Globally licensed cannabis company ABcann Global Corp. (TSX.V: ABCN) (OTCQB: ABCCF) this morning announced its entrance into a definitive agreement to acquire 100% of the issued and outstanding share capital of Canna Farms Limited, a premium cannabis company in British Columbia. The acquisition enables the two complementary businesses to leverage their strengths prior to the opening of the Canadian adult-use market in the fall. The transaction value of approximately $133 million will be comprised of $22 million in cash and 92.5 million ABcann shares. The shares will be released from escrow in six month increments over a total of 30 months. Upon completion of the transaction, Canna Farms’ co-founders, Daniel Laflamme and Raymond Laflamme, will each own 16.1% of ABcann’s outstanding shares. They will serve the combined company as President, Canna Farms and Senior Vice President, Facilities and Engineering, respectively. Daniel Laflamme will also be appointed to ABcann’s Board of Directors. Closing of the transaction is anticipated in August 2018, subject to customary closing conditions, including the conditional approval of the TSXV and applicable regulatory approvals. “This is a transformational acquisition, and key benefits include increased production capacity, an expanded product offering, operational efficiencies, and a more robust platform to accelerate our growth,” ABcann CEO Barry Fishman stated in the news release. “We will maximize operational and financial synergies, so that the combined company will be greater than the sum of its parts.”
To view the full press release, visit http://nnw.fm/gsV4P
About ABcann Global Corp.
ABcann is recognized for high-quality, trusted products and services. It holds production and sales licenses from Health Canada, and its flagship facility in Napanee, Ontario contains proprietary plant-growing technology, centered on its specially designed, environmentally-controlled growing chambers. This approach results in the production of pharmaceutical-grade cannabis products. ABcann is expanding its production capacity and pursuing partnership and product development opportunities domestically, as well as in select international markets, such as Germany, Australia and Israel. For more information, visit the company’s website at www.ABcannGlobal.com
More from NetworkNewsBreaks
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information, please visit https://www.NetworkNewsWire.com
New York, New York