Maricann Group Announces Proposed Acquisition
Maricann Group Inc. (CSE:MARI)(CSE:MARI.CN)(CNSX:MARI) (“Maricann” or “the Company”), is pleased to announce a non-binding term sheet for the proposed acquisition of all outstanding shares of Haxxon AG (“Haxxon”) for an aggregate purchase price of CHF 8,000,000, of which CHF 2,000,000 will be payable in cash and the remainder in common stock of the Company at the 20-day vwap prior to closing. The arrangement provides Maricann a period of exclusivity to allow the Company to complete the necessary due diligence and enter into a binding definitive agreement.
Haxxon is based in Regensdorf, Switzerland; an industrial suburb of Zurich located less than 5 minutes from the airport. Haxxon operates in a 60,000 sq. ft. facility where it cultivates female hemp cannabis flowers, with less than 1% THC to the European market. Current production is 2,210 kg of dried cannabis flower with costs of CHF 650/kg and realized selling prices of CHF 2,600 to CHF 3,500, with higher prices paid for less THC.
The acquisition of Haxxon, if completed, will allow Maricann to produce cannabis flowers in Switzerland which would then be manufactured into finished products. These products would include cannabis vape cartridges, cannabis pre-roll cigarettes with no tobacco, unlike other current offerings, and CBD isolates in the form of finished dose pharmaceuticals, including VesiSorb capsules.
The transaction is subject to completion of due diligence, the entering into definitive binding documentation and receipt of all necessary approvals. The transaction is targeted to close by March 30, 2018.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario, Canada where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. and Dresden, Saxony, Germany. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000 sq. ft. (87,515 sq. m) build out, capable of producing 95,000 kg of dry cannabis flower per year to support existing and future patient growth.
For more information about Maricann, please visit our website at www.maricann.com.
