TORONTO, Sept. 19, 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 the company's updated net asset value per common share ("NAV") of $2.85 at the close of business on September 16, 2019. This represents growth of 23% since the Initial Public Offering ("IPO"), on January 26, 2018, and 3% year to date.
CGOC is invested in companies operating in Canada, the U.S., Europe, Latin America, Jamaica and Israel, with an investment split across the private and public portfolios of 40% and 60% respectively. CGOC's top ten public investments as of September 16, 2019 (in alphabetical order) are: Bhang Inc (CSE: BHNG), Grassroots Cannabis, (not yet listed), Heritage Cannabis (CSE: CANN), Jushi Holdings Inc. (NEO: JUSH.B), LPF Investment Corp. ("Loudpack", not yet listed) Next Green Wave (CSE: NGW), Planet 13 Holdings Inc. (CSE: PLTH), TerrAscend Corp. (CSE: TER), and VIVO Cannabis (TSX-V: VIVO).
Jamie Blundell, President and Chief Operating Officer of CGOC commented, "CGOC realized a loss of 4% over last month compared to the North American Marijuana Index, which realized a 7% loss. Since CGOC's IPO, our NAV has grown by 23% compared to the NAMMAR, as well as a number of other market indices which declined by an average of 45% in the same time period. The continued overall decline in cannabis markets has contributed to the decline in our NAV as well as share price. We continue to experience downward pressure however, the overall portfolio's negative performance continues to be offset by the private portfolio holdings."
CGOC also announces that Mr. John Durfy will not seek re-election to the Board of Directors at the end of the fiscal year, October 31, 2019. The Company expresses its sincere thanks to Mr. Durfy for his efforts and guidance over the first two years of operations.
Gary Yeoman, Chairman of the Board commented, "On behalf of the board of directors and management, John has been an asset to the Company, and I wish to thank him for his hard work and support since inception and over the course of the past two years."
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.
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NAV is a non-IFRS (international financial reporting standards) measure and was calculated based on the estimated value of CGOC's investments less its liabilities, divided by the number of common shares outstanding. The term NAV does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. Management believes that NAV can provide information useful to its shareholders in understanding its performance and may assist in the evaluation of its business relative to its peers.
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: Cannabis Growth Opportunity Corporation: Jamie Blundell, President & COO, Tel: (647) 946-2462, Website: www.cgocorp.com, Investor Relations Email: [email protected]