TORONTO, Aug. 22, 2018 (GLOBE NEWSWIRE) — Maricann Group Inc. (CSE:MARI, OTCQB:MRRCF, FRANKFURT:75M, “Maricann” or the “Company”) is pleased to announce that it has filed its preliminary prospectus in connection with its previously announced private placement of special warrants for gross proceeds of $37.4 million.
As previously disclosed, consistent with the high level of activity in the sector, the Company under the direction of the special committee of the board of directors has discussed various potential strategic transactions. In the course of these discussions, the Company has received proposals from potential interested parties and certain of these parties have conducted due diligence in respect of the Company. The Company has not received any proposals respecting potential strategic transactions that it has determined to be acceptable and it is not currently in active discussions concerning any potential strategic transactions. Maricann intends to continue to monitor industry developments and may have further discussions in respect of potential strategic transactions in the future, but the Company can offer no assurance that any transaction would result from any such future discussions. In addition, the Company has already disclosed various European initiatives and it continues to explore additional European opportunities and other potential business joint ventures and product supply arrangements.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The company was founded in 2013 and is based in Toronto, Canada and Munich, Germany, with production facilities in Langton, Ontario, Canada where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. and Dresden, Saxony, Germany. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 847,000 sq. ft. (78,688 sq. m) build out, capable of producing 95,000 kg of dry cannabis flower per year to support existing and future patient growth.
For more information about Maricann, please visit our website at www.maricann.ca