OTTAWA, July 10, 2017 (GLOBE NEWSWIRE) -- Further to their joint news release dated May 29, 2017, ABcann Global Corporation (TSX.V:ABCN) (Frankfurt:23Q) (“ABcann”) and Cannabis Wheaton Income Corp. (TSX.V:CBW) (“Cannabis Wheaton” or “CW”) are pleased to announce the signing of a definitive subscription agreement pursuant to which CW has agreed to purchase $15 million of ABcann common shares at an agreed upon valuation of $2.25 per share (the "First Subscription"). The First Subscription forms part of a larger phased investment by CW to fund the development of ABcann’s proposed cannabis cultivation facility to be located in Napanee, Ontario known as the Kimmett facility. Completion of the First Subscription is expected to occur by July 31, 2017, subject to the fulfillment of customary closing conditions including applicable TSX Venture Exchange approvals.
Chuck Rifici, Chief Executive Officer of Cannabis Wheaton, commented: "We are delighted to be partnering with ABcann and its first-class management team in the build-out of the Kimmett facility and expansion of ABcann's cultivation footprint. ABcann is an important strategic partner for Cannabis Wheaton and enhances the overall strength of our platform."
Aaron Keay, Chief Executive Officer of ABcann, remarked: "We are pleased to move forward with the initial funding phase of our partnership with Cannabis Wheaton and to welcome them as new equity holders in ABcann. This represents Cannabis Wheaton's first funding allocation and we look forward to this mutually beneficial relationship as we advance both of our respective companies."
About ABcann Global Corporation (TSX VENTURE:ABCN)
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 also obtained a sales licence on December 31, 2015. Situated in Napanee, Ontario, ABcann has spent the last two years focused on changing the face of medical cannabis. ABcann intends to be the first company to have repeatable products in multiple continents and to provide standardized medical cannabis to the world. Its flagship facility contains proprietary plant-growing technology, combining the concepts, systems and components to produce high-yielding plants, which, in turn, can generate high-quality products that are consistent from batch to batch.
ABcann grows its plants in controlled environmental chambers, where every key variable in the growing process is optimized to achieve the consistency that is needed for a standardized product. 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, giving ABcann the ability to produce pharmaceutical-grade, plant-based medicine that can be prescribed with confidence.
Stay Connected
For further information about ABcann Global and our management team, please visit: http://www.abcannglobal.com or contact Aaron Keay ((604) 323-6911 or aaron@abcannglobal.com) or Leo Karabelas ((416) 543-3120 or leo.k@abcannglobal.com).
About Cannabis Wheaton Income Corp. (TSX VENTURE:CBW)
Backed by a team of industry experts, Cannabis Wheaton is the first cannabis streaming company in the world. Our streams will include production from across Canada coming from our partners comprised of licensed producers of cannabis (LP) and LP applicants. Cannabis Wheaton’s mandate is to facilitate real growth for our streaming partners by providing them with financial support and sharing our collective industry experience.
Stay Connected
For more information about Cannabis Wheaton and our management team, please visit: http://www.cannabiswheaton.com, or follow us on Twitter @CannabisWheaton. Call: 1-604 687 7130 Email: Mario@skanderbegcapital.com http://www.skanderbegcapital.com.
Forward-Looking Information
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: the ability to generate revenue through the streaming agreements, the ability to consummate transactions which are currently in discussions, requirements to obtain additional financing, timeliness of government approvals for granting of permits and licences, including licences to cultivate cannabis, completion of the facilities, where applicable, actual operating performance of the facilities, regulatory or political change, competition and other risks affecting the Company in particular and the medical cannabis industry generally. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Neither ABcann nor CW IS under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward -looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.