ABcann Global Corporation (TSXV:ABCN) (OTC:ABCCF) (FRA:23Q) released financial results for the three and six months ending on June 30th, 2017.
The first half of 2017 was big due to the successful completion of ABcann’s go-public transaction.
Subsequent to June 30th, ABcann completed an additional successful equity raise.
These raises position ABcann to substantially expand its production capacity at both its Vanluven and Kimmett locations.
ABcann now has approximately $43 MM CAD in working capital.
ABcann completed multiple financing transactions including a subscription receipt offering for gross proceeds of $11.8 MM CAD and a private placement of convertible debentures for gross proceeds of $15 MM CAD.
ABcann announced a strategic partnership agreement with Cannabis Wheaton Income Corp. (TSXV:CBW) (OTC:KWFLF) which includes a $30 MM CAD investment into ABcann, $15m of which has been completed to date.
In addition, upon completion of the initial $30m equity placement, Cannabis Wheaton has the opportunity to finance a 50,000 square foot expansion facility in a 50/50 joint venture.
Check out the full press release here.
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