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Company Remains Focused on Sourcing and Funding Licensed Medical Cannabis Operations in California for Royalties
VANCOUVER, British Columbia, Dec. 29, 2017 (GLOBE NEWSWIRE) -- FinCanna Capital Corp. (“FinCanna”) (CSE:CALI) FinCanna is pleased to announce that the Company’s common shares will commence trading on the Canadian Securities Exchange (the “CSE”) under the trading symbol “CALI” today, at 6:30AM PST on December 29, 2017.
FinCanna is supporting the greater medical use of cannabis while benefitting from the growth in the market by investing in top-tier licensed medical cannabis companies in California. In exchange for financing, FinCanna will receive royalties from these licensed medical cannabis and related operations.
To date, FinCanna has completed approximately $14M CDN in financing to support its flagship investment in Cultivation Technologies (“CTI”). Based in Irvine, California, CTI is developing a very significant, state-of-the-art medical cannabis project and has already secured permits to construct a fully-entitled, 111,500 sf. permitted medical cannabis facility on a six-acre property in Coachella, Southern California.
Andriyko Herchak, CEO & Director, states, “We are very excited to be a part of the growing industry of licensed medical cannabis, and our public listing offers investors increasing access to top-tier businesses in the United States, particularly California. While the legalization of recreational cannabis is highly anticipated in California, we remain focused on our core competency of sourcing and financing ethical and regulated companies operating in the licensed medical cannabis business to leverage the paradigm shift in the industry.”
FinCanna is initially focused on California since it is the sixth largest economy in the world and the largest medical cannabis market in North America. Analysts estimate the State’s legal cannabis industry will grow at a 21.1% CAGR to $6.5 billion by 2020, and generate upwards of $1 billion in tax revenue.
New laws that come into effect in January 2018 are expected to significantly change existing supply and demand dynamics.
About Cultivation Technologies
Cultivation Technologies, Inc. provides infrastructure, technology, and branding to the licensed medical cannabis industry. The first major project for the company is in Coachella, California, which will span 6-acres featuring cultivation centers, manufacturing facilities, a testing lab, a distribution hub, and a centralized processing center. For more information, visit www.CultivationTech.com.
About FinCanna Capital Corp.
FinCanna is a royalty company for the licensed medical cannabis industry, with a focus on California. FinCanna, led by a team of finance and industry experts is building its portfolio of investments in scalable, best-in-class projects. FinCanna’s flagship investment is with Cultivation Technologies Inc. to provide funding for its fully-entitled, large-scale indoor medical cannabis facility to be developed in Coachella, Southern California. This Coachella Campus will be a state-of-the-art facility that will include cultivation, extraction, manufacturing, testing and distribution. For additional information visit www.fincannacapital.com.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. Forward-looking statements include, but are not limited to the growth in the cannabis market, the size of revenue of the cannabis market, the construction of CTI’s medical cannabis facility in Coachella, Southern California (“Coachella Campus”), the ability of FinCanna to raise financing to invest in additional projects, FinCanna’s financial forecasts, plans for expansion of FinCanna’s business, statements about potential market developments and trends and other statements that are not historical facts. In addition, forward-looking statements relating to CTI’s business are based on assumptions regarding the construction, completion and operations of CTI’s Coachella Campus, including that CTI will obtain the financing required to build and equip its proposed facility, that CTI will obtain the additional financing required to operate the facility, that construction is completed on time and budget, while CTI is allowed to operate on an interim basis with its existing permits, that CTI obtains state licenses to operate on a permanent basis and that the equipment used in the cultivation of medical cannabis performs at scale in a similar way it performs at CTI’s pilot tests. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the CSE listing statement and other reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.