ABcann Global Corporation (TSX-V:ABCN)
(Frankfurt:23Q) (OTCQB:ABCCF) (the “Company”) is pleased to
provide an update on the Company's construction and expansion
timelines for its Vanluven and Kimmett facilities, both located in
Napanee, Ontario.
ABcann confirms that plans to commence
construction at the Company's Kimmett facility in Q3 2017 remain on
track, and the previously announced plans for a 71,000 square foot
Phase 1 plan have been expanded to 100,000 square feet. In addition
to the Kimmet construction plans, ABcann has initiated immediate
expansion and construction at its current production facility at
Vanluven to double production capacity and service the Company's
growing patient base on an expedited timeline.
ABcann's current cash position is approximately
$43 million, which the Company expects will be sufficient to
complete both the Phase 1 100,000 square foot construction at
Kimmett and the expansion at Vanluven.
"ABcann's strong cash position from its go
public transaction, subsequent warrant exercises and recently
announced equity financing for $2.25 per share has positioned the
Company to aggressively expand our production capacity at both
Vanluven and Kimmett," said ABcann CEO and director, Aaron Keay.
"The imminent expansion plans and decision to expand our Phase 1
construction plans at Kimmett are in line with ABcann's corporate
strategy to take advantage of the current domestic demand for a
high quality standardized pesticide free product, in addition to
becoming a strong competitor in a number of the emerging markets
internationally."
The Kimmett facility will be constructed on a 65 acre
property (http://www.abcannglobal.com/Kimmet-Facility.php) that is
wholly-owned by the Company and located very close to ABcann's
existing Vanluven production facility in Napanee. Our existing
acreage provides ABcann the opportunity to continue expansion
post Phase 1 construction of up to 1,200,000 square feet of
production space. Additional updates and timelines with respect to
the Kimmett and Vanluven development plans are as follows:
- First cultivation from the Kimmett facility is expected in Q4
2018.
- Kimmett reaching full production capacity is expected in Q1
2019.
- First cultivation from the expansion areas at Vanluven is
expected in Q1 2018.
- Bird Construction Inc. will act as the General Contractor for
both the Kimmett and Vanluven projects (see "About Bird",
below).
- NORR Engineering has been engaged to act as project engineer
(see "About NORR", below).
"ABcann has moved methodically through each
stage of our growth since first obtaining our license in 2014.
Providing a high quality standardized pesticide free product to our
patients remains our number one priority as we initiate our largest
expansion plans to date,” said founder and director, Ken Clement.
"With a proprietary growing technique that is repeatable and
consistent, we are in a great position to deploy our capital and
production knowledge on a massive scale."
Since commencing trading on May 4, 2017, ABcann
has received approximately $7.0 million additional dollars through
the exercise of warrants.
About Bird:
Bird Construction Inc. (“Bird”) is a national
general contractor with deep roots in Eastern Canada. Its national
reach provides its Eastern Canadian team an unprecedented
experience base while still remaining competitive in local
markets.
At Bird, the values of Safety, Teamwork,
Integrity, People, Professionalism, and Stewardship are the
underpinnings of success. With more than 96 years of experience in
the construction industry, Bird's unwavering commitment to service
delivery, planning and cost-efficient construction strategies has
led to many loyal partnerships. As a leading general contractor in
Canada, Bird turns ideas into reality through exceptional client
service and value creation. Bird's resumé includes pre-construction
and construction services with a long list of new and repeat
clients.
Bird has also become a key design-build and
equity member of many public-private partnership projects. With its
broad market reach, Bird's clients include leading firms in the
commercial, institutional, retail, high-rise residential,
industrial, mining, energy, defense construction and civil sectors.
Since opening its doors in 1920, Bird has undergone substantial
growth, with its employee base nearing 2,000 staff across the
country. Bird’s success covers most delivery models including
Alternative Finance Projects (AFP), design-build, construction
management and conventional fixed price contracts. For more
information about Bird, see its website at: www.bird.ca.
Visit our web site at: www.bird.ca
About NORR:
NORR was founded in Toronto in 1938 by John B.
Parkin who had a design vision of timeless clarity and honesty of
expression in architecture. Today, in its 80th year, it continues
to pursue that vision with 700 staff in 21 global offices in
Canada, USA, UAE, UK and India. NORR is a Canadian, privately held
company owned by its employees.
With over 200 staff members, NORR's Toronto
office provides fully integrated Functional Programming, Planning,
Architecture, Interior Design, Structural, Mechanical, Electrical
Engineering as well as Project Management. NORR has received
countless industry awards for its work across 20 different client
sectors.
Similarly, NORR’s integrated A/E Ottawa office –
which is becoming one of the largest in the city – is entrusted
with some of the most important local assignments. This is because
of its complement of over forty, highly experienced, locally based
staff.
NORR’s strengths lie within its people. As a
privately held, integrated multi-disciplinary consulting firm with
a long history of working together, NORR exceeds expectations for
all of its clients. Its staff takes pride in this record. Part of
its success is due to its approach to projects. NORR ensures the
best of its people are dedicated. It leads all of its projects with
senior staff, and has a large pool of resources to ensure it can
deliver to its clients' expectations.
About ABcann Global Corporation
(TSX.V: ABCN):
ABcann 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, contains 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 pursuing
opportunities in Germany, Australia and other jurisdictions as well
as exploring the development of multiple delivery vehicles.
ON BEHALF OF THE BOARD OF DIRECTORS
"Aaron Keay"
Aaron Keay CEO and Director
For further information, please contact Aaron Keay by email at
aaron@ABcannglobal.com, or Leo Karabelas by phone at 416 543-3120
or by email at leo.k@ABcannglobal.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Disclaimer for Forward-Looking
Information
Certain statements in this release are
forward-looking statements, which are statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future.
Forward-looking statements in this news release include statements
relating to: (i) the scope and expected timing of the Company’s
proposed expansions at its Vanluven and Kimmett facilities; (ii)
the expected amount and timing of production therefrom; (iii) the
expected service providers in connection with the expansions; and
(iv) the Company’s ability to deploy its capital and production
knowledge on a massive scale. Such statements are subject to risks
and uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements, including: (i) changes to applicable legislation or
regulatory requirements; (ii) construction delays; (iii)
difficulties sourcing necessary production material in the time
expected or at all; (iv) changes to the anticipated costs of the
expansions that require the Company to obtain additional capital;
and (v) other factors beyond the Company's control. No assurance
can be given that any of the events anticipated by the
forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them. Readers are urged to
consider these factors, and the more extensive risk factors
included in the Company’s filing statement dated March 31, 2017
which is available on SEDAR, carefully in evaluating the
forward-looking statements contained in this news release and are
cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by these
cautionary statements. The forward-looking statements in this news
release are made as of the date hereof and the Company disclaims
any intent or obligation to update publicly any such
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable securities laws. Statements in this news release
regarding Bird and NORR have been provided by Bird and NORR,
respectively, and have not been independently verified by the
Company.
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