ABcann Global Corporation (TSXV:ABCN) said it has launched FIRESIDE, its first recreational cannabis brand
SmallCapPower | July 31, 2018: ABcann Global Corporation (TSXV:ABCN), a leader in cannabis cultivation technologies, announced on Friday that it has launched its first recreational cannabis brand, FIRESIDE. Crafted specifically for social cannabis users as a premium brand, FIRESIDE will be available in three varieties – FIRESIDE Black, a high THC product; FIRESIDE Red, a medium THC product; and FIRESIDE Gold, a balanced THC/CBD product. To ensure quality, FIRESIDE cannabis will be grown in small batches in craft-like conditions at ABcann’s ISO 9001 certified facilities using refined production techniques. FIRESIDE products will be available in both dried whole-bud and pre-rolled formats when the recreational cannabis market opens in October 2018.
ABcann Global CEO Barry Fishman said, “Our new brands embody our focus on crafting high-quality, consistent products. As a licensed producer of cannabis since 2014, we have the experience, knowledge and focus on innovation required to deliver superior products.”
ABcann Global is a junior cannabis player that has carved out a niche in cultivation technologies that deliver higher yields and consistent quality. The technology centered on its specially-designed, environmentally-controlled growing chambers, results in the production of quality pharmaceutical-grade cannabis products with industry-leading yields of 250 gm/sq ft/year and expected to reach 400 gm/sq ft/year, compared to the industry average of ~200 gm/sq ft/year. ABcann Global is planning aggressive expansion of its flagship facility in Napanee, Ontario, with production targets of over 30,000 kgs annually by 2019.
ABcann Global is also planning international expansion across select jurisdictions. In January 2018, the Company’s Australian subsidiary ABcann Australia Pty Ltd. received an Australian import license, with initial shipments expected in Q3 2018. The other key international market for ABcann is Germany and it expects its distribution license in Q4 2018.
On May 3, 2018, ABcann Global provided a business update, revealing that it has approximately $130 million in cash. Shares of ABcann Global jumped 11% to close at $1.14 on Friday.
ABcann Global stock currently trades at a market cap of $222 million, or 173x its TTM sales of $1.28 million.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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