FinCanna Signs Binding Term Sheet with Cannabis Extraction Company in Oakland, California
February 15th, 2018
News, Top News
VANCOUVER, British Columbia, Feb. 15, 2018 (GLOBE NEWSWIRE) — FinCanna Capital Corp. (“FinCanna”) (CSE:CALI), have signed a binding term sheet with Gram Co Holdings LLC (“Gram Co”), subject to due diligence by FinCanna. Gram Co, based in Oakland, California, is a cannabinoid research and refinement facility focussed on the medical cannabis industry to provide B2B and B2C products and services to licensed medical dispensaries, infused product manufacturers and numerous others in the cannabis supply chain.
Gram Co has leased a facility in Oakland, California in which they are retrofitting a large, state-of-the-art medical cannabis extraction laboratory, which is expected to be operating by the end of the third quarter of 2018. Gram Co plans to be a premier producer of bulk quantities of THC distillate and various concentrates produced via hydrocarbon-based solvent extraction. Gram Co also plans to provide white labeling services to licensed brand and infused product manufacturers who do not have direct access to compliant production facilities. Brands and manufacturers who work in conjunction with Gram Co will also be able to utilize in house distribution and marketing services as a part of operational collaborations.
Gram Co principles have extensive experience in extraction, manufacturing and business operations, and will also be bringing over their existing brand from their registered collective “California Extracts” to operate under the Gram Co family. California Extracts already has an existing industry following and market presence.
Under the term sheet, FinCanna would fund US$3 million in tranches. In return, FinCanna will receive a tiered corporate royalty, adjusted based on revenues levels, ranging from 14% to 7.5% of Gram Co’s revenues.
FinCanna CEO, Andriyko Herchak, comments, “Statistics clearly show rapidly growing demand for high quality extracts to support the medical cannabis industry, and Gram Co, based in Oakland, is ideally positioned to service the very large Northern California market. We continue to expand our diversified royalty portfolio of investee companies, and this investment supports our thesis of best-in-class operations in the U.S. licensed medical cannabis sector.”
About FinCanna Capital Corp.
FinCanna provides financing to top-tier companies in the licensed medical cannabis industry in exchange for a royalty on revenues. FinCanna, led by a team of finance and industry experts, is building its diversified portfolio of royalty investments in scalable, best-in-class projects and companies in U.S. legal states, with a focus on California. For additional information visit www.fincannacapital.com and FinCanna’s profile at www.sedar.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 the market for, and effectiveness of, Gram Co’s products or services, the ability of Gram Co to expand operations and generate sales and revenues, the results of operations of Gram Co, the completion of FinCanna’s investment in Gram Co, FinCanna’s ability to fund and source future projects, and FinCanna’s ability to earn and realize revenues from its investee companies. 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 available at www.SEDAR.com 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 undertake 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.
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