Maricann Group Inc. (CSE:MARI) (FRANKFURT:75M) (OTCMKTS:MRRCF) (“Maricann” or “the Company”), is pleased to announce it has completed 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. Maricann is now positioned 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.
“A phenomenon has occurred in Switzerland, where people are substituting or modifying tobacco consumption with low THC cannabis (less than 1% THC). We are executing our strategy with the goal of becoming a meaningful leader in this category, in Switzerland and across Europe. Normal distribution of cannabis products in retail outlets across Switzerland gives us an opportunity to bring an elevated standard of product to the market, thereby enhancing the consumer’s experience of cannabis.” Commented Ben Ward, CEO of Maricann.
Haxxon was acquired for CHF 2,000,000 (~$2,580,000 CAD) in cash and 3,848,505 common shares of the Company to be issued and delivered within 10 business days of closing. Up to an additional 132,707 common shares are issuable after the second anniversary of the closing of the transaction, provided certain representations and warranties of the seller remain in good standing.
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, to support existing and future patient growth.
For more information about Maricann, please visit our website at www.maricann.com
Forward Looking Information
Certain statements in this document, including, without limitation, statements with respect to Haxxon, its future activities, including cultivation of feminized low THC cannabis plants and other subjects, 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 or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements, necessarily involve risks and uncertainties, including those discussed herein, that could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to its operations, expansion project, Haxxon, Haxxon’s future activities and other future events, and are based on information currently available to the Company and on assumptions, which it considers reasonable. In the case of Haxxon future activities, management has based its statements in part on current and historical activities of Haxxon and assumed its business will be successfully continued, expanded and integrated to Maricann’s business. Management cautions readers that the assumptions relative to the future events, several of which are beyond Management’s control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Factors which could cause results or events to differ from current expectations include, among other things: inability for Maricann to integrate Haxxon and realize the benefits of the acquisition of Haxxon, 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; failure to obtain all necessary regulatory approvals; risks inherent to building and bringning into production new facilities; uncertainties with respect to estimated production capacity based on designs and plans; 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 and other risks identified in the Company’s latest annual information form and other disclosure documents filed under its profile at www.sedar.com. 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.
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
The post Maricann Group Announces Closing of Haxxon Acquisition appeared first on Investing News Network.