FinCanna Capital Corp. (OTCQB: FNNZF) (CSE: CALI) a royalty company for the U.S. licensed medical cannabis industry, is pleased to announce that its investee company Refined Resin Technologies Inc. (“Refined Resin”) of Oakland, California has acquired its second purchase order for THC distillate in the minimum amount of US$9.6 million. Refined Resin is a cannabinoid research and refinery company that provides B2B products and services to licensed brands, dispensaries and distributors in the medical cannabis supply chain.
This purchase order was received from a prominent, large volume, California cannabis enterprise whose business interests include brands, products, and a California wide distribution network. The purchase order of US$9.6 million is specified as a minimum annual amount with the expectation that monthly volumes and associated payments would significantly increase based on consistent delivery and performance.
Refined Resin continues to meet with suppliers, contractors and potential customers in support of its commercial launch expected in early 2019. Refined Resin anticipates that it will secure additional purchase orders based on advanced discussions in progress with a number of interested parties.
Refined Resin is currently retrofitting a legally zoned, state-of-the-art medical cannabis extraction laboratory, in Oakland, California. Accordingly, this purchase order is non-binding, as the company needs to complete construction and the associated licensing process required for commercial operation. The facility is targeted to be fully operational by early 2019.
“This multimillion-dollar order from an industry leading distributor illustrates the outstanding reputation and confidence in the Refined Resin team from leading players in the California market“ said Andriyko Herchak, President and CEO of FinCanna Capital. “We see this trend continuing as the Refined Resin team has a deep network and a known industry standard to deliver a high-quality THC distillate.”
It is Refined Resin’s intention to become a premier producer of bulk quantities of THC distillate and various high value concentrates produced via hydrocarbon-based solvent extraction. The company plans to provide white-labeling services to licensed brands and infused product manufacturers.