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OTTAWA, Dec. 14, 2018 /CNW/ - Cannamerx, the fully automated international auction platform for wholesale cannabis, cannabis products, and genetics is pleased to announce that it has entered into a strategic alliance agreement with Trichome Financial Corp. ("Trichome"). Trichome is a specialty finance company focused on providing flexible and creative capital solutions to the global legal cannabis market.
Under the terms of this strategic alliance, Trichome may provide Cannamerx participants with specialty finance solutions to facilitate the trade of cannabis, cannabis products, and cannabis genetics sold or purchased through the Cannamerx platform, or via the Cannamerx Future Supply Auction process.
"We see this alliance as an important part of our strategy to become the leading provider of specialty finance solutions to the cannabis industry," said Michael Ruscetta, CEO of Trichome. "Over the past year, Cannamerx has established itself as an important player in the Canadian cannabis industry. By facilitating trade between buyers and sellers, we believe that this strategic alliance will be key to helping the cannabis industry mature into a sophisticated, diversified industry in Canada, and globally."
Dietwald Claus, CEO of Cannamerx, added "We were impressed with the breadth and depth of Trichome's experience structuring innovative financing solutions and their exclusive focus and dedication to the growth of the cannabis industry. We feel that they are well positioned to assist Cannamerx participants address critical short and long-term financial needs not adequately addressed by the market today. These kinds of solutions are well-established in other industries but have yet to become common in the cannabis sector. We look forward to working with Trichome to help bring a broader array of financing solutions to the cannabis industry."
Both companies emphasize that this strategic alliance does not involve any kind of payment between Trichome and Cannamerx. Furthermore, Cannamerx does not have any financial stake in Trichome, nor does Trichome have any financial stake in Cannamerx. This is in line with Cannamerx's standing policy to never accept or pay referral fees from or to any of its partners, or to have any kind of financial stake in any cannabis related company or allow any cannabis related company to have any kind of financial stake in Cannamerx.
Cannamerx is the only fully-automated B2B auction platform for the legal cannabis industry, enabling licensed cannabis companies to trade bulk cannabis, cannabis products, and cannabis genetics with each other in an easy, low-cost manner fully compliant with Canadian and international regulations. Since its launch in November 2017, more than 40 Canadian licensed cannabis companies have joined Cannamerx. Since June 2018, Cannamerx has helped facilitate the trade of more than 25t of cannabis and cannabis products through its automated auction platform as well as supply agreement auction process. Access to Cannamerx is open to any cannabis company licensed to trade in cannabis, cannabis products, or cannabis genetics. For more information on Cannamerx, visit www.cannamerx.com. Cannamerx's current assets are all based in Canada, and it has no operations or assets in the United States.
About Trichome Financial Corp.
Trichome was incorporated on September 18, 2017 and is a specialty finance company focused on providing flexible and creative capital solutions to the global legal cannabis market. It was created to address the lack of credit availability in the large, growing and increasingly complex cannabis market. Founded by industry leaders Origin House, Stoic Advisory, and Sprott Inc. (TSX: SII), Trichome's experienced management team has a unique edge to capitalize on proprietary deal flow and insight while developing a first mover advantage as a global cannabis focused specialty finance company. Trichome provides customized financing solutions across the industry value chain to support growth, capital expenditures, M&A, working capital and other needs. Leveraging the combined resources and knowledge of its founders and management, it is able to offer significant value-added financial, product, market and operational support to its partner companies. Trichome's current assets are all based in Canada and it has no operations or assets in the United States.
For further information: Dietwald Claus, Chief Executive Officer, Cannamerx, Telephone: (613) 402-6379, Email: [email protected]; Michael Ruscetta, Chief Executive Officer, Trichome Financial Corp., Telephone: (416) 561-2541, Email: [email protected]