FOR IMMEDIATE RELEASE
May 04, 2017
Cannabco Pharmaceutical Corp. Secures $24 Million in Capital for Build Out of Its Cannabis Cultivation Facilities
TORONTO, May 04, 2017 (GLOBE NEWSWIRE) -- Cannabco Pharmaceutical Corp. ("Cannabco" or the "Company") is pleased to announce that the company has entered in to a binding interim agreement for financing of its primary Cannabis cultivation facilities. Although specific details of the agreement will be released publicly in the near future, the company will use the funds for build out of two state of the art production facilities located in the Greater Toronto Area (GTA) as well as operating capital to fund its initial crop productions. The facilities will employ the most advanced cultivation technologies to date and have a combined production capability of over 15,000 kilograms of dried cannabis annually.
Cannabco recently entered the final review stages of federal licensing with Health Canada in order to become one of Canada's next Licensed Producers of Medical Marijuana. Notification of final Review was received from Health Canada early March of 2017.
"The alliance with our funding group fits perfectly with our business model and allows us to focus on our core business and our expansion model,” said President and CEO Mark Pellicane. "We are very pleased to be working with a group as knowledgeable and entrenched in the Cannabis space as our partners, they bring a tremendous amount of experience and industry knowledge to the table and we look forward to a strong and on-going relationship.”
With the first round of capital committed, Cannabco will focus on the completion of its facilities and begin execution of its expansion model to meet the overwhelming product demands of the medical and pending recreational Cannabis market in Canada.
Cannabco's business plan involves the on-going production and supply of pharmaceutical grade Cannabis to both the fast growing medical market and upcoming recreational markets across Canada. Cannabco will cultivate and harvest the crops using controlled state of the art hydroponic facilities and utilize some of the industry's most advanced technologies to cultivate a superior quality of product at an unprecedented low cost of production. Licensing and distribution is in accordance with Health Canada's 'Access to Cannabis for Medical Purposes Regulations' (ACMPR) to licensed markets including pharmaceutical companies, medical users, global export, and purposed recreational markets.
"The funding commitment comes at a perfect time," said Mark Novak, Vice President of Operations. "Cannabco is perfectly positioned to take advantage of the explosive industry growth and we’re ready to move forward with construction upon completion of our review by Health Canada."
Upon completion and licensing of its facilities, Cannabco intends to cultivate medical strains targeting specific illnesses, as well as popular strains geared towards recreational markets once the distribution framework has been finalized by the Canadian Government.
Cannabco Pharmaceutical Corporation ('Cannabco') was established with the intent of becoming a licensed cannabis producer under Health Canada's ACMPR program. The company is dedicated to establishing itself as a leader in top quality affordable pharmaceutical grade Marijuana supply and cutting edge research contributing to the growing needs of Canadians. Cannabco employs the most advanced cultivation technologies with a focus on increased yields at reduced production costs while maintaining high quality pharmaceutical grade output for its clients.
For more information visit: www.cannabco.ca
SOURCE Cannabco Pharmaceutical Corp.
For further information:
Phillip Chen, Business Development, (905) 771-8576 x 231, email@example.com