FinCanna Advances Second Tranche of Capital to ezGreen Compliance to Drive Continued Growth
VANCOUVER, British Columbia, Aug. 08, 2018 (GLOBE NEWSWIRE) — FinCanna Capital Corp. (“FinCanna”) (CSE: CALI) (OTCQB: FNNZF) a royalty company for the U.S. licensed medical cannabis industry, announces that it has advanced US$ 1 million to its investee company ezGreen Compliance (“ezGreen”) which offers a state-of-the-art enterprise compliance and point-of-sale (POS) software solution for licensed medical cannabis dispensaries and cultivators.
FinCanna has now advanced US$ 1.75 million of the US$ 3 million to be funded under the Royalty Agreement, which entitles FinCanna to a perpetual royalty equal to 10% of consolidated gross revenues of Green Compliance, subject to certain buy-back options. The final payment of US$1.25 million, which FinCanna is fully funded for, will be due upon certain commercial milestones being met by ezGreen Compliance.
ezGreen will be allocating the capital to advance their comprehensive compliance strategy which will include the expansion of their sales department and the hiring of a project management team to support the company’s marketing effort to their affiliate network which includes a pipeline of over 200 dispensary client locations.
Additionally, the company aims to accelerate the technological development of their Cannabis-National Drug Code (NDC) program, which includes multiple integrations with leading cannabis technology platforms. ezGreen will also be investing to further advance their all-inclusive suite of products and services which provides their dispensary customers with a front-to-back compliance solution including secure customer data storage and transmission, Health Insurance Portability and Accountability Act (HIPAA) certified reporting and third-party inventory validation. The ezGreen technologies are designed to work with all existing client hardware in delivering a seamless and cost-effective transition to their fully compliant management and reporting system.
“The ezGreen team is committed to creating state of the art compliance technologies that keep pace with a rapidly evolving regulatory environment,” said Andriyko Herchak, President and CEO of FinCanna Capital. “Compliance reporting is quickly becoming an essential requirement for industry participants, and we believe ezGreen Compliance is perfectly positioned to capitalize on this very substantial market opportunity.”
Specifically developed to address the needs of the cannabis Industry, ezGreen Compliance is a HIPAA certified POS solution developed and supported by Automated HealthCare Solutions (AHCS). AHCS is a leading point of care tracking and dispensing software solution developed over the past 16 years which currently supports 3,500+ active physician operated clinics and dispensaries, all while maintaining HIPAA compliance following essential Health and Human Services standards in the United States.
ezGreen recently hosted a panel of cannabis industry experts and stakeholders to discuss the state of cannabis compliance, as it relates to HIPAA national requirements for cultivators and dispensaries.
The event was filmed by Green Flower Media and will be released for viewing in September 2018.
About ezGreen Compliance
ezGreen Compliance, located in Fort Lauderdale FL, provides through its ezGreen software technology, a proven state-of-the-art enterprise compliance and point-of-sale software solution for licensed medical cannabis dispensaries and cultivators. Navigating through state-by-state license, tax and compliance issues has been challenging for the legal cannabis industry. ezGreen Compliance helps its customers comply with both the Health Insurance Portability and Accountability Act (“HIPAA”) and State Laws by ensuring patients’ confidential data is being handled properly, helping to protect from possible security breaches and financial and criminal liability resulting from potential violations. For more information around a HIPAA compliance strategy for the Cannabis industry, please visit www.ezgreencompliance.com.
About FinCanna Capital Corp.
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 in U.S. legal states, with a focus on California. For additional information visit www.fincannacapital.com and FinCanna’s profile at www.sedar.com.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about the market for, and effectiveness of, ezGreen software, the ability of ezGreen Compliance to expand operations and generate sales and revenues, the results of operations of Chameleon Collective, FinCanna’s ability to fund and source future projects, and FinCanna’s ability to earn and realize revenues from its investee companies. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the CSE listing statement available at www.SEDAR.com and other reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the respective companies undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.