TORONTO, May 9, 2019 /PRNewswire/ - Cannabis Growth Opportunity Corporation ("CGOC", or the "Company") (CSE: CGOC), a cannabis-focused investment corporation with both public and private cannabis holdings, is pleased to announce a new investment within its private portfolio in MKK Canada Corporation ("Balcanns"), a burgeoning cannabis supplier in North Macedonia.
With the European cannabis market estimated at approximately US$63 billion at full maturity, Balcanns is creating a European producer of premium medical cannabis extracts. Strategically located in North Macedonia with a number of advantages including: a low corporate tax rate; location at the crossroads of two main European transportation corridors (well positioned to supply key European cannabis markets); a qualified labour force at competitive costs; an ideal climate for cannabis production; and North Macedonia is in the process of entering the EU and NATO. The Company is building out its initial facility on its 54-acre property, the largest of its kind in the country, which will be used to produce high-quality, indoor grown GMP certified premium cannabis extracts. Balcanns anticipates achieving its license within 3-4 months with a goal to fast-track to production within 14 months.
Jamie Blundell, President and Chief Operating Officer of CGOC commented, "We are pleased to announce our recent investment into Balcanns, which is situated in North Macedonia, a great location to tap into the European cannabis market. As with all-of our private investments, we are focused on longer-term growth as well as investments that give us exposure to emerging markets.
"We are happy to support Balcanns and are pleased to be a part of their initial growth stage. We look forward to providing updates on Balcanns progress through our email blasts as new information becomes available."
CGOC invested $100,000 for 800,000 shares in Balcanns.
Balcanns is looking to become a GMP (Good Manufacturing Practice) certified medical cannabis supplier in a low-cost European environment. Balcanns has a diverse and experienced team consisting of global experts in plant biology, commercial hydroponic production, and controlled environmental systems, led by a strong senior management team (who have expertise in hydroponics and plant commissioning, as well as an extensive in-country network in the Balkans) and a board of directors who have extensive cannabis and capital markets experience.
CGOC is an investment corporation that offers unique global exposure to the emerging global cannabis sector. CGOC's main objective is to shareholders long-term total return through its actively managed portfolio of securities, both public and private, operating in, or that derive a portion of their revenue or earnings from products or services related to the cannabis industry.
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SOURCE Cannabis Growth Opportunity Corporation