FinCanna Investment Refined Resin Technologies Inc. Secures First Purchase Order in the Minimum Amount of US$840,000
Refined Resin a Premier Bulk Producer of THC Distillate and High-Value Concentrates for California’s Growing Demand of Extracts Receives First Purchase Order from a Prominent California Brand
Vancouver, British Columbia, September 26, 2018 - FinCanna Capital Corp. (“FinCanna”) (CSE: CALI) (OTCQB: FNNZF) a royalty company for the US licensed medical cannabis industry, is pleased to announce that its investee company Refined Resin Technologies Inc. (“Refined Resin”) of Oakland, California has received its first purchase order for THC distillate in the amount of US$840,000. Refined Resin is a cannabinoid research and refinery company that provides B2B products and services to licensed brands, dispensaries and distributors in the medical cannabis supply chain.
This purchase order was received from a high volume, top California cannabis brand that manufactures a diversified product line, which is distributed across the state. The purchase order of $840,000 is specified as a minimum annual amount with the expectation that monthly volumes and associated payments could escalate based on consistent delivery and performance.
Refined Resin continues to meet with suppliers, contractors and potential customers in support of its commercial launch expected in early 2019. The company anticipates that this will be the first of a series of purchase orders it will acquire based on advanced discussions in progress with a number of interested parties.
Refined Resin is currently retrofitting a legally zoned, state-of-the-art medical cannabis extraction laboratory, in Oakland, California. Accordingly, this purchase order is non-binding as the Refined Resin facility is under construction and Refined Resin must also complete the licensing process. The facility is targeted to be fully operational by early 2019.
“To secure a large purchase order from a top California brand is a testament to the stature of the Refined Resin team and bodes well for future demand,” said Andriyko Herchak, President and CEO of FinCanna Capital. “Refined Resin’s principals have extensive experience in extraction, manufacturing, business operations and marketing that is evidenced by their ability to obtain an order of this size while still completing their production facility. This accomplishment is a clear demonstration of their ability to grow a lucrative business which should be highly rewarding for the Refined team and our FinCanna shareholders.”
It is Refined Resin’s intention to become a premier producer of bulk quantities of THC distillate and various high value concentrates produced via hydrocarbon-based solvent extraction. The company plans to provide white-labeling services to licensed brands and infused product manufacturers.
About Refined Resin Technologies Inc.
Refined Resin Technologies, based in Oakland, California, is a cannabinoid research and refinement company focussed on the medical cannabis industry to provide B2B products and services to licensed dispensaries, infused product manufacturers and numerous others in the medical cannabis supply chain.
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
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