TORONTO, Feb. 4, 2019 /CNW/ - Cannabis Growth Opportunity Corporation ("CGOC", or the "Company") (CSE: CGOC), a cannabis focused investment corporation with both public and private cannabis holdings, announces an investment in NorCal Cannabis Company ("NorCal"), one of the largest vertically integrated cannabis operators focused on cannabis products and brands. This investment reflects CGOC's commitment to investing in organizations poised to drive long-term growth for the company's investors.
NorCal currently operates the leading direct-to-consumer delivery platform for retail sales across the Golden State, in part, due to a strategic partnership with Eaze, the technology, ecommerce and delivery platform, and has built a team of experts combining 50+ years of cannabis experience in California. The Company has a wide range of production assets through the value chain including indoor flower, extracts, edibles and infused products. In addition to NorCal's production and delivery assets, the company owns and operates two dispensaries with 10 under development, making it poised to be the largest operator in the state.
Jamie Blundell, President and Chief Operating Officer of CGOC commented, "We are very pleased with our recent investment in NorCal, a leader in one of the world's largest and fastest growing cannabis jurisdictions, California. The Company's leadership team is highly experienced and well networked, which we believe positions them to carry out their growth initiatives in cultivation, extraction and building out their brands and dispensary networks. We are very excited to be a part of the NorCal vision for growth and look forward to seeing them achieve their milestones."
Douglas Cortina, Chief Executive Officer of NorCal commented, "We are pleased to be a part of CGOC's portfolio of cannabis investments, and value their advice, network and access to the Canadian capital markets. We are aligned with their beliefs of a long-term growth profile for the industry and are committed to our own expansion and growth initiatives, centered in California, the world's largest Cannabis market."
CGOC invested $1,328,520 CAD for 2,018,163 shares in NorCal. NorCal plans to deploy this capital to increase production and manufacturing at its leading-edge Santa Rosa campus, expand its statewide delivery platform and increase its retail and customer-facing footprint. With this raise, the Company is also paving the way for a potential 2019 public listing.
NorCal Cannabis is one of the largest vertically integrated cannabis operators in California. The Company currently operates state-of-the-art production facilities, including more than 100,000 sq. feet of indoor flower canopy, manufacturing, processing, packaging and distribution assets. NorCal also operates the leading network of statewide delivery depots and is led by a team of experts combining 50+ years of cannabis experience in California with seasoned leadership in tech, finance and real estate.
For more information visit www.norcalcann.com.
CGOC is an investment corporation that offers unique global exposure to the emerging global cannabis sector. CGOC's main objective is to provide shareholders long-term total return through its actively managed portfolio of securities, both public and private, operating in, or that derive a portion of their revenue or earnings from products or services related to the cannabis industry.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Cannabis Growth Opportunity Corporation
For further information: please contact Cannabis Growth Opportunity Corporation: Jamie Blundell, President & COO, Website: www.cgocorp.com, Tel: (647) 946-2462, Investor Relations Email: [email protected]