QVI's Facility is Designed for Annual Operating Capacity of ~US$45 Million
VANCOUVER, BC / ACCESSWIRE / March 16, 2021 / FinCanna Capital Corp. ("FinCanna") (CSE:CALI)(OTCQB:FNNZF), a royalty company for the U.S. licensed cannabis industry, is pleased to announce growing demand and onboarding of state leading cannabis brands for its investee company QVI, Inc. doing business as "The Galley", a cannabis-infused product manufacturer located in Sonoma County, California.
Andriyko Herchak, CEO of FinCanna Capital said, "We're very happy with QVI's growing roster of great brands and the continued increase of monthly re-orders from these customers. This accelerating growth clearly demonstrates the abilities of QVI's outstanding team led by CEO Annie Holman and their growing reputation across the industry for excellence. We are witnessing a breakthrough year for QVI and look forward to sharing in their success with an increasing monthly royalty income stream for our shareholders."
QVI's 8,300 sq. ft. state-of-the-art co-manufacturing facility located in Santa Rosa, CA, is built to FDA and CDPH standards and has been fully operational since July 2020. The company is experiencing a steady increase in re-orders from existing clients that is establishing an increasing base of recurring monthly revenues. Additionally, the company is benefitting from accelerating demand for its services from a growing roster of over 35 in-state and out-of-state brands including some of the most in-demand consumer names like, Laurie + MaryJane, with Laurie being named "the Martha Stewart of Marijuana Edibles" by The New Yorker magazine, additional description below, as well as House of Saka, and Green Bee Botanicals, that have provided the following testimonials.
Laurie + MaryJane is an award-winning, family-owned, and women-led edible company launched in 2014 and based out of Portland, Oregon. Laurie is a trained chef as well as medical cannabis patient and advocate. In 2014 Laurie started the company with her daughter-in-law Mary, a Jane-of-all-trades. Their sacred mission: "to make the most delicious, reliable, and effective cannabis edibles."
"Moving the production of our infused wines to the Galley was among the best decisions we've made to date," said House of Saka, CEO, Tracey Mason. "Their professionalism, attention to detail and unwavering commitment to the highest quality standards are simply unmatched. We look forward to growing with them in the years to come."
Bridget May, CEO of Green Bee Botanicals states "It is a treat to work with Annie Holman and The Galley. Her production team, who has recently produced a batch of our award-winning Brightening Eye Cream, is efficient and knowledgeable. They asked all the right questions and even pointed out alternative procedures we hadn't considered in the production process. I have complete confidence in The Galley and their ability to produce our products perfectly."
QVI management attributes the acceleration of customer demand to its automated manufacturing expertise, superior production quality and its "one-stop shop" capability to produce virtually all high-value cannabis products including edibles, topicals, tinctures, chocolate, hard candies, gummies and beverages under one roof. Additionally, its outstanding R&D team has the ability to assist brands in launching not only new individual products but whole new product lines. The Galley's operational design also positions the business to rapidly scale production as demand escalates towards its annual operating capacity of approximately US$45 million. For more information about "The Galley" please visit www.thegalleysr.com
Annie Holman, CEO of QVI Inc. stated, "We are extremely pleased with our growing roster of client Brands which is a testament to our multi-talented production team's ability to consistently deliver the very best quality in the market. The word is getting out. The Galley is being increasingly recognized as "the" manufacturing solution for in and out-of-state Brands who recognize that in a competitive marketplace, only the "best" will do."
QVI's immediate goal is to become the premier contract cannabis manufacturer in California, the largest single market in North America and, upon success, to license products nationally and globally.
The legal U.S. cannabis market is expected to reach more than US$41 billion in annual sales by 2025 with California, the single largest market in North America, representing an estimated 20% market share or US$8.2 billion. (New Frontier Data)
About FinCanna Capital Corp.
FinCanna is a royalty company that provides growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry. The company earns its revenue from royalties paid by its investee companies that are calculated based on a percentage of their total revenues.
FinCanna's scalable royalty model provides an attractive alternative or complement to debt or equity financing for its investee companies. FinCanna is focused on delivering high-impact returns to its shareholders by way of a strategically diversified investment portfolio.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
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 forward-looking statements, other than statements of historical fact, included herein include but are not limited to the statements relating to the effectiveness of QVI's products or services, the ability of QVI to continue and expand operations and the timing thereof, the success of sales and other marketing plans, the size, expected capacity, success of operations and future revenues and timing thereof, QVI's ability to obtain financing for the development of its business and its ability to pay FinCanna royalties or other amounts when due. 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.
SOURCE: FinCanna Capital Corp.