July 15, 2019
Jamie Blundell, President & COO is pleased to provide the following update on Avicanna Inc., one of CGOC’s private holdings:
Avicanna Inc. (“Avicanna”), one of CGOC’s private portfolio holdings, a company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, recently announced that it obtained receipt for its final long form prospectus (the “Prospectus”) filed in connection with its completed special warrant offering, for gross proceeds of approximately $22.1 million (the “Offering”). As well, Avicanna has received conditional approval from the Toronto Stock Exchange (“TSX”) to list its Common Shares on the TSX as an Industrial (Research & Development) issuer, subject to the completion of customary requirements of the TSX, including the receipt of all required documentation. Following receipt of final approval from the TSX, the Common Shares are expected to commence trading on the TSX under the symbol “AVCN”.
The Prospectus qualified the distribution of 2,228,328 common shares of the Company (the “Common Shares“) and 1,114,164 common share purchase warrants (the “Warrants“) issuable for no additional consideration upon the exercise or deemed exercise of special warrants of Avicanna (the “Special Warrants“) issued under the Offering. Each Warrant entitles the holder thereof to acquire one Common Share until April 15, 2021, at a price of $10 per Common Share, subject to acceleration in certain circumstances.
As a result of obtaining the receipt for the Prospectus, all unexercised Special Warrants will be automatically exercised on July 15, 2019, without any further action on the part of the holders.
To read the full press release, please follow this link.
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For further information please contact Cannabis Growth Opportunity Corporation:
|Website: www.cgocorp.com||Investor Relations Email: firstname.lastname@example.org|
Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.
Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).
Avicanna’s research and development business is primarily conducted out of Canada at its headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto. Avicanna’s scientific team develops products, and Avicanna has also engaged the services of researchers at the Leslie Dan Faculty of Pharmacy at the University of Toronto for the purpose of optimizing and improving upon its products.
Avicanna’s research and development and cultivation activities are focused on the development of its key products, including plant-derived cannabinoid pharmaceuticals, phyto-therapeutics, derma-cosmetics and Extracts (defined as plant-derived cannabinoid extracts and purified cannabinoids, including distillates and isolates), with a goal of eventually having these products manufactured and distributed through various markets.
For more information please visit avicanna.com.