Maricann Announces Phase One of Its Canadian Expansion is Ready to Grow Ahead of Schedule
TORONTO, March 23, 2018 (GLOBE NEWSWIRE) -- Maricann Group Inc. (CSE:MARI) (FRANKFURT:75M) (OTCQB:MRRCF) ("Maricann" or the "Company"), is pleased to announce that on March 20, 2018 the Company received an occupancy permit from Norfolk County for Phase One of its new grow facility in Langton, Ontario. The Company is now ready to begin cultivation in its Canadian expansion subject to receipt of Health Canada approval. Phase One is expected to increase the Company's annual growing capacity to 25,000 kg of dry cannabis flower per year. Phase One is the first 217,000 square feet of a planned 942,000 square foot facility.
Ben Ward, CEO Stated, "We continue progress, executing against our strategy, ahead of the published deliverable date. Occupancy of our new Langton facility granted by Norfolk County is a demonstration of our continued commitment to all aspects of our business. We would like to thank Jeff Ayotte, our VP Infrastructure and his team for delivering the first section of our expansion, ready to produce and move into this next life cycle of the Company."
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, capable of producing 95,000 kg 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.
Forward Looking Information
Certain statements in this press release contain forward-looking statements, including with respect to the Company's timeline for its expansion and plantation activities, positioning in the recreational cannabis market and future production capacity, which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "desires", "will", "should", "projects", "estimates", "contemplates", "anticipates", "intends", "targeted" 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 future events, and are based on information currently available to the Company and on assumptions, which it considers reasonable. 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: adverse weather, uncertainties with respect to legalization of recreational cannabis; risks inherent to expansion project; 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; 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, as well as other risks discussed in its latest annual information form and other disclosure documents of the Company available 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.
CONTACT INFORMATION
Investor Relations:
Graham Farrell
Director of Investor Relations
[email protected]
647-643-7665
Corporate Headquarters (Canada)
Maricann Group Inc. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
Canada
289-288-6274
European Headquarters (Germany)
Maricann GmbH
Thierschstrasse 3, 80538 Munchen, Deutschland
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