FinCanna’s Flagship Investment Secures Largest Power Supply in Coachella’s Cannabis Zone
FinCanna’s Flagship Investment Secures Largest Power Supply in Coachella’s
Cannabis Zone
VANCOUVER, British Columbia, Jan. 24, 2018 -- 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
Forward-Looking Information
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-
looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without
limitation, statements about FinCanna’s ability fund and acquire a royalty in CTI, the ability of CTI to fund, develop and
construct the Coachella Facility, the size , capacity and requirements of the Coachella Facility and FinCanna’s ability to
generate revenues therefrom. By their nature, forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements, or other future events, to be materially
different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such factors include, among others, the risks identified in the CSE listing statement available at www.SEDAR.com and other
reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that statements are made and the respective companies
undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing
undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking
information to reflect new events or circumstances unless required by applicable law.