Cann-Is Capital Corp. Announces Termination of Qualifying Transaction

TORONTO, Feb. 26, 2020 (GLOBE NEWSWIRE) — Cann-Is Capital Corp. (the “Corporation”) (TSX-V: NIS.P), a capital pool company under Policy 2.4 of the TSX Venture Exchange (“CPC Policy”), announces that it will not be proceeding with the proposed Qualifying Transaction with CWE European Holdings Ltd. (“CWE”) and that the letter agreement dated October 4, 2019 between the Corporation and CWE has been terminated. No cash or deposit advance was made by Cann-Is to CWE in connection with the proposed Qualifying Transaction.

The Corporation is now evaluating other acquisition opportunities with a view to completing a Qualifying Transaction.

About Cann-Is Capital Corp.

The Corporation has not commenced commercial operations and has no assets other than a minimum amount of cash. Except as specifically contemplated in the CPC Policy, as defined in the final prospectus, until Completion of the Qualifying Transaction, the Corporation will not carry on any business other than the identification and evaluation of assets or businesses with a view to completing a proposed Qualifying Transaction.

For more information please contact:

Jonathan Graff, Chief Executive Officer
Telephone: (416) 862-3558
Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements, including statements about the Corporation’s future plans and intentions and completion of a Qualifying Transaction. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.