ABcann Global Provides Business Update
NAPANEE, Ontario, March 06, 2018 (GLOBE NEWSWIRE) — ABcann Global Corporation (TSXV:ABCN) (“ABcann” or the “Company”) is pleased to provide the following business update.
Over the past five months we have enhanced our leadership team, strengthened our balance sheet, improved operational effectiveness and executed a strategic acquisition. Last week, after completing an extensive strategic review of our operations and growth plans, our board of directors approved our 2018 Business Plan, and the ABcann team is now sharply focused on execution.
Barry Fishman, Chief Executive Officer
With the closing of our recent oversubscribed financing of $75 million, the Company is well-positioned with over $135 million in cash to accelerate the growth of our business. A disciplined capital allocation process is in place, with the following four priorities:
- Expanding to 500,000 square feet to produce over 30,000 kilograms of capacity
- Focusing on branding and product innovation in the medical and adult-use sectors
- Expanding our proven Harvest Medicine platform to multiple new locations in 2018; and
- Developing strategic partnerships in the industry to broaden our reach and scale
ABcann is widely recognized as a producer of premium cannabis – grown using proprietary advanced techniques tailored to optimize quality and consistency. High-tech growing is our current differentiator. Our technology allows us to precisely control environmental variables to maximize yield and produce pharmaceutical-grade cannabis.
“In mid-2018 we are excited to roll-out a complete corporate and product line rebrand to better match our strategic vision and desired product positioning in both the medical and adult-use markets. More details will follow in an upcoming release,” said Mr. Fishman.”
The Company continues to pursue international opportunities and aims to obtain a distribution license for Germany after GMP certification of its Vanluven facility and required stability testing is completed. The Company is expecting to begin exporting cannabis to Australia mid-year, and to Germany close to year-end, and continues to assess opportunities in other international markets.
ABcann holds production and sales licenses from Health Canada. Its flagship facility in Napanee, Ontario contains proprietary plant-growing technology, centred on its specially designed, environmentally-controlled growing chambers. This approach results in the production of pharmaceutical-grade cannabis products.
The Company is expanding its production capacity and pursuing partnership and product development opportunities domestically, as well as in select international markets, such as Germany, Australia and Israel.
An updated Investor Presentation is available on our website at the following link: