VANCOUVER, British Columbia, July 12, 2018 (GLOBE NEWSWIRE) — FinCanna Capital Corp. (“FinCanna”) (CSE:CALI) (OTCQB:FNNZF) a royalty company for the U.S. licensed medical cannabis industry, reports that Cultivation Technologies Inc. (CTI) its first investment in California, announced today that it has executed an agreement with Phoenix Tears LLC, to be the exclusive manufacturer and distributer of official Phoenix Tears THC based products in California.
Since its inception in 2010, Phoenix Tears—through its cannabis research and formulations—has supported more than 200,000 individuals through its brand and products which now resonate globally.
The Phoenix Tears-branded portfolio of THC based products will initially include a full spectrum of oil dispensers, vaporizer cartridges and vaporizer kits, as well as topicals. All products will feature formulations developed by Janet Rosendahl-Sweeney, a co-founder of the Phoenix Tears organization, and will be manufactured exclusively by CTI’s state-licensed subsidiary Coachella Manufacturing. These products will be sold and distributed primarily through CTI subsidiary Coachella Distributors and potentially other strategic distributors to ensure state-wide coverage.
“This agreement represents a significant step forward for CTI as they continue to build out their manufacturing, distribution and marketing businesses of cannabis and cannabis-related products,” said Andriyko Herchak, President and CEO of FinCanna Capital. “This agreement continues to validate our investment in CTI, and gives our shareholders growing access to the burgeoning medical cannabis market in California.”
“We’re proud to have Phoenix Tears as part of our growing stable of trusted brands, and expect significant demand following our informal survey of the market this year,” said Justin S. Beck, chief strategy officer and co-founder of CTI. “Californians will finally be able to purchase official Phoenix Tears products through our dispensary partners. These offerings will be produced with the rigor and time-tested formulas that have made Phoenix Tears a trusted brand.”
Phoenix Tears CEO, Janet Rosendahl-Sweeney, said, “The manufacturing facilities, sales force, and market knowledge certainly distinguish Cultivation Technologies in a highly-competitive, fast-moving business environment. Cultivation Technologies is a solid partner with the requisite resources and experience to help us quickly entrench our presence throughout California.”
In exchange for providing formulations, production SOPs, and general assistance with marketing and demand creation, Phoenix Tears will receive a fee from Coachella Manufacturing for each product produced by the company for an initial term of six years.
About Cultivation Technologies Inc.
Cultivation Technologies Inc. headquartered in Irvine, California, provides infrastructure, manufacturing, extraction, distribution, technology, and branding to the legal medical cannabis industry. The company owns 6-acres in Coachella, California, which is entitled for a 111,500+ square foot facility featuring cultivation centers, manufacturing facilities, a testing lab, a distribution hub featuring transportation, and a centralized processing center.
For more information, visit www.CultivationTech.com, www.CoachellaManufacturing.com, or www.CoachellaDistributors.com. The Company acquired temporary licenses for “Type 7” manufacturing and distribution from the State of California in January 2018, which operate from temporary facilities from the 6-acre Coachella site. State-licensed retailers in California are encouraged to contact Coachella Distributors to place pre-orders for Phoenix Tears products.
About Phoenix Tears
Phoenix Tears has two legally separate manufacturing companies that produce cannabis products for consumer use. Phoenix Tears Network Inc is focused in the Hemp Derived CBD market and produces products for distribution through traditional retail channels and the internet. Phoenix Tears LLC/Phoenix Tears Pharms LLC is focused in the medical marijuana market and produces products for distribution through Licensed Dispensaries in States that have adopted Medical Marijuana Laws. Phoenix Tears and its companies is considered one of the industry’s foremost leaders in the research, production, and use of cannabis solutions. Phoenix Tears is headquartered in Denver, Colorado, and has offices in Las Vegas and New York. To learn more about Phoenix Tears, visit www.PhoenixTearsFoundation.com and www.phoenixtearswellness.com.
About FinCanna Capital Corp.
FinCanna Capital provides financing to top-tier companies in the licensed medical cannabis industry in exchange for a royalty on revenues. FinCanna, led by a team of finance and industry experts, is building its diversified portfolio of royalty investments in scalable, best-in-class projects and companies in U.S. legal states, with a focus on California. For additional information visit www.fincannacapital.com and FinCanna’s profile at www.sedar.com.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about FinCanna’s ability to source suitable projects, the development and construction of the CTI’s facility at Coachella, and the size and success of operations at the Extraction Facility and FinCanna’s ability to generate revenues therefrom. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the CSE listing statement and other reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.