Maricann Secures $42,500,000 Non-Dilutive Financing for Further German Expansion
TORONTO, May 04, 2017 (GLOBE NEWSWIRE) -- Maricann Group Inc. (CSE:MARI) (Maricann or the "Company") is pleased to announce that Maricann has secured $42,500,000 in non-dilutive financing to further expand production in Germany.
The $42,500,000 non-dilutive financing comes from The Green Streaming Finance Company of Canada Inc. a Vancouver-based company that provides non-equity financing solutions for cannabis producers. The streaming payment will be made in return for the right to purchase 20% of production at an all in cost + 10% from expansion funded by Green Streaming in Germany. "We are pleased to be funding Maricann and their expansion efforts in Germany. This is a win-win relationship for Maricann and Green Streaming Finance, with no dilution to Maricann shareholders and a stable, reliable, renewable stream of revenue to Green Stream Finance from a proven producer of medicinal cannabis," said Donald McInnes, founder of Green Streaming Finance. Under the terms of the agreement, Maricann will receive investment in two tranches, $15,000,000 and a $27,500,000.
This financing will fully fund the planned 150,000 sq. ft (13,935 square meters) expansion of cultivation operations in its Ebersbach Facility and an additional 250,000 sq. ft. (23,255 sq. m.) of expansion in a two tiered cultivation plan, as well as an outdoor hemp farm from which Maricann will derive high CBD content active pharmaceutical ingredients. The Ebersbach facility (West of Dresden) is a former Cargill plant constructed 20 years ago at a cost of 80 million EUR at that time. The facility is comprised of multiple individual clean rooms that are ideal for cultivation of cannabis. "The Ebersbach facility offers Maricann a significant advantage in cost of overall construction and speed to market. The infrastructure for cultivation of cannabis in an indoor secured environment is already in place. We simply need to add the fertigation system, lights and benches for growing, and then can be operational. Our competitors are spending north of $70,000,000 CAD for facilities with less than 1/3 the footprint of our Ebersbach location. To construct a similar facility today, the estimated cost would be over 120 million EUR. Maricann entered into a reservation agreement to purchase the facility for a total price of 3,410,000 EUR at closing," said Benjamin Ward, CEO.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The company was founded in 2013 and is based in Langton, Ontario, where it operates a medicinal cannabis cultivation, extraction and distribution business under federal licence from the Government of Canada. Maricann, which has federal licences to cultivate, process and distribute cannabis, services a patient base with more than 8,000 total registered patients since inception. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a fully funded 217,000 sq. ft. (20,159 sq. m), to support existing and future patient growth. Maricann GmbH is a 95% owned subsidiary of Maricann Netherlands BV, a 100% wholly owned subsidiary of Maricann Group Inc.
- April 2013, Maricann Inc. is founded in Langton, Ontario, a well-established agricultural region in southwestern Ontario
- March 2014, Maricann Inc. obtains its Health Canada licence to cultivate plants
- December 2014, Maricann Inc. obtains its Health Canada licence to sell dried cannabis
- January 2015, first dried cannabis sale
- September 2016, Maricann Inc. earns its Health Canada licence to sell cannabis extracts
- October 2016, first sale of extracted cannabis
- December 2016, Maricann Inc. raises $22.5 million in private capital
- January 2017, commences sale of clones
- February 2017, Maricann Inc. raises $10 million in private capital
- April 24, 2017, first day of trading on the CSE
- April 28, 2017, announces Advisory Board of German subsidiary.
For more information about Maricann please visit our website at www.maricann.ca
Forward Looking Information
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. This news release contains certain forward-looking statements that reflect the current views and/or expectations of management with respect to performance, business and future events, including but not limited to express or implied statements and assumptions regarding the Company's business and operations. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
VP Investor Relations
Maricann Group Inc. (C.MARI)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maricann Group Inc. via Globenewswire
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