Canadian CANNAINVESTOR Magazine October 2017 - Page 101

ABcann Global files Q2 2017 Financial Results and Provides Operational Update August 29th, 2017 – Ottawa, ON – ABcann Global Corporation (TSX-V:ABCN) (“ABcann” or the “Company”) is pleased to release the Company's financial results for the three and six months ended June 30, 2017. Copies of the interim filings, including the Management’s Discussion and Analysis, are available on the Company's website and under the Company’s SEDAR profile at www.sedar.com. The first half of 2017 was transformational due to the successful completion of ABcann’s go-public transaction and, subsequent to June 30, the Company completed an additional substantial equity raise. Achieving these milestones positions ABcann to substantially expand its production capacity at both its Vanluven and Kimmett locations, utilizing its approximately $43m in current working capital. “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,” said Aaron Keay, Chief Executive Officer of ABcann. ”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." We expect that the increase in production capacity will enable ABcann to increase the sales of our premium, organically grown, pesticide free cannabis products in the current domestic market and position the Company for global distribution in the emerging markets we have targeted. Further, the ability to serve larger and broader markets as a result of the production increase positions ABcann extremely well for the anticipated adult consumer market in July 2018.” Company highlights from the first half of 2017 included:  ABcann completed multiple financings including a subscription receipt offering for gross proceeds of $11.8 million and a private placement of convertible debentures for gross proceeds of $15 million.  Immediate expansion of the Company's fully operational Vanluven facility was initiated and construction at ABcann's 150,000 square foot Kimmett facility commenced with the engagement of Bird Construction Inc. as general contractor and NORR Engineering as project engineer.  ABcann announced a strategic partnership agreement with Cannabis Wheaton Income Corp. (“CBW”) that includes a $30m investment into ABcann ($15m of which has been completed to date). In addition, upon completion of the initial $30m equity placement, CBW has the opportunity to finance a 50,000 square foot expansion facility in a 50/50 joint venture.