FinCanna Capital Corp. (OTCQB: FNNZF) (CSE: CALI) a royalty company for the U.S. licensed medical cannabis industry, announced today that Cultivation Technologies Inc., (CTI) its first investment in California, has achieved US$1 million in cumulative revenue since it commenced commercial operations in late January 2018.
FinCanna announced previously this week that CTI has expanded its network of dispensaries carrying Coachella™ Premium brand of cannabis concentrates and vape cartridges which features all the major concentrate types, including diamonds, sauce, shatter, batter, and sugar, with an ongoing list of strains, to ten locations including premium dispensaries across California.
“We are very pleased to see the sales performance of CTI which has translated into its first US$1 million in revenue at only a fraction of its capacity,” said Andriyko Herchak, President and CEO of FinCanna Capital. “With its sales team in place building out an ever-expanding distribution footprint, and it’s manufacturing ramping up we see a bright future as we move into the second half of 2018.”
CTI is working to maximize the commercial potential of its extraction facility, which can process an estimated 6,000 pounds of biomass per month, which translates to approximately 3.7 million grams of raw cannabis oil annually. FinCanna is entitled to receive 50% of the profits from this extraction facility.
CTI, through its subsidiaries, Coachella Manufacturing and Coachella Distributors, has helped pioneer cannabis “Extraction-as-a-Service” or “Contract Manufacturing” which it provides to brands, cultivators, manufacturers and distributors who require licensed Butane Hash Oil (“BHO”) processing for their biomass or contract manufacturing services for various products.
With divisions that fulfill the various levels of procurement of cannabis products, including distribution to retail dispensaries, CTI has been at the forefront of this developing industry – including meeting the complex standards required to be fully-licensed within the state.
Coachella Manufacturing is one of the first companies to operate a legal solvent extraction facility for cannabis in California. In support of safe manufacturing practises, CTI, has been actively engaged in sponsoring state legislation AB2679, which sets the standards and institutional best practises for cannabis extraction using solvents.
“We’re quite encouraged about the revenue growth CTI is experiencing in just a few short months since launching operations,” said Miguel Motta, President & CEO of Cultivation Technologies, Inc. “We’ve learned a lot about the market and expect to build upon our initial success in 2018 and beyond.”
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