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January 24, 2018 03:05 ET | Source: FinCanna Capital Corp.
VANCOUVER, British Columbia, Jan. 24, 2018 (GLOBE NEWSWIRE) -- FinCanna Capital Corp. (“FinCanna”) (CSE:CALI), is pleased to report that its flagship investment in California, Cultivation Technologies, Inc. (“CTI”), has completed its obligations to secure an additional five (5) megawatts of power from the local utility company, Imperial Irrigation District (“IID”). This increases CTI’s total available power to seven (7) megawatts, the largest power commitment in the Coachella Cannabis Zone from IID. The new power upgrade provides requisite power for construction and operation of the planned Coachella Campus.
According to CTI knowledge and area stakeholders, no other viable short-term option exists for significant power in the Coachella Cannabis Zone, creating barriers for other development involving indoor cultivation.
FinCanna CEO, Andriyko Herchak, comments, “CTI securing this additional five megawatts represents a significant milestone for the development of the project. The operators of CTI continue to advance milestones that are imperative for the development of what is planned to be a leading medical cannabis facility.”
CTI currently holds local permits for the Coachella Campus that allow for construction of the project and allow CTI to conduct medical cannabis operations on-site, subject to regulatory requirements. CTI plans to construct a cultivation, extraction, manufacturing, and distribution facility in phases on its Coachella property (“Coachella Campus”), a fully-entitled six-acre site which it owns outright in Coachella, California.
Additionally, CTI has signed a conditional lease-build-to-suit agreement for its Coachella Campus with Graceland Industries, Inc., an entity controlled by Michael Barker of Barker Pacific Group, Inc., a real estate developer based in Los Angeles, California. Barker Pacific Group, Inc. has completed, developed, or redeveloped over US$2.5 billion in commercial real estate projects.
Pursuant to the funding agreement between FinCanna and CTI, FinCanna has agreed to fund certain amounts of capital to CTI to purchase a royalty equaling up to 14% of CTI’s revenues generated by the Coachella Campus. On January 15, 2018, FinCanna announced that the original structure was adjusted to provide 14% of revenues of the Coachella Campus paid as a royalty (previously 10% to be paid as a dividend).
About Cultivation Technologies
Cultivation Technologies, Inc. provides infrastructure, technology, and branding to the licensed medical cannabis industry. The first major project for the company is in Coachella, California, entitled for 6-acres of cultivation centers, extraction and manufacturing facilities, a testing lab, a distribution hub, and a centralized processing center. For more information, visit www.CultivationTech.com.
About FinCanna Capital Corp.
FinCanna is a royalty company for the licensed medical cannabis industry, 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 Capital Corp.
Andriyko Herchak, CEO & Director
Investor Relations:
Arlen Hansen
Kin Communications
1-866-684-6730
CALI@kincommunications.com
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