FinCanna Capital Reiterates Business Objectives of Financing Licensed Medical Cannabis Operations in California
January 8th, 2018
News, Top News
VANCOUVER, British Columbia, Jan. 08, 2018 (GLOBE NEWSWIRE) — FinCanna Capital Corp. (“FinCanna”) (CSE:CALI), which raised approximately C$14m before commencing trading on the CSE on December 29, 2017, reiterates its business objectives for the benefit of its new shareholders.
FinCanna is a royalty company for the licensed medical cannabis industry which invests in sizable and scalable best-in-class businesses. The Company’s business objective is to provide capital solutions to top-tier companies with large scale potential and with highly skilled and experienced operators in exchange for a royalty based on a percentage of revenues.
FinCanna is focussed on California, the largest legal medical cannabis market in North America and the first state to legalize medical cannabis in 1996. FinCanna invests only in companies that operate ethically and in full compliance with all state laws and local regulations in the medical cannabis sector.
FinCanna’s flagship investment is in Cultivation Technologies Inc. (“CTI”) pursuant to a Funding Agreement dated April 20, 2017 between FinCanna and CTI (the “Funding Agreement”). CTI plans to construct in phases, a 111,500 ft2 facility on the Coachella Property, a six-acre property which it owns outright in Coachella, California. This will include an approximately 81,600 ft2 cultivation center to vertically grow indoor, ultra-premium medical cannabis in a controlled atmosphere without the use of chemical pesticides, a 9,000 ft2 extraction and manufacturing center and an additional 26,300 ft2for testing, distribution, nursery, centralized processing and offices (the “Coachella Facility”).
CTI currently holds local permits for the Coachella Property that allow for construction of the project and permit CTI to conduct medical cannabis operations on-site, subject to regulatory requirements. Pursuant to the Funding Agreement, FinCanna has agreed to fund certain amounts of capital to CTI to purchase a royalty of 10% of CTI’s revenues.
CTI has also established an interim medical cannabis extraction facility (the “Interim Facility”) on the Coachella Property in accordance with CTI’s Conditional Use Permit. This lab will produce medical extracts for sale, is currently in operation, and is expected to remain in operation during the construction of the Coachella Facility. Currently, the Interim Facility can process an estimated 6,000 pounds of biomass per month which can produce approximately 3.7 million grams of raw oil per year. FinCanna is entitled to receive 50% of the profits of CTI which are derived from the Interim Facility.
FinCanna remains committed to its business objective of building its portfolio of investments by sourcing and funding additional top-tier companies and projects operating in the licensed medical cannabis sector in exchange for royalties on revenues.
About Cultivation Technologies
Cultivation Technologies, Inc. provides infrastructure, technology, and branding to the licensed medical cannabis industry. The first major project for the company is in Coachella, California, which will span 6-acres featuring cultivation centers, manufacturing facilities, a testing lab, a distribution hub, and a centralized processing center. For more information, visit www.CultivationTech.com.
About FinCanna Capital Corp.
FinCanna is a royalty company for the licensed medical cannabis industry, with a focus on California. FinCanna, led by a team of finance and industry experts, is building its portfolio of investments in scalable, best-in-class projects. FinCanna’s flagship investment is with Cultivation Technologies Inc. (“CTI”) to provide funding for its fully-entitled, large-scale indoor medical cannabis facility to be developed in Coachella, Southern California. This Coachella Campus will be a state-of-the-art facility that will include cultivation, extraction, manufacturing, testing and distribution. For additional information visit www.fincannacapital.com.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about FinCanna’s ability to source suitable projects, the development and construction of the Coachella Facility, and the size and success of operations at the Interim Facility and FinCanna’s ability to generate revenues therefrom. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the CSE listing statement and other reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
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