CannaOne Provides Corporate Update
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CannaOne Provides Corporate Update
Vancouver, British Columbia, April 9, 2021 - CannaOne Technologies Inc. (CSE: CNNA) (OTC Pink: CNONF)
(FSE: 3CT) (“CannaOne” or the “Company”) is pleased to report that the completion of the Vasu
International Payment Solutions Inc. (“Vasu”) and Payright Pte. Ltd. (“Payright”) transactions has allowed
the Company to further establish building blocks for its Pan-Regional Digital Payment Network with
operations in the Philippines and Singapore.
What does this mean? For the past few years, South East Asia has been a leader in the adoption of
Financial Technology with unicorn businesses like PT Aplikasi Karya Anak Bangsa, doing business as Gojek,
Grab Holdings Inc., Takopedia, and PT Visionet Internasional, doing business as OVO. These rideshare,
ecommerce and payment platforms have experienced significant growth over the past three years.
However, at the same time the region has some of the highest unbanked and underbanked populations
in the world—with the Philippines, Vietnam and Indonesia falling into the top 10 unbanked countries.
The combination of this demand for technology and service, along with a large underserved population,
has created significant demand for a digital payment platform that can enable local businesses to easily
digitize by quickly connecting to all payment methods.
The Company’s strategy, through the establishment of ongoing partnerships, is to continue its focus on
ecommerce opportunities, with a view to creating a single, linked digital financial platform which can
accept any type of payment, and payout any type of payment no matter what the size of the transaction,
what type of currency (including crypto), and what method of payment, is used. The Company’s
management team believes that this digital payment network will play an integral role in the roll-out of
Embedded Finance - The integration of financial services into non-financial websites, mobile applications,
and business processes – forecasted to reach $230 billion in revenue by 2025 by New York based Private
Equity firm, LightYear Capital.
The Vasu and Payright transactions provide the Company with local management teams, market
reputation and strategic partnerships to provide the foundation of this strategy. For more information on
the Vasu and Payright transactions, please see our press releases dated March 8, 2021 and March 31,
2021.
Name Change
As reported March 31, 2021, subject to all necessary regulatory approvals, the Company is proceeding
with changing its name to Lynx Global Digital Finance Corporation, to align more with the Company’s
strategic direction. The Company will make additional announcements once the name change is
completed.
Special Warrant Financing
The Company further reports that it has completed a special warrant financing (the “Special Warrants”)
in which the Company issued an aggregate of 5,000,000 Special Warrants at a price of $0.05 per Special
Warrant for gross proceeds of $250,000 (the “Offering”). Each Special Warrant is exercisable until March
8, 2023 at an exercise price of $0.22, into one unit (a “Unit”) of the Company. On exercise, each Unit will
consist of one common share of the Company (each, a “Common Shares”) and one common share
purchase warrant (each, an “Underlying Warrant”) with each such Underlying Warrant being exercisable
for one Common Share at an exercise price of $0.50 for a period of 24 months from the date of issuance.
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Christopher Cherry, the Chief Financial Officer and a director of the Company participated in the Offering,
acquiring 250,000 Special Warrants on the same terms as other investors for gross proceeds $12,500 (the
“Insider Participation”). The Insider Participation constitutes a “related party transaction” pursuant to
Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-
101”). The Company is exempt from the requirement to obtain a formal valuation or minority shareholder
approval in connection with the Insider Participation under MI 61-101 in reliance on Sections 5.5(a) and
5.7(1)(a) of MI 61-101 due to the fair market value of the Insiders Participation being below 25% of the
Company’s market capitalization for purposes of MI 61-101. The Company did not file a material change
report 21 days prior to the expected closing date of the Offering as the details of the Insider Participation
in the Offering had not been finalized at that time. The Offering has been approved by the board of
directors of the Company with the directors participating in the Offering having disclosed their interest in
the Offering. The Company has not received, nor has it requested a valuation of its securities or the subject
matter of the Insider Participation in the 24 months prior to the date hereof.
ABOUT CANNAONE TECHNOLOGIES:
Since inception CannaOne has focused on development and deployment of its proprietary online
marketplace platform. Integral to the true intent and directive of the long-term planning of these
development efforts was an early-stage technology agreement to allow for integration of a payment and
financial technology platform to facilitate merchant sales within its online platform. As such, since March
2017 the company has worked closely with payment technology providers in South East Asia, to ascertain
the pathways to the greatest potential for future growth in the world's fastest growing digital payment
markets. With the existence of ever-evolving international relationships with parties specifically focused
on the facilitation of payment processing and bank acquiring infrastructure, the Company sees potential
to increase revenue over time with the continued integration and utilization of complete payment
processing capabilities within our online marketplace solutions. The Company will look to expand its
online client portfolio to include additional business sectors, such as those to service the payment
processing requirements of e-commerce providers most effectively.
CannaOne seeks to become a global leader in financial technology, solutions, and services for merchants
as it works hand in hand with select niche banking partners. CannaOne intends to integrate PCI certified
payment solutions with its proprietary and proven online marketplace technology platform to offer a truly
comprehensive suite of products and services to serve B-to-B merchant clientele. The Company has
targeted banking relationships outside of North America, (specifically in SE Asia), and by working with
selected banking or licensed EMI partners, our solutions may include merchant acquiring solutions;
integrated payment solutions; global eCommerce solutions; core processing and ancillary applications
solutions; digital and online marketplace solutions, including internet, mobile and eBanking; fraud, risk
management and compliance solutions; electronic funds transfer and network services solutions; and/or
card and online retail payment solutions. The Company is focused on organic growth while investigating
potential strategic acquisitions, that may contribute critical technology applications, services and
immediate revenue streams that can complement or enhance our existing offerings and potentially
increase or expedite our path to future profitability. While Cannaone believes that significant near-term
opportunities exist for the Company's solutions, there can be no assurance that customer agreements will
be reached or that such agreements will be profitable should they be implemented.
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For more information, please contact:
Michael Penner, CEO
(604) 396-9974
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE
REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute “forward-
looking information” under Canadian securities legislation, including with respect to the ability of the
Company to establish ongoing partnerships and create a single, linked digital financial platform, or the
effectiveness of its existing partnerships in this strategy, its name change to Lynx Global Digital Finance
Corporation, which remain subject to regulatory approvals, and the ability of the Company to execute its
business plans. Generally, forward-looking information can be identified by the use of forward -looking
terminology such as, “will be”, or variations of such words and phrases or statements that certain actions,
events, or results “will” occur. Forward-looking statements are based on the Company's estimates and
are subject to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance, or achievements of CannaOne to be materially different from those
expressed or implied by such forward-looking statements or forward-looking information, including
capital expenditures, other costs, or implied future forecasts. The Company further again cautions that all
forward-looking statements are inherently uncertain, and that actual performance may be affected by a
number of material factors, many of which are beyond the Company's control. Such factors include,
among other things: risks and uncertainties relating to the Company's limited operating history and the
need to comply with governmental regulations. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking statements and
information. CannaOne will not update any forward-looking statements or forward-looking information
that are incorporated by reference herein, except as required by applicable securities laws.