Canadian Cannabis Corp.
OTCBB : CCAN

Canadian Cannabis Corp.

March 03, 2015 08:30 ET

Canadian Cannabis Corporation Expands Operations in Ontario-Set to Acquire Majority Stake in Hemisphere Pharmaceutical

TORONTO, ONTARIO--(Marketwired - March 3, 2015) - Canadian Cannabis Corporation (OTCBB:CCAN) ("CCC") today announced the execution of a Letter of Intent that provides for the acquisition of 60% of the outstanding shares in 8455562 Canada Inc. d/b/a Hemisphere Pharmaceutical ("HPI") based in Brantford, Ontario.

Both HPI and CCC have separate applications to become a Licensed Producer under MMPR. Both companies are currently being reviewed by Health Canada. On February 2, 2014, HPI reached a milestone when it received its "Ready to Build Letter" from Health Canada.

The acquisition would provide CCC with access to all of the operating assets of HPI, including its proposed site at 67 Sinclair Blvd., Brantford, Ontario. The location is in close proximity to CCC's proposed facility in Brampton, Ontario.

"The acquisition of this new proposed site positions CCC to accelerate our business plan and start cultivating earlier than we expected," said Benjamin Ward, CEO of Canadian Cannabis Corporation. "The successful acquisition of HPI, its close proximity to our 100 Rutherford location and an existing 'Ready to Build Letter' from Health Canada places us in an advantageous position."

The "Ready to Build Letter" applies to HPI's facility capable of growing 3,000 kg of high grade medical marihuana and associated processing, packaging, storage, distribution and administration capacity.

Neither HPI nor CCC will possess, produce, sell, provide, ship, deliver, transport or destroy marihuana until licensed to do so by Health Canada.

With the Letter of Intent executed, CCC and HPI will begin their due diligence and negotiations with plans to close the transaction on or about April 1, 2015.

About Canadian Cannabis Corporation

Using an education and research focused platform targeted at healthcare providers and patients, Canadian Cannabis Corporation (CCC) will provide the highest quality medical marijuana to help manage a range of specific medical conditions and helps patients obtain their monthly prescription in a simple, seamless and transparent way. Where other Canadian marijuana growers are struggling with quality control and repeated recalls, CCC has the team and systems in place insure the highest quality for their future patients. CCC is an innovator in the sector with globally recognized experts forming a core of its team including the first federally licensed grower in the United States.

http://canadiancannabiscorp.com/

Forward-Looking Information - Canada

This document contains forward-looking information based on current expectations. Statements about the expected demand for product and Canada Cannabis Corp's (the "Company" or "CCC") ability to meet that demand are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Many factors impact demand positively or negatively and, as with any agricultural product, CCC's production is dependent on a number of factors, many of which are outside of CCC's control. CCC assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.

Cautionary Note Regarding Forward-Looking Statements Safe Harbor - USA:

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased", "plan", "confident that", "believe", "expect", or "intend to", and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's Offering Memorandum, dated May 1, 2014 and accompanying Private Subscription Documents

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