TORONTO, ONTARIO–(Marketwired – March 28, 2014)
PharmaCan Capital is pleased to announce that it has lent money to certain Licensed Producers under the MMPR, including a loan to Whistler Medical Marijuana Corp. (“WMMC”), a company that PharmaCan has previously invested in. “All of the loans were negotiated quickly and we are pleased that we could deploy capital to support and accelerate our partner’s growth in a timely fashion,” said PharmaCan Capital CEO Paul Rosen.
“With the completion of our recent $9,000,000 financing we are uniquely positioned to fund the growth and development of Licensed Producers and applicants under MMPR,” Mr. Rosen explained. “PharmaCan Capital is and will always be an equity investor and we have now demonstrated our ability to lend capital to LPs where the use of proceeds is clearly opportunistic. We continue to look for investment opportunities and are pleased to support Health Canada’s MMPR by being an early stage provider of capital to the industry.”
Chris Pelz, the founder and majority shareholder of Whistler Medical Marijuana Corp. commented that, “PharmaCan has been a sensational partner to WMMC from day one of their involvement pre-licensing.” Mr. Pelz continued, “Last week we were presented a unique opportunity available only to LP’s that required immediate access to capital and PharmaCan had the money in our account less than 48 hours after we approached them. PharmaCan is a true partner and cares as much as I do about building Whistler into a world-class company. Their value to the Whistler Medical Marijuana Corp. goes a lot deeper than just writing cheques but last week that ability was singularly helpful.”
About PharmaCan Capital
PharmaCan Capital is a Canadian company actively pursuing investment opportunities in the medical and legal cannabis industries. PharmaCan has made three investments in Canadian commercial growers, and to date, two have obtained a license to distribute medical marihuana from Health Canada.