SOURCE: PharmaCan Capital Corp.

PharmaCan Capital Corp.

October 02, 2015 07:30 ET

PharmaCan Announces Termination of In The Zone Produce Ltd. Share Purchase Agreement

TORONTO, ON--(Marketwired - October 02, 2015) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES

PharmaCan Capital Corp. (TSX VENTURE: MJN) ("PharmaCan" or the "Company") announces it has terminated the previously announced (see press release August 25, 2015) Share Purchase Agreement ("SPA") with 2468068 Ontario Inc. ("NWC") for the sale of up to an 80% interest of In The Zone Produce Ltd. ("ITZ") and for the sale of the associated real property.

PharmaCan continues to accelerate the development of the ITZ asset. The comprehensive renovation of the licensed MMPR facility will be completed on or about October 10th, and an inspection date for the review of the renovated facility has been requested from Health Canada. Additionally the development of a detailed master site plan outlining the future expansion of ITZ's property has been completed. It calls for the construction of three additional production buildings totalling 188,000 square feet of additional facility comprised of both greenhouse and closed roof buildings. The master site plan was developed in harmony and consultation with local municipal zoning regulations and by-laws including required setbacks, density coverage and parking.

PharmaCan remains committed to the long-term development of the ITZ asset and may consider other strategic alternatives including with NWC and/or other parties.

PharmaCan also advises that partial payment due as a result of restructuring the original ITZ acquisition price and structure (see press release August 25, 2015) remains outstanding.

About PharmaCan Capital Corp.

PharmaCan is a company in the business of investing in companies either licensed, or actively seeking a license, to produce medical marihuana pursuant to Canada's MMPR. PharmaCan has a diversified portfolio of investments including investments in 5 of the 26 companies licensed by Health Canada to produce medical marihuana.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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