FinCanna Capital Corp. (“FinCanna”) (CSE:CALI), is pleased to report that its flagship investment in California, Cultivation Technologies, Inc. (“CTI”), has completed its obligations to secure an additional five (5) megawatts of power from the local utility company, Imperial Irrigation District (“IID”). This increases CTI’s total available power to seven (7) megawatts, the largest power commitment in the Coachella Cannabis Zone from IID. The new power upgrade provides requisite power for construction and operation of the planned Coachella Campus.
According to CTI knowledge and area stakeholders, no other viable short-term option exists for significant power in the Coachella Cannabis Zone, creating barriers for other development involving indoor cultivation.
FinCanna CEO, Andriyko Herchak, comments, “CTI securing this additional five megawatts represents a significant milestone for the development of the project. The operators of CTI continue to advance milestones that are imperative for the development of what is planned to be a leading medical cannabis facility.”
CTI currently holds local permits for the Coachella Campus that allow for construction of the project and allow CTI to conduct medical cannabis operations on-site, subject to regulatory requirements. CTI plans to construct a cultivation, extraction, manufacturing, and distribution facility in phases on its Coachella property (“Coachella Campus”), a fully-entitled six-acre site which it owns outright in Coachella, California.
Additionally, CTI has signed a conditional lease-build-to-suit agreement for its Coachella Campus with Graceland Industries, Inc., an entity controlled by Michael Barker of Barker Pacific Group, Inc., a real estate developer based in Los Angeles, California. Barker Pacific Group, Inc. has completed, developed, or redeveloped over US$2.5 billion in commercial real estate projects.
Pursuant to the funding agreement between FinCanna and CTI, FinCanna has agreed to fund certain amounts of capital to CTI to purchase a royalty equaling up to 14% of CTI’s revenues generated by the Coachella Campus. On January 15, 2018, FinCanna announced that the original structure was adjusted to provide 14% of revenues of the Coachella Campus paid as a royalty (previously 10% to be paid as a dividend).
About Cultivation Technologies
Cultivation Technologies, Inc. provides infrastructure, technology, and branding to the licensed medical cannabis industry. The first major project for the company is in Coachella, California, entitled for 6-acres of cultivation centers, extraction and manufacturing facilities, a testing lab, a distribution hub, and a centralized processing center. For more information, visit www.CultivationTech.com.
About FinCanna Capital Corp.
FinCanna is a royalty company for the licensed medical cannabis industry, with a focus on California. FinCanna, led by a team of finance and industry experts, is building its portfolio of investments in scalable, best-in-class projects. FinCanna’s flagship investment is with Cultivation Technologies Inc. (“CTI”) to provide funding for its fully-entitled, large-scale indoor medical cannabis facility to be developed in Coachella, Southern California. This Coachella Campus will be a state-of-the-art facility that will include cultivation, extraction, manufacturing, testing and distribution. For additional information visit www.fincannacapital.com.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about FinCanna’s ability fund and acquire a royalty in CTI, the ability of CTI to fund, develop and construct the Coachella Facility, the size , capacity and requirements of the Coachella Facility and FinCanna’s ability to generate revenues therefrom. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the CSE listing statement available at www.SEDAR.com and other reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
Click here to connect with FinCanna Capital Corp.(CSE:CALI) to receive an Investor Presentation.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).