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Citation Growth Corp. to Proceed with Virtual AGM Due to COVID-19 Restrictions
Calgary, Alberta, Las Vegas, Nevada and Desert Hot Springs, California--(Newsfile Corp. - March 31, 2020) - Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF) ("Citation" or the "Company"), a licensed multi-state cannabis cultivator, producer
and retailer, has confirmed it will go ahead with the previously announced Annual General Meeting ("AGM") on April 23rd at 1:30 p.m. MST; however, due to persisting issues as a result of the COVID-19 pandemic, the AGM will be conducted as a live web broadcast to shareholders rather than being held in person.
"We believe that it's important to proceed with the AGM as planned," confirmed CEO Erik Anderson, "but due to the unprecedented effect of COVID-19, we will be forced to host the AGM via video webcast rather than in person. We feel this is the safest and most corporately responsible decision to make at this time and we're excited to share our progress with our shareholders."
Citation's Voting Instruction Form ("VIF") has been mailed out by Computershare for shareholders to vote by mail, phone or by Internet on or before 1:30 p.m. Mountain Time on Tuesday, April 21, 2020. As part of the webcast, arrangements are being made to allow for a Question and Answer period during the virtual AGM.
In related news, Citation has confirmed the appointment of Shane Dungey to its Board of Directors and is excited by the new relationships he brings from the capital markets space. Mr. Dungey was announced to Citation Board on March 12, 2020 and will be present to take questions at the AGM.
Citation also announces it has completed the first tranche of a non-brokered private placement (the "Private Placement") of 2,783,793 unites at $0.15 per unit for gross proceeds of $417,569. Each unit consists of one common share and one share purchase warrant. Each warrant is exercisable into one common share at an exercise price of $0.22 per share for a period of eighteen months expiring September 30, 2021. The warrants are subject to an accelerated expiry date if the trading price of the Company's common shares closes at or above $0.50 per share for a period of ten consecutive trading days. The proceeds from the Private Placement will be used for general working capital purposes. All securities issued under the Private Placement are subject to a four month hold period expiring July 31, 2020. The Company will continue to raise additional capital for specific growth projects in the second and final tranche of this financing.
Management has also released an asset-backed debt financing to the market, which will raise growth capital for their Apex facility in North Las Vegas using the existing land and buildings as security. Citation plans to upgrade the grow lights in each flower room and also expand their extraction lab to run 24/7 under two cross-over shifts daily and seek out toll processing arrangements with other local cannabis cultivators in the state.
"This initiative is our largest short-term opportunity to grow revenues substantially," commented Anderson. "The Diamante Extraction Lab is world class and we look forward to realizing its full potential as we process our own cannabis biomass and also work with other local cultivators to bring high-end 2.0 products such as vape pens, concentrates and extracts to the Nevada market."
In light of COVID-19, Citation is pleased to report that no interruptions to its operations in Nevada and California have occurred. Sales have been strong at both the wholesale and retail levels due to increased demand in medical and recreational cannabis products. Citation's proprietary technology and organic growing platform for medical cannabis increases the beneficial medical ingredients in the cannabis plant and removes any secondary negative aspects of man-made chemical compounds, herbicides, fungicides and pesticides, which have been clearly shown as a source of disease-causing DNA corruption.
"The vast amount research indicates that cannabis is one of the safest consumable natural medicative herbs known to mankind," said Dr. Josef Tyls. "The incredible fit between elements of the cannabis plant and the human endocannabinoid system allows for maximum benefit for healing and minimizes adverse secondary reactions and/or negative by-products which would impede the healing processes."
Citation's organic methodology encompasses a recycling design that allows for water recapture, soil remediation, thermal remediation and minimal venting where undesirable waste products and smells are mitigated. The closed loop environmental processes allow for the maximum benefit to the crops while minimizing loads upon nature, while producing the highest quality medical cannabis.
Over the coming months, Citation management plans to share more information about the organic methodologies and technologies deployed by its scientists and growers
Don't think it's a big party.
But.....it is being considered an essential service.
Everyone's is not sitting around sober....because they have to stay home. Actually cannabis sales are up in most areas.
People want comfort and stress relief. Alcohol sales are strong during tough times. Cannabis is no different....except cannabis is taking sales away from alcohol.
While it is not a big party in Vegas right now.....there is zero reasons to put down the cannabis....and the medical and mental benefits it can provide. This is why it is being considered...an essential service in many places now.
This will also speed up the implementation of the delivery side of the businesses. Govt's were dragging their feet on deliveries....now it seems like the smartest way to get cannabis.
During hard times....having your industry considered essential services.......moves cannabis businesses to the front of the line.
Covid 19 won't help getting cannabis consumption lounges legalized faster...but cannabis delivery....should get fast tracked.
It may not be a party in Vegas right now.....but cannabis delivery services took a step forward....IMHO.
GLTA
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You sure get quiet....when CGOTF....IS UP 41%
Isbiz...still waiting on your....many other...better picks....?
Send me a check...I have enough TP.
I could use a gallon of milk....but I would really like more cheap.....CGOTF shares....for free.
Hurry up and send checks....before the CGOTF...price goes up.
GLTA
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Complain...about the situation....or buy more CGOTF...?
While some have complained about...the stock....the past management....the industry crashing....the stock market crashing....Covid 19...quarantines......and bad internet......Alnoor Nathoo has accumulated over a million more shares of CGOTF.
Erik has stated he will be accumulating shares also. That is now two people in management accumulating CGOTF shares.....there is your sign....!!!
I hate the stock price...I hate the past management...I hate the industry crashing and the stock market crashing.....I hate Covid 19 and quarantines....and I hate bad internet....I hate Verizon and ATT.
But I will not....let that stop me from accumulating more cheap CGOTF shares.
Coyoteugly....long time shareholder....buying more shares of CGOTF.
Any guesses how many shares Sav has been buying....?
GLTA
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Please tell us...about the better...cannabis stock picks....?
If you have the inside tip on the good cannabis stocks....do tell....?
You also never told us which cannabis stocks...you wish you had invested in...instead of CGOTF....?
GLTA
GET CITATION
Correct....I don't have a TV.
I have been TV free for seven years. I am not a fan of media brainwashing. I'm not a fan of being glued to a TV.
From what I read on the Internet....a small number of people on the planet have a virus...with no cure yet. People are panicking and hoarding toilet paper...as if the virus causes diarrhea. Country folk see it a lot different than the city folk. The media keeps the pot stirred....and the shelves empty at WalMarts. I have food, toilet paper and a recording studio.
I will spend a good portion of my time writing and recording songs...in my studio as usual.
No one has contacted CV from the forest....ever. There are hundreds of acres of forest....and fire roads through them....to be discovered in my RZR. There are hundreds of miles of crystal clear water for floating near me.
A TV is not required for my activities. Is there anything good on...? Or is it mostly reruns and fear mongering...?
I have been watching CGOTF and listening to the new management. Do you have any complaints about them? If not let them do their job. We had hope before...but Past management failed to deliver.
After the cannabis crash...most companies were left with unmanageable debt. CGOTF should be able to manage the small debt we have.
GLTA
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CC...Proved a lot of...BS rumors...wrong.
Good hearing from the company...instead of uneducated...BS rumors.
Thanks for posting...again no phone and Internet. Verizon still sucks. Cancelled after two weeks of corporate red tape....and zero service at my house. Still trying to get money back from Verizon store.
Notice the complainers have been real quiet since new management posted their credentials. No whining is good news. Not finding an ugly past is good news.
The industry has been hit hard. The good news is cannabis is allowed to continue. I find it interesting that bars are closed....but dispensaries are still open. When people are stressed....cannabis is a good option. Much better than alcohol.
Casinos in Vegas closing...but cannabis is a go. That's monumental.
I think new management can make the difference.
ACB at $.62 is hard to believe. Cannabis will survive....some companies won't. Citation will survive. ACB will survive. No one could have guessed the cannabis stocks would be this low. Having low debt is a big advantage for cannabis companies beat down by the industry downturn.
GLTA
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MANAGEMENT INFORMATION CIRCULAR POSTED.
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00035394
GLTA
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Weird...how you never notice it painted down...???
CGOTF NEWS
CITATION APPOINTS NEW DIRECTOR
You seriously need a math tutor.
Wrong Again...nothing new there.
BSCS investigation...ongoing...WITHOUT....Citation.
NO......class action lawsuit.....has even been filed.
What fraud is ongoing....?
What fake CEO's.....?
Desperate short tactics....is what is ongoing.
GLTA LONGS
GET CITATION...BEFORE THE PARTY
STILL WAITING....on you to remove the outdated sticky.
Try not to get ahead of yourself. The sticky has been proven incorrect many times. Try removing it.
You have proven nothing.
No one thinks it is going bankrupt.
Not me...not you...not Isbizz..not the longs.....not even Sav.
But shorts deal in fear...not facts. Shorts push towards zero. That is why someone's posts...since last June all claim we are going to zero.....and bankruptcy every month.
It is sad how much money the shorts have caused the stockholders. Do the math...it is more...than bad management has caused the shareholders.
GLTA
GET CITATION...BEFORE THE PARTY
We are in a market meltdown.
I did not say this was a good thing. A two year drop in the cannabis sector...is not a good thing. Now we have a market meltdown. That is not a good thing.
No one can predict a two year slide in cannabis....That is not a good thing.
No one can predict the Coronavirus wiping out the stock market....That is not a good thing.
No one can predict the oil market falling apart......That is not a good thing.
No one can predict nearly every cannabis stock hitting 52 week lows.....That is not a good thing.
Two years ago....I never heard anyone say...sell every stock you got....and put it into gold. Turns out....that would have been a good thing.
Cannabis got a two year setback in the U.S.
Trump is resisting the movement. It doesn't mean cannabis won't happen in the U.S...but we all got set back.....That is not a good thing.
CGOTF had some shady management in the past....That is not a good thing....but management can be replaced...and has been.
I see no benefit to constantly bashing the stock...we all want to see do better. I try to keep the facts posted because the misinformation does no good for anyone....but the shorts. They love it when people pile on to a stock bashing it. IT PUTS MONEY IN THE SHORTS POCKETS. They are there to create doubt and fear. The more help they get...the more the longs lose.
Try calling the company and getting info from there...as opposed to believing what the shorts post...but can't prove.
GLTA
GET CITATION...BEFORE THE PARTY
Notice the silence...when facts or proof...are required...?
Apparently some don't want to play....with facts required.
It sure got silent.....LMAO.
The DOW loses more points than any time in history....and the shorts want to blame CGOTF.
GLTA
GET CITATION...BEFORE THE PARTY
In order for...Truth To Be Known.....Proof is Needed.
Got proof...?
Also....can you show your math on how you arrived at Zero value...?
All drama and no proof....or math......is as useless as tits on a boar hog.
My internet was down yesterday....because Verizon is a POS. Would have liked to join in the conversation.
Got Truth....? Got Proof?..?
GLTA
GET CITATION...BEFORE THE PARTY
I noticed Alnoor...has been buying more CGOTF...last night.
The total I came up with was a little over a million shares. My question is with the transaction date...for the .07 cent purchases. Yesterday was the only time is was .07 but the transaction date shows Dec...? There seems to be an error on the date.
Some people panic....some people buy more shares.
Some of the people on here....panic.
Some of the insiders ....buy more.
Who you going to believe.....the fear mongerers....or the insiders...?
GLTA
GET CITATION...BEFORE THE PARTY
Shorts...post ANYTHING...to instill fear...Facts...not needed.
There was fear mongering in October. It was posted that CGOTF got an extension...until Oct.2020.
This was well known...but....some like to post false or outdated info...if it sounds bad. They never seem to follow up with...the correction.
GLTA LONGS
GET CITATION...BEFORE THE PARTY
Notice of....MEMORY......DEFAULT.
Is someone having a memory default....?
We have had this discussion before...at length.
You are trying to create fear...with old...false information.
In summary...IT WAS EXTENDED UNTIL 10/2020.
I REPEAT....THE OBLIGATION WAS EXTENDED UNTIL 10/2020
There is no panic....NOW GO WASH YOUR HANDS.
GLTA LONGS
GET CITATION....BEFORE THE PARTY
All of which....are no longer here...It's that simple.
GLTA LONGS
GET CITATION...BEFORE THE PARTY
Some people's ability......to find moisture...in a storm...?
But can't pick a bankruptcy in penny stocks....LMAO.
No Sh*t Sherlock.
Has anyone seen the number of stocks hitting 52 week lows yesterday? Post them.
GLTA LONGS
GET CITATION...BEFORE THE PARTY
You are making a lot of assumptions
Without hearing from management. I don't know what the status of anything is...until we hear the facts from the company.
I did not say any of the things you just posted. You are making assumptions based on your negative attitude.
GLTA LONGS
GET CITATION...BEFORE THE PARTY
You being...WRONG...has already been...established....many...many times.
Citation Growth has control of Vegas. Facilities.
Did you change It...ore walk...?
I didn't cause the industry to crash.
Stop getting your information from idiots. Read the board...I am not down 90%.
Some...don't like me...repeating myself...Some...need...to have info...repeated.
Can't please everyone.
If you do a little research...remember the Apex facilities were not even operational when Rahim took over. They were operational...certified triple organic...and award winning...when he left. The stock sucked...but so does everyone else's stock prices.
Not sticking up for Rahim...but it was an improvement over Linda and Cory.
We have reason to believe the new management is a big improvement over Howard and Rahim. Do you agree?
GLTA LONGS
GET CITATION...BEFORE THE PARTY
MJ sector...has been falling...since Jan 2018
That is over two years. Look at charts across the industry.
I have not been in CGOTF for three years.
GLTA LONGS
GET CITATION...BEFORE THE PARTY
Rahim did turn the company around.
Linda and Cory had us on a bad path. At least Rahim turned things around. Things were looking better despite the sector going down. Bringing Howard onboard was the downfall of both of them. Neither one helped our investment....but had the gall to try and get $4 and $5 million dollar bonuses before we had our revenue going. That was my biggest complaint. Had they set performance bonuses to be given when the stock price hit certain levels.....investors could have benefited too.
Erik and Kevin...please keep this in mind.
GLTA LONGS
GET CITATION...BEFORE THE PARTY
Therein...Lies the problem.
If...there ever was an opinion.....that was...worth $00000000000.00
Show us...the successful cannabis companies....that didn't...change management...?
Across the industry...the cannabis companies are changing management...repeatedly if neccesary. Remember Canopy...and Aurora...and Aphria...and Tilray...and Organigram...and the list covers most cannabis companies....still in existence.
With your theory...LIHT should not have replaced management....because that may be considered....too many management changes....LMAO. That is not how it works.
I have said before...I am disappointed the board did not do a better job of of vetting management candidates....BEFORE...hiring them. That is a legitimate complaint and the board knows that.
With that said...I expect the board did a better job vetting Erik and Kevin. Turns out Howard lied on his application and security papers. Now I really question his $8 million in unaudited revenue...?
I have asked several times if anyone found any bad info about Erik and Kevin....nothing but silence. I have not found any negative myself. If that is the case...that the board...did do a better job of vetting Erik and Kevin, then there is reason to believe...they will make a positive impact on CGOTF.
Are you suggesting we stick with Rahim...because we had enough management changes already...? There is no logic to that theory.
We are all disappointed in past management...the only solution is to replace them....which has been done. So...I don't understand why that bothers you. It is the proper way to move forward.
Had you invested in our competitor...what would be your major complaint?
Had you invested in the biggest LP in Canada...what would be your complaint?
Had you invested in the largest US MSO...what would be your complaint?
Had you invested in any other cannabis company...what would be your complaint?
Had you invested in anything...but..cannabis...you would be better off.
Your main complaint....should be that YOU invested in cannabis at the wrong time....just like the rest of the cannabis investors. You didn't pick the wrong stock...you picked the wrong industry....like millions of others. If you picked many cannabis stocks...instead of one...they would all be down. It's the industry. Don't be so hard on yourself...we all picked the wrong industry. Or at least it was the wrong time to invest in the industry. Before the bottom fell out of the sector...I was up nearly triple....because the sector was going up. I thought the dip would be temporary...I was wrong like everybody else.
If MRPHF had stellar management....we would still be down like everyone in the industry.
Acreage....the largest U.S. MSO...had good management...a bunch of politicians...and billions from Canopy and Constellation.....yet they sit at the bottom of the pile...near all time lows.
You act as if...had you not invested in CGOTF...all would be well. We all know better now. What stock(s) would you have invested in...? How much are they down...?
GLTA
GET CITATION...BEFORE THE PARTY
That is the reason we have new management.
4/1 split dId not change the value.
That is the same as getting a dollar for 4 quarters.
What changes the value...is shorts...bad management...and an industry crashing.
4/1 split had nothing to do with the devaluation.
If the split never happened...you would have four times as many shares...but they would be worth 2 1/2 cents.
Aurora didn't split their stock...guess what...looks like a R/S may be in the cards for Aurora...to keep the NYSE listing.
Stop thinking that caused the value to go down. The industry crashed...everyone is affected by it. Management trying to gorge themselves on the stock helped it go down. Remember I was against the big bonuses...even offering suggestions that would make it more palatable for shareholders. Performance based bonuses...based on getting the share price up. I spoke with Rahim and Howard about it. They didn't listen to me...but I tried. I suggested shareholders bring it up at the annual shareholders meeting that was held in Canada.
I don't remember any cases where complaining or bashing on a stock board...made the stock go up.
As a shareholder contacting management and letting them know your opinions..is a better option.
GLTA
GET CITATION...BEFORE THE PARTY
A short is a short...can't hide it.
Since June...we have had to hear daily bashing and bankruptcy claims...in addition to projections of going to zero.
If claims of...owning...zero shares of CGOTF are correct...that means they must be...borrowed...or shorted.
If all the boards he posts on have the same claims....bankruptcy and going down to zero....shorting is the obvious answer.
If someone is shorting CGOTF...that explains getting up early daily...bashing the stock daily...owning zero shares...and still being a moderator.
There is only one person here that gets more excited if CGOTF goes down.
I won't mention names...I'll sav that for your imagination.
Expect big things from the new management at CGOTF.
GLTA
GET CITATION...BEFORE THE PARTY
Erik Anderson Info.
The Citation Growth web site has been updated. Here is info about Erik Anderson.