FinCanna Capital Corp (FNNZF)

[europa7]

FinCanna Receives US$3.9 million Repayment from Cultivation Technologies Inc.
https://www.globenewswire.com/news-release/2019/03/06/1748595/0/en/FinCanna-Receives-US-3-9-million-Repayment-from-Cultivation-Technologies-Inc.html

March 06, 2019 03:05 ET | Source: FinCanna Capital Corp.

VANCOUVER, British Columbia, March 06, 2019 (GLOBE NEWSWIRE) -- FinCanna Capital Corp. (“FinCanna”) (CSE: CALI) (OTCQB: FNNZF) a royalty company for the U.S. licensed medical cannabis industry announces that it has received US$3.9 million as partial repayment of an outstanding secured loan from Cultivation Technologies Inc. (“CTI”). These funds were generated from the sale of CTI’s Coachella property as initially announced on October 9, 2018.

FinCanna will continue to earn 50% of the profits of CTI’s Interim Extraction and Manufacturing Facility that is expected to remain in operation on the site until June 2019 as agreed to with the new owner of the Coachella property.

Andriyko Herchak, President and CEO of FinCanna Capital states, “We are very pleased to receive this non-dilutive cash injection, and our $8.5 million treasury puts FinCanna in an excellent position to complete further investments to give our shareholders access and leverage to the burgeoning licensed cannabis market in the United States.”