ABcann and Cannabis Wheaton Announce Signing of Agreement for First Tranche $15 Million Investment
July 10 2017 - 12:28AM
Further to their joint news release dated May 29, 2017, ABcann
Global
Corporation
(TSX.V:ABCN)
(Frankfurt:23Q)
(“ABcann”) and
Cannabis Wheaton
Income Corp. (TSX.V:CBW) (
“Cannabis Wheaton”
or “CW”) are pleased to announce the signing of a
definitive subscription agreement pursuant to which CW has agreed
to purchase $15 million of ABcann common shares at an agreed upon
valuation of $2.25 per share (the "
First
Subscription"). The First Subscription forms part of
a larger phased investment by CW to fund the development of
ABcann’s proposed cannabis cultivation facility to be located in
Napanee, Ontario known as the Kimmett facility. Completion of
the First Subscription is expected to occur by July 31, 2017,
subject to the fulfillment of customary closing conditions
including applicable TSX Venture Exchange approvals.
Chuck Rifici, Chief Executive Officer of
Cannabis Wheaton, commented: "We are delighted to be
partnering with ABcann and its first-class management team in the
build-out of the Kimmett facility and expansion of ABcann's
cultivation footprint. ABcann is an important strategic partner for
Cannabis Wheaton and enhances the overall strength of our
platform."
Aaron Keay, Chief Executive Officer of ABcann,
remarked: "We are pleased to move forward with the initial
funding phase of our partnership with Cannabis Wheaton and to
welcome them as new equity holders in ABcann. This represents
Cannabis Wheaton's first funding allocation and we look forward to
this mutually beneficial relationship as we advance both of our
respective companies."
About ABcann Global
Corporation (TSX VENTURE:ABCN)
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 also obtained
a sales licence on December 31, 2015. Situated in Napanee, Ontario,
ABcann has spent the last two years focused on changing the face of
medical cannabis. ABcann intends to be the first company to have
repeatable products in multiple continents and to provide
standardized medical cannabis to the world. Its flagship facility
contains proprietary plant-growing technology, combining the
concepts, systems and components to produce high-yielding plants,
which, in turn, can generate high-quality products that are
consistent from batch to batch.
ABcann grows its plants in controlled
environmental chambers, where every key variable in the growing
process is optimized to achieve the consistency that is needed for
a standardized product. 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, giving ABcann the ability to produce
pharmaceutical-grade, plant-based medicine that can be prescribed
with confidence.
Stay Connected
For further information about ABcann Global and
our management team, please
visit: http://www.abcannglobal.com or contact Aaron Keay
((604) 323-6911 or aaron@abcannglobal.com) or Leo Karabelas
((416) 543-3120 or leo.k@abcannglobal.com).
About Cannabis Wheaton Income Corp. (TSX
VENTURE: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 of the facilities, where applicable, actual operating
performance of the facilities, 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.
Abcann Global Corporation (TSXV:ABCN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Abcann Global Corporation (TSXV:ABCN)
Historical Stock Chart
From Jul 2023 to Jul 2024