NetworkNewsBreaks – ABcann Global Corp. (TSX.V:
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Posted On: 07/28/2017 7:09:17 PM
NetworkNewsBreaks – ABcann Global Corp. (TSX.V: ABCN) (OTCQB: ABCCF) Moves Closer to Kimmett Expansion with TSXV Approval of Cannabis Wheaton Investment
Cannabis Wheaton Income Corp. (TSX.V: CBW) this morning announced that it has received approval from the TSX Venture Exchange to purchase $15 million of common shares of ABcann Global Corporation (TSX.V: ABCN) (OTCQB: ABCCF) at an agreed upon valuation of $2.25 per share. Per the update, this investment forms a portion of a larger phased investment by Cannabis Wheaton aimed at funding the construction of ABcann’s proposed 50,000 square foot addition to its Kimmett cannabis cultivation facility to be located in Napanee, Ontario. This morning’s announcement follows the two companies’ entry into a binding interim agreement on May 29, 2017, whereby, upon completion of the full investment and construction of the expanded production area, Cannabis Wheaton will be entitled to 50 percent of the cultivation yield generated by the expanded production area. “ABcann’s proprietary cultivation methods produce high quality cannabis with industry leading yields and the additional cultivation space at the Kimmett facility being funded by CW is anticipated to provide Cannabis Wheaton with an estimated 8,000,000 grams of cannabis per year,” Chuck Rifici, CEO of Cannabis Wheaton, stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Cannabis Wheaton Income Corp. (TSX.V: CBW) this morning announced that it has received approval from the TSX Venture Exchange to purchase $15 million of common shares of ABcann Global Corporation (TSX.V: ABCN) (OTCQB: ABCCF) at an agreed upon valuation of $2.25 per share. Per the update, this investment forms a portion of a larger phased investment by Cannabis Wheaton aimed at funding the construction of ABcann’s proposed 50,000 square foot addition to its Kimmett cannabis cultivation facility to be located in Napanee, Ontario. This morning’s announcement follows the two companies’ entry into a binding interim agreement on May 29, 2017, whereby, upon completion of the full investment and construction of the expanded production area, Cannabis Wheaton will be entitled to 50 percent of the cultivation yield generated by the expanded production area. “ABcann’s proprietary cultivation methods produce high quality cannabis with industry leading yields and the additional cultivation space at the Kimmett facility being funded by CW is anticipated to provide Cannabis Wheaton with an estimated 8,000,000 grams of cannabis per year,” Chuck Rifici, CEO of Cannabis Wheaton, stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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