ABcann Global Corporation (TSXV: ABCN) this morning announced the signing of a definitive subscription agreement with Cannabis Wheaton Income Corp. (TSXV: CBW). Under the terms of the deal, Cannabis Wheaton has agreed to purchase $15 million of ABcann common shares at an agreed-upon valuation of $2.25 per share. Completion of this first subscription, which forms part of a larger phased investment by Cannabis Wheaton, is expected to occur by July 31, 2017, subject to customary closing conditions. “We are pleased to move forward with the initial funding phase of our partnership with Cannabis Wheaton and to welcome them as new equity holders in ABcann,” Aaron Keay, CEO of ABcann, stated in the news release. “This represents Cannabis Wheaton’s first funding allocation and we look forward to this mutually beneficially relationship as we advance both of our respective companies.” Per the update, ABcann intends to use funding stemming from this agreement in support of the development of its proposed cannabis cultivation facility to be located in Napanee, Ontario.
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About ABcann Global Corporation
ABcann 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, contains 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. For more information, visit www.ABcannGlobal.com
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