HALIFAX, NS--(Marketwired - November 25, 2016) - Canabo Medical Inc. (TSX VENTURE: CMM) ("Canabo" or the "Company") today provides a corporate update and announces a stock option grant and investor relations engagements.
Canabo, operating across Canada (the "CMClinics") expects another record breaking new patient month in November and is on track to open 4 new clinics by the first quarter of 2017. "We are very happy with our recent expansion progress and are looking forward to expanding our patient base even further while continuing to provide the highest standard of medical cannabis care to patients," said Dr. Neil Smith, Executive Chairman of the Company.
Stock Option Grant
The Company announces that its Board of Directors has approved the granting of 1,775,000 incentive stock options to directors, officers, employees, and consultants (the "Options") pursuant to the Company's Stock Option Plan. Directors and officers of the Company were awarded 650,000 and 575,000 stock options respectively. The Options are exercisable at a price of $0.90 per share, expire on November 25, 2021 and vest over a twenty-four (24) month period.
Canabo is pleased to announce that it has formalized consulting agreements with the following companies to assist with its investor relations program;
Stonebridge Partners LLC
Based in Miami, Stonebridge Partners LLC ("Stonebridge") is a global corporate communications and consulting ﬁrm with a depth of expertise in marketing, strategy, equity research, and advisory services. Under the terms of the agreement, Canabo will pay Stonebridge US$3,500 per month for a term of three months. Stonebridge will assist Canabo in gaining exposure and recognition within the global cannabis investment community.
MAPH Enterprises LLC
Based in Coral Gables, MAPH Enterprises LLC ("MAPH") is a global consulting firm with expertise in the cannabis sector. Under the terms of the agreement, Canabo will pay MAPH a monthly fee of US$15,000. MAPH will provide the Company with business advisory and consulting services for the purpose of creating market awareness of the Company.
Neither Stonebridge nor MAPH have direct or indirect beneficial ownership, control or direction over any securities of the Company and further, neither have the right to acquire securities of the Company as compensation for services outlined above.
About the Company
Canabo is a Canadian corporation incorporated on March 19, 2014. Canabo wholly owns and operates Cannabinoid Medical Clinics, Canada's largest chain of referral-only clinics for medical cannabis. After opening in 2014, Canabo now has ten clinic locations, including Toronto, Barrie, Ottawa, Hamilton, Halifax, St. John's, and Edmonton, with a number of additional clinics planned for opening in 2016 and 2017.
The principal business carried on and intended to be carried on by Canabo is the operation of strictly referral-only medical clinics for evaluating the suitability of, prescribing, and monitoring cannabinoid treatments for patients suffering from chronic pain and disabling illnesses. Clinics operated by Canabo are staffed by physicians and qualified health care practitioners specifically trained to assess patient suitability for cannabinoid treatment, recommend treatment regimes, and monitor treatment progress. Canabo sees patients only on a physician-referral basis. The Marihuana for Medical Purposes Regulations ("MMPR") requires that medical marijuana must be prescribed by a health care practitioner; however, no cannabinoid products or medical marijuana are sold at Canabo's medical clinics.
The stock option grant is subject to Toronto Venture Exchange (the "TSXV") approval. The TSXV has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release.
Forward Looking Statements
Except for historical information, this press release contains forward-looking statements, which reflect Canabo Medical Inc.'s current expectations regarding future events. These forward-looking statements involve known and unknown risks and uncertainties that could cause Canabo's actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, our ability to access capital, the successful and timely completion of opening clinics, regulatory changes, competition, approvals and other business and industry risks.
The forward-looking statements in this press release are also based on a number of assumptions which may prove to be incorrect. Forward-looking statements contained in this press release represent views only as of the date of this release and are presented for the purpose of assisting potential investors in understanding Canabo's business, and may not be appropriate for other purposes. Canabo does not undertake to update forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation. Investors are cautioned not to rely on these forward-looking statements and are encouraged to consult with a professional investment advisor.