ABcann Global Provides Business Update
March 06 2018 - 7:00AM
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 FishmanCEO 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 policiesof 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.
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