NAPANEE, Ontario, March 06, 2018 (GLOBE NEWSWIRE) -- ABcann Global Corporation (TSXV:ABCN) (“ABcann” or the “Company”) is pleased to provide the following business update.
“Over the past five months we have enhanced our leadership team, strengthened our balance sheet, improved operational effectiveness and executed a strategic acquisition. Last week, after completing an extensive strategic review of our operations and growth plans, our board of directors approved our 2018 Business Plan, and the ABcann team is now sharply focused on execution,” stated Barry Fishman, Chief Executive Officer.
With the closing of our recent oversubscribed financing of $75 million, the Company is well-positioned with over $135 million in cash to accelerate the growth of our business. A disciplined capital allocation process is in place, with the following four priorities:
- Expanding to 500,000 square feet to produce over 30,000 kilograms of capacity
- Focusing on branding and product innovation in the medical and adult-use sectors
- Expanding our proven Harvest Medicine platform to multiple new locations in 2018; and
- Developing strategic partnerships in the industry to broaden our reach and scale
ABcann is widely recognized as a producer of premium cannabis – grown using proprietary advanced techniques tailored to optimize quality and consistency. High-tech growing is our current differentiator. Our technology allows us to precisely control environmental variables to maximize yield and produce pharmaceutical-grade cannabis.
“In mid-2018 we are excited to roll-out a complete corporate and product line rebrand to better match our strategic vision and desired product positioning in both the medical and adult-use markets. More details will follow in an upcoming release,” said Mr. Fishman.”
The Company continues to pursue international opportunities and aims to obtain a distribution license for Germany after GMP certification of its Vanluven facility and required stability testing is completed. The Company is expecting to begin exporting cannabis to Australia mid-year, and to Germany close to year-end, and continues to assess opportunities in other international markets.
About ABcann:
ABcann holds production and sales licenses from Health Canada. Its flagship facility in Napanee, Ontario contains proprietary plant-growing technology, centred on its specially designed, environmentally-controlled growing chambers. This approach results in the production of pharmaceutical-grade cannabis products.
The Company is expanding its production capacity and pursuing partnership and product development opportunities domestically, as well as in select international markets, such as Germany, Australia and Israel.
An updated Investor Presentation is available on our website at the following link:
https://www.abcannglobal.com/assets/Investor_Presentation_March_2018.pdf
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Fishman
CEO and Director
For further information, please contact:
- Barry Fishman (CEO and Director) at barry.fishman@abcannglobal.com
- Michael Bumby (CFO) at michael.bumby@abcannglobal.com
Neither 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.
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of ABcann and its management regarding the future. Forward looking statements in this news release include statements relating to: ABcann’s 2018 business plan; its business objectives and priorities; its planned acceleration of the growth of its business; its proposed product line changes and corporate rebrand; and the timing and scope of its pursuit of international opportunities. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including: that ABcann may not be able to increase the size or amounts of its production capacity to the levels hoped; that it may not be able to achieve competitive margins; that it may not be able to increase the sales of its products in the current domestic market or to successfully launch new product lines; that its proposed corporate rebrand may not have the desired market impact; that it may be unable to obtain a distribution/import license or a cultivation license for Germany, Australia or other international markets; that it may be unable to retain its key talent; and other factors beyond the Company’s control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors, and the more extensive risk factors included in the Company’s annual information form dated January 24, 2018, which is available on SEDAR, carefully in evaluating the forward-looking statements contained in this news release, and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.