BURLINGTON, ONTARIO -- (Marketwired) -- 01/11/18 -- Maricann Group Inc. (CSE: MARI)(CSE: MARI.CN)(CNSX: MARI) ("Maricann" or "The Company"), is pleased to provide investors with the following Operational Update post the closing of our recent $40MM financing.
Canadian Operations
-- Phase One construction of our state-of-the-art Langton, ON facility is
currently on time and within 2% of budget. We anticipate planting to
begin in Q2 of 2018 following a Health Canada Inspection. Initial
production capacity is expected to be 22,500 kg per year.
-- The main processing area is structurally complete (90,000 sq. ft)
-- The mother, clone, and vegetation area is structurally complete (37,000
sq. ft)
-- The 1.55MM litre water cistern is structurally complete
Please see link for an overhead illustration of the facility - http://bit.ly/2CPCFsZ
-- Phase Two and Phase Three construction has commenced, targeted to bring
our future capacity to 95,000 kg per year.
-- The Pilot of our retail pharmacy partnership with a leading Canadian
pharmacy operator kicks off this month. National Launch is expected to
move forward in April 2018. This exclusive agreement will allow Maricann
to supply patients of approx. 25% of Canada's pharmacies directly with
medicinal cannabis
German Operations - Q1
-- We anticipate to receive both a Narcotics Import and Wholesale license
by the end of March 2018
-- We expect to receive GMP certification of our Canadian operations,
permitting export to Germany of packaged dry cannabis flowers in
February 2018.
-- We expect to start distributing 25mg CBD VesiSorb capsules in February
2018.
Please visit our website for an updated presentation - www.maricann.com
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 Toronto, Canada and Munich, Germany, with production facilities in Langton, Ontario, Canada where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. and Dresden, Saxony, Germany. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 847,000 sq. ft. (78,688 sq. m) build out, capable of producing 95,000 kg of dry cannabis flower per year to support existing and future patient growth.
For more information about Maricann, please visit our website at www.maricann.ca.
Forward Looking Information
Certain statements in this document contain forward-looking statements which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "desires", "will", "should", "projects", "estimates", "contemplates", "anticipates", "intends", or any negative such as "does not believe" or other variations thereof or comparable terminology. No assurance can be given that potential future results, events or circumstances described in the forward-looking statements will be achieved or will occur on a timely basis or at all. By their nature, these forward-looking statements, necessarily involve risks and uncertainties, including those discussed herein, that could cause actual results, events or circumstances to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to future results, events or circumstances, and are based on information currently available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the assumptions relative to the future results, events or circumstances, several of which are beyond Management's control, could prove to be incorrect, given that they are subject to certain risks and uncertainties, and that actual results may differ materially from those projected. Factors which could cause results or events or circumstances to differ from current expectations include, among other things: construction delays, weather issues, delays in getting required permits, fluctuations in operating results; the impact of general economic, industry and market conditions; the ability to recruit and retain qualified employees; fluctuations in cash flow; increased levels of outstanding debt and obligations under a capital lease; expectations regarding market demand for particular products and the dependence on new product development; the impact of market change; and the impact of price and product competition. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Contacts:
Investor Relations:
Graham Farrell
Director of Investor Relations
647-643-7665
graham@maricann.com
Corporate Headquarters (Canada)
Maricann Group Inc. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
Canada
289-288-6274
European Headquarters (Germany)
Maricann GmbH
Thierschstrasse 3, 80538 Munchen, Deutschland
