SEATTLE, WA , June 19, 2018 (GLOBE NEWSWIRE) -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, today announced publication of an article covering City View Green. The company plans to go public through a reverse merger with Icon Exploration Inc. (TSX-V: IEX), which was outlined in a non-binding letter of intent on January 22, 2018. After the share exchange takes place, the company will raise $2 million in interim financing to execute on its business plans, which will result in about 160 million shares outstanding. City View will own approximately 80 percent of the outstanding shares at the point with the balance being owned by existing Icon Exploration shareholders.
The Canadian cannabis industry is projected to exceed C$22.6 billion over the coming years as adult-use legalization goes into effect and export markets open up. With growing domestic and global demand, some analysts are projecting a shortfall in production that could benefit licensed producers. Many investors have anticipated this and sent valuations sharply higher, which has made the market for newly public companies increasingly appealing to investors.
Rapidly Growing Market
Canada’s cannabis industry is projected to exceed C$22.6 billion over the coming years, according to Deloitte, driven by the federal-level legalization of medical and adult-use cannabis. According to Health Canada , there are more than one hundred licensed producers in the market today, and more coming online each month. These licensed producers sold more than 6,000 kilograms of dried cannabis and more than 9,000 kilograms of cannabis oil in Q3’17.
Health Canada projects that cannabis demand will continue to soar to one million kilograms by the end of this year, while supply was just around 300,000 kilograms by early this year. With the legalization of adult-use cannabis just around the corner, these dynamics point toward a potential shortfall in production that could create tremendous opportunities for licensed producers that have been ramping up their production capacity.
City View Green’s Plans
City View Green is targeting entry into the cannabis market this year as a high-quality, large-scale producer located in Brantford, ON near Toronto. There the company plans to operate a 40,000 sq. ft. facility and utilize about 20,000 sq. ft. for cultivation activities, which management believes could produce about 5,000 kilograms per year of pharmaceutical-grade cannabis for both the medical and adult-use markets.
While many licensed producers are focused exclusively on scaling, the company is focused on efficiently growing the best products. Management plans on incorporating advancements in LED lighting, HVAC and dehumidification, and automation technologies to improve the quality, safety, output, and consistency of its cannabis production. These attributes could make it more profitable play than many competitors targeting the low end of the market.
In addition to its use of advanced technologies, the company believes that its strategic location should enable it to draw on the best talent available since it’s near colleges and universities. FDi, a division of the Financial Times, ranked Brantford as the top spot on its list of the most business-friendly cities in the micro city category in 2017/2018. These dynamics could further position it favorably within the burgeoning market.
Going Public Soon
Currently, investors cannot purchase shares in City View Green, as Icon Exploration trading has been halted until the transaction is completed. Canadian investors will be able to purchase shares immediately when trading resumes following the transaction, while U.S. investors may purchase shares through brokerage accounts that permit trading on the Toronto Venture Exchange (TSX-V), such as TDAmeritrade or InteractiveBrokers.
Please follow the link to read the full article: http://www.cannabisfn.com/city-view-green-pro...go-public/
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