FinCanna Capital Corp., a royalty company for licensed medical cannabis, and Astar Minerals Ltd. (TSX.V: TAR) this morning announced that FinCanna will share 50 percent of the profits from Cultivation Technologies’ (“CTI”) interim medical cannabis extraction facility operating in Coachella, California. The new arrangement, which commenced on October 1, 2017, is expected to provide FinCanna with a source of monthly revenue before the construction of CTI’s Coachella campus is completed as planned. As noted in a news release issued on September 12, 2017, this interim medical cannabis extraction facility on the Coachella premises was established in accordance with CTI’s Conditional Use Permit, and, per this morning’s update, it has already begun to produce medical extracts for sale. “Our new arrangement with CTI provides us an immediate source of revenues from the Coachella Campus sooner than was originally contemplated under our original funding agreement, as we now no longer have to wait until the permanent facility is completed,” Andriyko Herchak, president and CEO of FinCanna, stated in the news release. “Moreover, as our flagship investment, the initiation of revenue from CTI also proves out our well-structured royalty investment model.”
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About FinCanna Capital Corp.
FinCanna is a royalty company for licensed medical cannabis, 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 and Astar entered into a binding agreement on July 13, 2017, pursuant to which Astar will acquire all of the issued and outstanding common shares of FinCanna on a one for one basis (the “Transaction”).
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