TORONTO, ON--(Marketwired - September 29, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES
PharmaCan Capital Corp. (TSX VENTURE: MJN) ("PharmaCan" or "the Company") is pleased to announce that it has entered into a definitive Purchase Agreement to acquire approximately 17 acres of land adjacent to the existing campus of its wholly-owned subsidiary In the Zone Produce Ltd. ("ITZ") in the Okanagan Valley, BC (the "Property"). An artesian well on the Property, with the capacity to pump 200+ gallons per minute, will provide a free source of on-site water for the production facility. Concurrent to this transaction, the Company plans to merge the Property into ITZ's existing municipal address.
"This purchase will more than double our acreage at ITZ. This is another important step in executing our strategic vision for the ITZ platform and preparing the Company to take full advantage of the coming recreational market," said Mike Gorenstein, Chief Executive Officer of PharmaCan.
The Property will be purchased for total consideration of $600,000 cash, and will be funded with cash on hand. The Company anticipates the closing of the transaction on or about October 21, 2016.
About PharmaCan Capital Corp.
PharmaCan Capital Corp. is a holding company for Licensed Producers under Canada's Marihuana for Access to Cannabis for Medical Purposes Regulations ("ACMPR"). With interests in five licensed producers and three license applicants, PharmaCan is focused on building iconic brands providing patients with compassionate, personalized care. For more information, please visit http://pharmacancapital.com/.
About In The Zone Produce Ltd.
In the Zone Produce Ltd. is a Licensed Producer of medical marihuana under Canada's ACMPR program. Its facility currently resides on a 14-acre parcel of land owned by PharmaCan in the Okanagan Valley in British Columbia. http://www.inthezoneproduce.com
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about the potential production capacity of Peace and the growth of Peace. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Except as required by law, PharmaCan disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements. This news release contains information obtained by the Company from third parties, including but not limited to market data. The Company believes such information to be accurate but has not independently verified such information. To the extent such information was obtained from third party sources, there is a risk that the assumptions made and conclusions drawn by the Company based on such representations are not accurate.
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