Vancouver, British Columbia–(Newsfile Corp. – August 29, 2022) – FinCanna Capital Corp. (CSE: CALI) (OTCQB: FNNZF) (“FinCanna“) (“the Company”), an investment company focused on the U.S. licensed cannabis industry, filed on SEDAR today its annual financial statements and MD&A, which state that subsequent to the fiscal 2022 year end, the Company effectively discontinued operations as it made a determination not to continue funding QVI, Inc., its last remaining operating investee company. Substantially, all of the Company’s investments have been written off.
Andriyko Herchak, CEO of FinCanna Capital said, “We are very disappointed that even with substantial capital investment from FinCanna, including significant amounts that FinCanna’s executives have personally invested, and continued efforts from the QVI and FinCanna teams, the business has been unable to generate enough sales revenue to fund its ongoing operations. The cannabis market in California has been extremely challenging. With no clear path to financial sustainability in the foreseeable future, FinCanna has made the difficult decision to no longer fund QVI. We are currently in discussions with our secured debenture holders about a go-forward plan and will provide updates as additional information becomes available.”
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Certain statements and information in this news release contain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Such forward-looking statements include but are not limited to statements or information with respect to the Company’s discussions with its secured convertible debenture holders about a go-forward plan.
Although management of the Company believe that the assumptions made and the expectations represented by such forward-looking statements are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Forward-looking statements by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: the Company may not be above to negotiate an acceptable go-forward plan with its secured debenture holders; the Company may not be able to continue as a going concern.
The Company does not undertake to update any forward-looking information, except in accordance with applicable laws.
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