ABCN Nets Total Proceeds of $11.9 Million from Exercise of Warrants
ABcann Global Corp. (TSX.V: ABCN) (OTCQB: ABCCF) this morning announced that it has received total proceeds of nearly $11.9 million from the exercise of an aggregate of 19,185,965 warrants since the closing of its acquisition of ABcann Medicinals Inc. on April 28, 2017. With these funds, ABcann’s current cash position stands at approximately $45 million, giving the company the means to execute previously outlined plans to expand its production capabilities. “ABcann thanks our shareholders for their continued support and confidence as we work toward expanding our facilities and increasing production,” Aaron Keay, director and CEO of ABcann, stated in the news release. “Our strong financial position, represented by our current cash position is earmarked for new construction and will facilitate the timely execution of our business plan. The Company’s main focus in the coming months will be on the deployment of capital towards the expansion of our existing Vanluven facility and development and construction of the new Kimmett facility, as well as the pursuit of our international expansion plans.”
To view the full press release, visit http://nnw.fm/zQY7o
About ABcann Global Corporation
ABcann Global Corporation’s wholly owned subsidiary, ABcann Medicinals Inc., was one of the first companies to obtain a production license under the Marijuana for Medical Purposes Regulations, which it received on March 21, 2014. It obtained a sales license on December 31, 2015. ABcann’s flagship facility in Napanee, Ontario utilizes proprietary plant-growing technology, including environmentally-controlled chambers capable of monitoring and regulating all variables in the growing process. This approach and the systems in place allow ABcann to produce organically grown and pesticide-free, high-yielding plants, which, in turn, can generate high-quality products that are consistent from batch to batch. ABcann is able to control environmental and nutrient demands, tailor-made for a particular strain of cannabis, without the variation that is typical when producing large quantities in less-controlled, larger rooms and greenhouse-type structures. ABcann’s modular approach to systems technology eliminates scale-up risk and allows ABcann to locate anywhere in the world and maintain consistency and quality of product.