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BRIEF: ABcann Files Q2'17 Financial Results and Provides Operational Update

August 30, 2017

 

  • 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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Disclaimer: Except for the historical information and data presented herein, matters discussed in articles on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future performance or achievements expressed or implied by such coverage. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. Before making specific investment decisions, readers should seek their own professional advice and that of their own professional financial adviser. Smoke Show Ventures, Inc. or its affiliates, which owns The Daily Marijuana Observer, may be compensated for its services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.dailymarijuanaobserver.com/legal-disclaimer/.