ABcann Global Corp. (TSX.V: ABCN) (OTCQB: ABCCF) Attains $43M in Capital, Plans Significant Production Capacity Increase
- Aaron Keay, CEO, says plans set for greater production capacity and strategy for global distribution in emerging markets
- Expansion of ABcann’s Vanluven facility underway, along with construction of the company’s 150,000 sq. ft. Kimmett facility
- Napanee, Ontario-based firm uses proprietary plant-growing technology and is pursuing opportunities in Australia and Germany
ABcann Global Corp. (TSX.V: ABCN) (OTCQB: ABCCF) achieved working capital of $43 million from multiple financings, including private placements and strategic partnerships, during the six months ended June 30, 2017, it announced on August 29 (http://nnw.fm/Wk1ly).
ABcann manufactures and distributes medical cannabis under a license issued by Health Canada to a wholly-owned subsidiary of the company, ABcann Medicinals, Inc. It is currently expanding and constructing facilities to grow more product, in addition to exploring other opportunities of multiple delivery vehicles.
The company specializes in growing cannabis within environmentally controlled chambers which can monitor and control all variables. The result is organically grown and pesticide-free plants that are featured in products boasting consistent quality standards.
“ABcann’s first quarter as a publicly traded issuer was a successful one, leading to the company having over $40 million in current working capital,” CEO Aaron Keay noted in a news release. “With our strong cash position, ABcann expects to significantly increase production capacity in 2018 while pursuing our aggressive construction and expansion timelines at both Vanluven and Kimmett.”
For the three months ended June 30, 2017, ABcann recorded revenues of C$264,319, as compared to $21,465 for the same period last year. For the six months ended June 30, 2017, revenues were $436,802, as compared to $21,840 for the comparable period in 2016.
For more information, visit the company’s website at www.ABcann.ca
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