ABcann Global Corp. (TSX.V: ABCN) (OTCQB: ABCCF), a manufacturer and distributor of medical cannabis in Canada, announced on August 29 (http://dtn.fm/Jx7vE) the achievement of working capital in the amount of $43 million from multiple financings, including strategic partnerships and private placements, during the six months ended June 30, 2017. During that period, ABcann recorded revenues of C$264,319, compared with $21,465 during the same period of 2016. For the six-month period ended June 30, the company’s revenues were $436,802, as compared with $21,840 for comparable period of the previous year. An article further discussing this reads: “ABcann’s first quarter as a publicly traded issuer was a successful one, leading to the company having over $40 million in current working capital,” CEO Aaron Keay noted in a news release. “With our strong cash position, ABcann expects to significantly increase production capacity in 2018 while pursuing our aggressive construction and expansion timelines at both Vanluven and Kimmett.”
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About ABcann Global Corporation
ABcann Global Corporation’s wholly owned subsidiary, ABcann Medicinals Inc., was one of the first companies to obtain a production license under the Marijuana for Medical Purposes Regulations, which it received on March 21, 2014. It obtained a sales license on December 31, 2015. ABcann’s flagship facility in Napanee, Ontario utilizes proprietary plant-growing technology, including environmentally-controlled chambers capable of monitoring and regulating all variables in the growing process. This approach and the systems in place allow ABcann to produce organically grown and pesticide-free, high-yielding plants, which, in turn, can generate high-quality products that are consistent from batch to batch. ABcann is able to control environmental and nutrient demands, tailor-made for a particular strain of cannabis, without the variation that is typical when producing large quantities in less-controlled, larger rooms and greenhouse-type structures. ABcann’s modular approach to systems technology eliminates scale-up risk and allows ABcann to locate anywhere in the world and maintain consistency and quality of product. ABcann is expanding capacity in its current facility to approximately 30,000 sq ft and concurrently undertaking its expansion into a new 150,000 sq ft facility in Napanee. ABcann is pursuing opportunities in Germany, Australia, Israel and other jurisdictions as well as exploring the development of multiple delivery vehicles. For more information, visit www.abcannglobal.com.
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