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FinCanna Capital Corp. announced a non-brokered private placement to raise $1.5 million through the issuance of 12 million units at C$0.125 per unit. Each unit comprises one common share and one-half warrant, with each full warrant exercisable for C$0.18 for 24 months. FinCanna management will invest $750,000 in this placement. Proceeds will fund new royalty investments and general corporate purposes, pending regulatory approvals. This press release does not constitute an offer in the United States, and all securities will be subject to a four-month hold period.
FinCanna Capital Corp. (OTCQB:FNNZF) announced significant updates about its subsidiary, Green Compliance Inc., and its ezGreen software. This HIPAA-compliant point-of-sale (POS) solution caters to cannabis dispensaries and cultivators. Key features include customizable reporting linked to compliance systems, comprehensive inventory tracking, and new home delivery options. The current market drivers include reduced state revenues from COVID-19, potential federal legalization, and increased demand for compliant delivery services. Green Compliance aims to enhance operational efficiencies for dispensaries while expanding its market reach in California.
FinCanna Capital Corp. announced increasing demand for its investee company QVI, Inc., a cannabis product manufacturer in Sonoma County, California. The 8,300 sq. ft. facility, operational since July 2020, is experiencing growth due to its automated manufacturing and strong production quality.
With over 30 client brands, QVI expects to reach an annual capacity of approximately US$45 million. The legal U.S. cannabis market forecasts sales exceeding US$41 billion by 2025, with California representing 20% of this market.
FinCanna Capital Corp. has sold unutilized extraction equipment to its investee, Cultivation Technologies Inc. (CTI), aiming to increase its royalty stream as CTI expects up to a 500% boost in production capacity. FinCanna will receive a 10% royalty on all CTI revenues, plus an additional 10% from the new system until a repayment of $947,000 is met. The equipment is scheduled for installation this month, with production anticipated by April 2021. This move positions FinCanna to benefit substantially from CTI’s growth in the thriving California cannabis market, projected to reach $43.9 billion by 2024.
FinCanna Capital Corp. (OTCQB:FNNZF) announced its participation in the LD 500 Virtual Conference on September 3, 2020, at 12:00 PM PST. CEO Andriyko Herchak will present live and conduct one-on-one meetings throughout the conference, which runs from September 1-4, 2020. Recent highlights include operational status of its two largest royalty investments, a complete acquisition of a third investment, and raising $2.5 million in convertible debentures maturing in Q1 2023. Interested attendees can register here.
FinCanna Capital Corp (CSE:CALI)(OTCQB:FNNZF) announced the acquisition of all assets and economic interests of Green Compliance Inc, its royalty portfolio company, due to an inability to restructure their royalty agreement. FinCanna now owns 100% of Green Compliance, including its proprietary ezGreen software for cannabis dispensaries, enhancing its market position. The acquisition signifies a shift from a royalty model to full ownership, potentially boosting revenue as the software addresses compliance needs in the cannabis industry.