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TORONTO, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Maricann Group Inc. (CSE:MARI, OTCQB:MRRCF, FRANKFURT:75M, “Maricann” or the “Company”) is pleased to announce that it has filed its preliminary prospectus in connection with its previously announced private placement of special warrants for gross proceeds of $37.4 million.
As previously disclosed, consistent with the high level of activity in the sector, the Company under the direction of the special committee of the board of directors has discussed various potential strategic transactions. In the course of these discussions, the Company has received proposals from potential interested parties and certain of these parties have conducted due diligence in respect of the Company. The Company has not received any proposals respecting potential strategic transactions that it has determined to be acceptable and it is not currently in active discussions concerning any potential strategic transactions. Maricann intends to continue to monitor industry developments and may have further discussions in respect of potential strategic transactions in the future, but the Company can offer no assurance that any transaction would result from any such future discussions. In addition, the Company has already disclosed various European initiatives and it continues to explore additional European opportunities and other potential business joint ventures and product supply arrangements.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The company was founded in 2013 and is based in Toronto, Canada and Munich, Germany, with production facilities in Langton, Ontario, Canada where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. and Dresden, Saxony, Germany. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 847,000 sq. ft. (78,688 sq. m) build out, capable of producing 95,000 kg of dry cannabis flower per year to support existing and future patient growth.
For more information about Maricann, please visit our website at www.maricann.ca
Forward Looking Information
Certain statements in this document, contain forward-looking statements which can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “will”, or any negative of such terms or other variations thereof or comparable terminology. Such forward looking statements include statements with respect to the conduct of further discussions with respect to potential strategic transactions, the potential for a strategic transaction to result from such discussions and with respect to the Company’s exploration of additional European opportunities and other potential business joint ventures and product supply arrangements. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur, including that any potential strategic transaction or other potential business joint venture or product supply agreement will occur. By their nature, these forward-looking statements, necessarily involve risks and uncertainties, including those discussed herein, that could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to the preliminary prospectus and the qualification of special warrants on the timelines anticipated or at all, the potential for further discussions to be held and the potential outcome of those discussions and other future events, and are based on information currently available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the assumptions relative to the future events, several of which are beyond Management’s control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Factors which could cause results or events to differ from current expectations include, among other things: the timing and nature of any future discussions with potential interested parties, the outcome of any such discussions, fluctuations in operating results; the impact of general economic, industry and market conditions; the ability to recruit and retain qualified employees; fluctuations in cash flow; increased levels of outstanding debt and obligations under a capital lease; expectations regarding market demand for particular products and the dependence on new product development; the impact of market change; and the impact of price and product competition. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
Contact information:
Investor Relations:
Graham Farrell
Director of Investor Relations
ir@maricann.ca
289-288-6284
Corporate Headquarters (Canada)
Maricann Group Inc. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
Canada
289-288-6274
European Headquarters (Germany)
Maricann GmbH
Thierschstrasse 3, 80538 Munchen, Deutschland
The Canadian Securities Exchange has not reviewed, approved or disapproved the
content of this news release