ANNOUNCE CLOSING OF $15 MILLION INVESTMENT
Further to their joint news release dated July 10, 2017, ABcann Global Corp. (ABCN.V) and Cannabis Wheaton Income Corp.(CBW.V) have completed Cannabis Wheaton's purchase of $15-million of ABcann common shares at an agreed upon valuation of $2.25 per share. The initial investment forms part of a larger phased investment by Cannabis Wheaton to finance an additional 50,000 square feet at ABcann's second production facility. The joint expansion is in addition to ABcann's current construction plans for a 100,000-square-foot purpose-built facility, with both being located on ABcann's 65-acre Kimmett property in Napanee, Ont.
Chuck Rifici, chief executive officer of Cannabis Wheaton, commented: "Completing this investment marks a historic day for our team. We are excited to move one step closer to unlocking the stream of ABcann cannabis and adding their incredible product to our platform. Cannabis Wheaton is a catalyst for change in the cannabis industry and this investment represents the beginning of it."
Aaron Keay, chief executive officer of ABcann, remarked: "We are pleased to have completed the initial funding phase of our partnership with Cannabis Wheaton and to welcome them as new equity holders in ABcann. The initial investment represents Cannabis Wheaton's first funding allocation and we look forward to future investment from them, as both companies advance our respective businesses."
About ABcann Global Corp.
ABcann was one of the first companies to obtain a production licence under the marijuana for medical purposes regulations, which it received on March 21, 2014. It obtained a sales licence on Dec. 31, 2015. ABcann's flagship facility, in Napanee, Ont., 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.
About Cannabis Wheaton Income Corp.
Backed by a team of industry experts, Cannabis Wheaton is the first cannabis streaming company in the world. Its streams will include production from across Canada coming from its partners comprising licensed producers of cannabis (LP) and LP applicants.