TORONTO, April 18, 2018 (GLOBE NEWSWIRE) -- Maricann Group Inc. (CSE:MARI)(FRANKFURT:75M)(OTCQB:MRRCF) (“Maricann” or the “Company”), is pleased to announce that the first seeds will be planted today on its contract farmed 164 hectares (~405 acre) of agricultural land in Saxony, Germany, through Mariplant GmbH a 95% owned subsidiary of the Company focused on nutraceutical non-THC cannabis. The cultivation site is less than 30 minutes drive from the Company’s Ebersbach Campus, near Dresden, Germany.
The Ebersbach facility is currently under retrofit of 8,000 sq. m (86,111 sq. ft) separated from its Maricann GmbH operations, to accommodate drying equipment capable of processing 1,000 kg of wet cannabis per hour. Storage and extraction equipment from Advanced Extraction Systems (AES) will be utilized to process up to 200 kg of cannabis flowers per day.1
Mariplant’s operation will focus on producing isolates of CBD and CBG, which are considered to be the most desirable cannabinoids. Maricann will add terpenoids and flavonoids in addition to its VesiSorb emulsion technology to create Mariplant products for distribution as food supplements across Germany and the greater European Union. Terpenoids and Flavonoids from Maricann’s Haxxon cultivation and extraction operation from feminized cannabis will be added to improve efficacy.
Ben Ward, CEO of Maricann stated, “We believe that this large scale outdoor cannabis cultivation and extraction operation has the potential to reduce our costs of production significantly, specifically for isolate CBD, CBN and CBG. Through this initiative, we expect to be able to produce our own active ingredients for our products, reducing material costs of active ingredients for Mariplant products that we currently purchase from third parties. Our expectation is that this will result in a further competitive advantage for Mariplant, benefiting in a differentiated product through VesiSorb’s patented delivery technology, with the end result of value creation for Maricann shareholders”.
Mariplant is a standalone company in Germany registered for agriculture, with its General Manager Josef Spaeth who has the designation of registered farmer (Landwirt).
Mariplant will sell finished product VesiSorb gel capsules into the German market through its online shop www.mariplant.de.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario, Canada where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada, and Dresden, Saxony, Germany. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000 sq. ft. (87,515 sq. m) build out, with a designed expected capacity of producing 95,000 kg (based on conservative estimates) of dry cannabis flower per year to support existing and future patient growth.
Forward Looking Information
Certain statements in this document, including, without limitation, statements with respect to its future activities, targeted or expected future production, expected production cost reductions and other subjects, contain forward-looking statements which can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “desires”, “will”, “should”, “projects”, “estimates”, “contemplates”, “anticipates”, “intends”, or any negative such as “does not believe” or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements, necessarily involve risks and uncertainties, including those discussed herein, that could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to its operations, and other future events, and are based on information currently available to the Company and on assumptions, which it considers reasonable. In the case of the Company’s expected designed production capacity for its expansion project facility, the expectations of management are based on the designs and plans of the new facility and assumes it will be successfully completed, licensed and operate as planned. Management cautions readers that the assumptions relative to the future events, several of which are beyond Management’s control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Factors which could cause results or events to differ from current expectations include, among other things: fluctuations in operating results; the impact of general economic, industry and market conditions; the ability to recruit and retain qualified employees; fluctuations in cash flow; increased levels of outstanding debt and obligations under a capital lease; failure to obtain all necessary regulatory approvals; risks inherent to building and bringing into production new facilities; uncertainties with respect to estimated production capacity based on designs and plans; expectations regarding market demand for particular products and the dependence on new product development; the impact of market change; and the impact of price and product competition and other risks identified in the Company’s latest annual information form and other disclosure documents filed under its profile at www.sedar.com. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.