ABcann and Cannabis Wheaton Announce Closing of $15 Million Investment
OTTAWA, Aug. 02, 2017 (GLOBE NEWSWIRE) — Further to their joint news release dated July 10, 2017, ABcann Global Corporation (TSXV: ABCN) (Frankfurt:23Q) (OTCQB: ABCCF) (“ABcann”) and Cannabis Wheaton Income Corp. (TSXV: CBW) (OTC: KWFLF) (“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.
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.
Chuck Rifici, Chief Executive Officer of Cannabis Wheaton
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.
Aaron Keay, Chief Executive Officer of ABcann
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.
For further information about ABcann Global and our management team, please visit: http://www.abcannglobal.com, or contact Aaron Keay (firstname.lastname@example.org) or Leo Karabelas (416) 543-3120 or email@example.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.
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.
Get ahead of the crowd by signing up for 420 Investor, the largest & most comprehensive premium subscription service for cannabis traders and investors since 2013.