NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION BY ANY UNITED STATES NEWS DISTRIBUTION SERVICE
TORONTO, April 16, 2018 (GLOBE NEWSWIRE) -- Quinsam Capital Corporation (CSE:QCA) ("Quinsam" or the "Company") wishes to comment on the recent positive developments in the U.S. political environment towards cannabis. Specifically, the Company is pleased to see reports that President Trump has promised top Senate Republicans that he will support congressional efforts to protect states that have legalized marijuana. Also worth noting is the recent appointment of former House Speaker John Boehner to the advisory board of a private U.S. cannabis company.
On April 13, 2018, the Washington Post reported that President Trump and Colorado Sen. Cory Gardner reached an understanding that the marijuana industry in Colorado will not be the subject of interference from the federal government and that the Department of Justice’s recession of the Cole memo will not impact Colorado’s legal marijuana industry. Furthermore, President Trump provided assurances that he will support a federalism-based legislative solution to fix the issue regarding states’ rights to regulate cannabis.
“Taken in combination with the recent news that John Boehner, a staunch conservative and opponent of legalization, is joining the board of a cannabis company, we view these reports as a clear and positive sign that the tide is shifting. President Trump’s assurances to protect states’ rights to establish regulated cannabis markets means we are moving towards a climate where cannabis users and businesses can participate in the industry without fear of interference from the federal government,” said Roger Dent, CEO. “We applaud the federal government’s support of states’ rights to decide for themselves how best to approach marijuana.”
Quinsam has numerous cannabis investments that benefit from a loosening of US regulation. In addition, we have direct US cannabis investments including:
- A US$655,000 loan and 35% equity interest in Herbiculture Inc. which operates a dispensary in Maryland.
- $1,500,000 in convertible debentures in C21 investments, which is assembling an interesting package of licenses in the United States. Acquisitions are targeted in the US, Canada and elsewhere.
- $360,000 in units in High Hampton. We participated in the recent $0.60 unit deal. The company is developing a cannabis zone property in the Coachella area of California.
- $310,000 in Empower Clinics, which is establishing a chain of cannabis clinics in the US northwest.
- We hold debentures and shares in Lineage Grow Company Ltd. with a total value of approximately $300,000
- $300,000 of convertible debentures issued by Aura Health Corp. Aura Health is an operator of cannabis clinics in Nevada, Arizona and Florida.
- $525,000 in Crossgate Capital Corporation (operating as Next Green Wave), which is building a mid-sized integrated cultivation facility in Coalinga, California.
- US$450,000 of convertible debentures in Evio Inc., which offers lab testing services in the US market.
- $750,000 in convertible debentures (with added warrants) issued by Nutritional High International Inc.
- $1 million in Planet 13 Holdings, which is an integrated Nevada cannabis operation that is building a very large event-themed dispensary in Las Vegas.
About Quinsam Capital Corporation
Quinsam is a merchant bank based in Canada that is focusing on cannabis-related investments. Our merchant banking business may encompass a range of activities including acquisitions, advisory services, lending activities and portfolio investments. Quinsam invests its capital for its own account in assets, companies or projects which we believe are undervalued and where we see a viable plan for unlocking such value. We do not invest on behalf of any third party and we do not offer investment advice.
Generally, Quinsam does not believe that individual investments are material reportable events. Quinsam chooses to announce certain investments once the company is certain that it has finished buying its position because the Company feels that this information helps Quinsam’s investors understand its investment decision making process. Generally, Quinsam does not announce the sale of investments.
For further information please contact:
Roger Dent, CEO
(647) 993-5475
roger@quinsamcapital.com
This press release may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent our beliefs regarding future events, which are inherently uncertain. Forward-looking statements can often, but not always, be identified by forward-looking words such as “anticipate”, “believe”, “continue”, “expect”, “goal”, “plan”, “intend”, “estimate”, “may”, “project”, “predict”, “potential”, “target”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.
By their nature, forward-looking statements require us to make assumptions which include, among other things, that (i) Quinsam will have sufficient capital under management to affect its business strategies, (ii) the business strategies will produce the results intended by Quinsam, and (iii) the markets will react and perform in a manner consistent with the business strategies.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes that the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct. Some of the risks and other factors that could cause actual results to differ materially from those expressed in forward-looking information expressed in this press release include, but are not limited to: cannabis companies Quinsam has invested in obtaining and maintaining regulatory approvals including acquiring and renewing U.S. state, local or other licenses, and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization; market and general economic conditions of the cannabis sector or otherwise, interest rates, regulatory and statutory developments, the nature of the Company’s investments, the available opportunities and competition for investments, the concentration of the Company’s investments in certain industries and sectors, reliance on key personnel, risks affecting the Company’s investments, management of the growth of the Company, and exchange rate fluctuations. Readers are cautioned that the foregoing list of risks and factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual events or results to differ materially from those described in forward-looking information, there may be other factors that cause events or results to differ from those intended, anticipated or estimated.
The forward-looking information contained herein is provided as at the date of this press release, based upon the opinions and estimates of management and information available to management as at the date of this press release. The Company does not undertake and specifically disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable law. Readers are cautioned not to place undue reliance on forward-looking information contained in this press release.