CFN Media Group released an article highlighting ABCANN GLOBAL CORPORATION (CVE:ABCN) binding interim deal with Cannabis Wheaton Income Corp. and the significance of deal for both firms. ABcann marks as a globally-approved, cost-efficient manufacturer of premium quality, standardized, organic medicinal cannabis under the ACMPR.
In the past few years, it has invested around $1.5 million in an association with the University of Guelph to manage controlled environmental systems efficient of manufacturing pharmaceutical-grade cannabis that are pesticides free and at double the average industry production.
ABcann’s Phase 1 facility, popular as the Vanluven Facility, is already operational and yielding dried cannabis amounting to 1,000 kilograms per year. The company is doubling Vanluven area to almost 30,000 square feet. At the same time, it is establishing a 100,000 square foot facility, popular as the Kimmett Facility in Napanee with production capacity of around 20,000 kilograms yearly. All of this expansion and construction is currently owned and funded by company.
Earlier in May, the firm reported a contract whereby Cannabis Wheaton accepted to invest $30 million into ABcann. Cannabis Wheaton also committed, awaiting some conditions and the closure of the preliminary equity investment of $30 million, to fully support the additional construction at the Kimmett Facility in the coming period. The proceeds from this new production space would be divided 50-50 between the two firms.
The new funded production capacity brings ABcann close to the top of the approved producer pile in that aspect. The preliminary investment of $15 million is being done by June 30, 2017 at C$2.25 a share, with the next installment of $15 million ensured at C$2.25 or two times the 10-day average for the shares price at the time as late as March 2018, whichever is greater. This sort of pricing highlights a significant premium to the existing price of C$1.00 a share.
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