The Galley Now Approaching Profitability as it Continues to onboard New Customers looking to bring Cannabis Infused Products into the California Market
VANCOUVER, BC / ACCESSWIRE / October 5, 2021 / FinCanna Capital Corp. ("FinCanna") (CSE:CALI)(OTCQB:FNNZF) an investment company for the U.S. licensed cannabis industry, is pleased to announce its portfolio company QVI Inc. doing business as the "The Galley", is experiencing strong customer demand and increasing revenue growth as it approaches profitability. As previously announced, FinCanna has signed a binding Letter of Intent to increase its investment to 100% ownership of QVI Inc.
The Galley has a strong roster of new clients including brands with new IP, multi-state operators and large established California cannabis brands, all scheduled to come on board in October that will further increase revenues. Additionally, QVI is experiencing a steady flow of re-orders from existing clients that is establishing an increasing base of monthly recurring revenues.
Annie Holman, founder and CEO of QVI Inc. stated, "We are thrilled with the growth we're seeing from both in and out of state brands which we attribute to our amazing team and our ability to formulate and produce just about any type of cannabis infused product that the market demands. We are increasingly being recognized as "the" co-manufacturing solution when only the "best" will do."
The Galley, a Type N licence holder allows brands with new IP, multi-state operators, out-of-state and existing California brands to bring cannabis infused products into the market much faster and more efficiently than permitting, licencing, financing and constructing their own manufacturing facilities. Additionally, there is a growing number of highly recognized out-of-state brands wanting to quickly establish market share in California but have no existing footprint or ability to penetrate the market without a licenced manufacturing facility.
Andriyko Herchak, CEO of FinCanna Capital said, "As QVI approaches profitability, we are increasingly confident our investment in QVI will generate a strong ROI for shareholders and anticipate that revenues will increase substantially over the coming months from repeat business, new customer commitments and the launch of the Galley's own branded products. The growing customer demand continues to prove the co-manufacturing model. Enabling brands to outsource their infused cannabis production is a critical, yet highly underserved part of the cannabis supply chain in California, and we are well positioned to fill this gap in the market."
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. For more information about "The Galley" please visit www.thegalleysr.com.
About QVI
QVI Inc, which stands for Quality, Value and Integrity, doing business as "The Galley", is an 8,300 sq. ft. state of the art cannabis-infused co-manufacturing facility is built to FDA and CDPH standards located in Santa Rosa CA. "The Galley" has been fully operational since June 2020 and continues to aggressively add to its book of business of cannabis brand manufacturing clients.
The company attributes the acceleration of customer demand from a growing roster of in-state and out-of-state brands 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. For more information about "The Galley" please visit thegalleysr.com.
QVI's immediate goal is to become the premier contract manufacturer in California, the largest single market in North America and, upon success, to license products nationally and globally
About FinCanna Capital Corp.
FinCanna is an investment company that provides growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry. FinCanna is focused on delivering high impact returns to its shareholders by way of a strategically diversified investment portfolio.
For additional information visit www.fincannacapital.com and FinCanna's profile at www.sedar.com.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Investor Relations:
Arlen Hansen
Kin Communications
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[email protected]
Forward-Looking Information
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 statements, other than statements of historical fact, included herein including, without limitation, statements about the potential acquisition of 100% of the issued and outstanding shares of QVI; market for, and effectiveness of, QVI products or services, the ability of QVI to commence and expand operations and generate sales, revenues profits and positive cashflows, the operating capacity of QVI's facility, and FinCanna's ability to earn and realize revenues from its investee companies. 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 that the acquisition of 100 % of QVI may not complete as currently anticipated, or at all; and 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.