World News: 08:05 GMT Thursday 6th December 2018. [FinCanna Capital Corp. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, Dec. 06, 2018 (GLOBE NEWSWIRE) -- FinCanna Capital Corp. (“”) (CSE: CALI) (OTCQB: FNNZF), a royalty company for the U.S. licensed medical cannabis industry, has advanced US $750,000, the third and final tranche of its US $3 million capital commitment, to its investee company Refined Resin Technologies Inc. of Oakland, California. Refined Resin is a cannabinoid research and extraction company that provides B2B and B2C products and services to licensed dispensaries and distributors in the medical cannabis supply chain.
This capital is the third and final tranche to be advanced as Refined Resin implements its to operationalize its legally zoned, 6,000 square foot, state-of-the-art medical cannabis extraction laboratory. This final payment will fund Refined Resin through build out.
Refined Resin has now finalized its architectural renderings and submitted for its Building Permit (the “Permit”) which kicks-off its phase-two build-out program prior to full commercialization. Initial site inspections by Oakland city authorities have occurred and the Permit is expected prior to Dec. 31, 2018. Upon approval, construction refit of its 6,000 square foot manufacturing facility will commence and will include installation of all manufacturing equipment required for full production. The construction is expected to be completed in approximately 90 days of Permit approval with initial production the month after.
Refined Resin has also submitted and received it first signature approvals for its Cannabis Permit Application Inspection Card, which, once complete, will allow the company to conduct its business within the City of Oakland. Full approval is granted upon final fire and safety inspection of the manufacturing facility.
Based on these initial city permit approvals, Refined Resin has submitted for its California Temporary License for Cannabis Manufacturing and its Temporary Cannabis Distributor License under the state’s Type 7 license protocols. Upon approval of these licenses Refined Resin expects to submit for the Annual State Permit by Dec. 31, 2018.
Upon completion of construction and receipt of the required permits Refined Resin will be moving expeditiously to fulfill annual minimum purchase orders of $10,400,000. The company expects to add to that total based on buying interest from a number of significant parties.
For more information on FinCanna’s now funded, initial royalty arrangement with Refined Resin including information regarding FinCanna’s right to acquire an “additional royalty” for the consideration of US $1.795 million in cash and stock as previously announced please visit the .
“We are very pleased to see the company hitting key milestones as it moves towards full commercialization,” said Andriyko Herchak, President and CEO of FinCanna Capital. “With its strong leadership team in place we have every confidence that the company will deliver a first class facility and with its deeply rooted industry relationships continue to build on its already growing order book to the benefit of both Refined Resin and our FinCanna shareholders.”
Refined Resin’s intention is to become a premier producer of bulk quantities of THC distillate and various high value concentrates produced via hydrocarbon-based solvent extraction. The company also plans to provide white-labeling services to licensed brands and infused product manufacturers who do not have direct access to compliant production facilities. Brands and manufacturers who work in conjunction with Refined Resin will also be able to utilize their in-house distribution and marketing expertise as part of their value-add service offering.
Refined Resin Technologies, based in Oakland, California, is a cannabinoid research and refinement company focussed on the medical cannabis industry to provide B2B and B2C products and services to licensed dispensaries, infused product manufacturers and numerous others in the medical cannabis supply chain.
FinCanna 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 exclusively in U.S. legal states, with a focus on California.
The company is differentiated by its royalty business model that is based upon providing capital to best in class U.S. cannabis businesses for a percentage of their top line revenue. It is a “stream of income” model that supports the growth of investee companies by providing them with an infusion of cash on terms that are less restrictive than debt and without the requirement to surrender a large equity stake in their business.
In return, FinCanna receives ongoing cash payments based on a negotiated percentage of an investee’s topline revenue. FinCanna diversifies its risk by investing in multiple sectors to generate multiple income streams in various industry verticals.
For additional information visit and FinCanna’s profile at .
Globe Newswire: 08:05 GMT Thursday 6th December 2018
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