Maricann Group Announces Closing of Haxxon Acquisition
TORONTO, May 10, 2018 (GLOBE NEWSWIRE) — Maricann Group Inc. (CSE:MARI) (FRANKFURT:75M) (OTCMKTS:MRRCF) (“Maricann” or “the Company”), is pleased to announce it has completed the acquisition of all outstanding shares of Haxxon AG (“Haxxon”). The acquisition of Haxxon forms a critical element of the Company’s European expansion strategy. Maricann is now positioned to enter the Swiss market through Haxxon’s production of feminized high CBD cannabis plants. Haxxon operates within a 6,000 sq. m. (~64,500 sq. ft.) indoor facility in Regensdorf, Switzerland; an industrial suburb of Zurich, located less than 10 minutes from the airport.
A phenomenon has occurred in Switzerland, where people are substituting or modifying tobacco consumption with low THC cannabis (less than 1% THC). We are executing our strategy with the goal of becoming a meaningful leader in this category, in Switzerland and across Europe.
Ben Ward, CEO of Maricann
Normal distribution of cannabis products in retail outlets across Switzerland gives us an opportunity to bring an elevated standard of product to the market, thereby enhancing the consumer’s experience of cannabis.
Haxxon was acquired for CHF 2,000,000 (~$2,580,000 CAD) in cash and 3,848,505 common shares of the Company to be issued and delivered within 10 business days of closing. Up to an additional 132,707 common shares are issuable after the second anniversary of the closing of the transaction, provided certain representations and warranties of the seller remain in good standing.
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 Burlington, Ontario, 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 942,000 sq. ft. (87,515 sq. m) build out, to support existing and future patient growth.
For more information about Maricann, please visit our website at www.maricann.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.