TORONTO, April 13, 2018 (GLOBE NEWSWIRE) -- Maricann Group Inc. (CSE:MARI) (FRANKFURT:75M) (OTCMKTS:MRRCF) (“Maricann” or “the Company”), is pleased to announce it has entered into a definitive agreement with respect to the acquisition of all outstanding shares of Haxxon AG (“Haxxon”). The acquisition of Haxxon forms a critical element of the Company’s European expansion strategy. When complete, the acquisition will allow Maricann to enter the Swiss market through Haxxon’s production of feminized high CBD cannabis plants. Haxxon operates within a 6,000 sq. m. (~64,500 sq. ft.) indoor facility in Regensdorf, Switzerland; an industrial suburb of Zurich, located less than 10 minutes from the airport.
CEO Ben Ward commented: “Maricann will enhance Haxxon’s existing operations by investing 4,800,000 CHF to improve existing cultivation facilities, improving yield, then add extraction and post-processing capabilities to create finished products for inhalation as a tobacco substitute. These products will comply with both Swiss and European law with THC below 1% for the local market, and THC below 0.2% for the broader European market.”
Chief Scientific Officer Steven Bennett, PhD. stated earlier: “Indoor cultivation of high-quality Cannabis sativa strains (hemp) allows us to optimally control the environment to express and preserve the cannabinoid and terpenoid profiles desired for inhalation, which is not easily achieved with outdoor hemp. The cultivation of high CBD strains requires attention similar to high THC strains. In both cases, the best starting materials are required to make the most effective and sought-after products.”
The transaction is scheduled to close on or about May 15th, 2018, or as soon as possible, subject to regulatory approval and the approval of the holders of the Company’s 9% secured convertible debentures holding 66 2/3% in principal amount of the outstanding debentures being obtained by no later than May 31, 2018. Haxxon is being acquired for CHF 2,000,000 in cash and CHF 6,000,000 in common shares of the Company at the 20-day VWAP ending two trading days before closing.
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 Burlington, Ontario, 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 942,000 sq. ft. (87,515 sq. m) build out, with a designed expected capacity of producing 95,000 kg (based on conservative estimates) 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.com
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Director of Investor Relations
Corporate Headquarters (Canada)
Maricann Group Inc. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
European Headquarters (Germany)
Thierschstrasse 3, 80538 Munchen, Deutschland
Source:Maricann Group Inc.