Cannabis Wheaton Income Corp. (TSX.V: CBW) this morning announced that it has received approval from the TSX Venture Exchange to purchase $15 million of common shares of ABcann Global Corporation (TSX.V: ABCN) (OTCQB: ABCCF) at an agreed upon valuation of $2.25 per share. Per the update, this investment forms a portion of a larger phased investment by Cannabis Wheaton aimed at funding the construction of ABcann’s proposed 50,000 square foot addition to its Kimmett cannabis cultivation facility to be located in Napanee, Ontario. This morning’s announcement follows the two companies’ entry into a binding interim agreement on May 29, 2017, whereby, upon completion of the full investment and construction of the expanded production area, Cannabis Wheaton will be entitled to 50 percent of the cultivation yield generated by the expanded production area. “ABcann’s proprietary cultivation methods produce high quality cannabis with industry leading yields and the additional cultivation space at the Kimmett facility being funded by CW is anticipated to provide Cannabis Wheaton with an estimated 8,000,000 grams of cannabis per year,” Chuck Rifici, CEO of Cannabis Wheaton, stated in the news release.
To view the full press release, visit http://nnw.fm/aD6Fv
About ABcann Global Corporation
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. For more information, visit www.ABcannGlobal.com
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