ABcann is pursuing
opportunities in Germany, Australia and other jurisdictions as well
as exploring the development of multiple delivery vehicles.
Stay Connected
For further information about ABcann Global and
our management team, please
visit: http://www.abcannglobal.com, or contact Aaron Keay
(aaron@abcannglobal.com) or Leo Karabelas (416) 543-3120
or leo.k@abcannglobal.com).
About Cannabis Wheaton Income
Corp. (TSX.V:CBW)
Backed by a team of industry experts, Cannabis
Wheaton is the first cannabis streaming company in the world. Our
streams will include production from across Canada coming from our
partners comprised of licensed producers of cannabis (LP) and LP
applicants. Cannabis Wheaton's mandate is to facilitate real growth
for our streaming partners by providing them with financial support
and sharing our collective industry experience.
Stay Connected
For more information about Cannabis Wheaton and our management
team, please visit: http://www.cannabiswheaton.com, or follow
us on Twitter @CannabisWheaton. Call: 1-604 687 7130
Email: Mario@skanderbegcapital.com http://www.skanderbegcapital.com.
Forward-Looking Information
This news release contains certain
“forward-looking information” within the meaning of applicable
Canadian securities law. Forward-looking information is frequently
characterized by words such as “plan”, “continue”, “expect”,
“project”, “intend”, “believe”, “anticipate”, “estimate”, “may”,
“will”, “potential”, “proposed” and other similar words, or
information that certain events or conditions “may” or “will”
occur. This information is only a prediction. Various assumptions
were used in drawing the conclusions or making the projections
contained in the forward-looking information throughout this news
release. Forward-looking information includes, but is not limited
to: the ability to generate revenue through the streaming
agreements, the ability to consummate transactions which are
currently in discussions, requirements to obtain additional
financing, timeliness of government approvals for granting of
permits and licences, including licences to cultivate cannabis,
completion and size of the Kimmett facility, regulatory or
political change, competition and other risks affecting the Company
in particular and the medical cannabis industry generally.
Forward-looking information is based on the opinions and estimates
of management at the date the information is made, and is subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking information. Neither ABcann
nor CW is under any obligation, and expressly disclaims any
intention or obligation, to update or revise any forward -looking
information, whether as a result of new information, future events
or otherwise, except as expressly required by applicable law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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