BALTIMORE, MD, June 02, 2020 (GLOBE NEWSWIRE) -- (OTCQB:GCAN) - The Greater Cannabis Company, Inc. (the “Company") is pleased to announce that it has eliminated more than US$700,000 of principal and interest owed to Emet Capital Partners LLC ("Emet"), as the full outstanding indebtedness held by Emet has now been entirely cancelled.
"The Company inherited these convertible notes from Emet when it initially merged into the public vehicle and we have been working hard over the last two years to clean up this debt. It started with a number of negotiations that resulted in reducing toxic features of the debt. I am proud to announce that we have now taken the final step in completely eliminating this debt.” said Aitan Zacharin, Chief Executive of Greater Cannabis. “Our goal is continued debt reduction while focusing on revenue generating commercial applications for our innovative cannabis technologies,” added Mr. Zacharin. “Reducing this large convertible debt overhang was an important step in improving our financial performance, which, in turn, will lead to greater shareholder value,” he concluded.
The Company plans to provide more detail on revenue generating business advancements and strategic direction in forthcoming shareholder communications.
About The Greater Cannabis Company, Inc.:
The Greater Cannabis is a biopharmaceutical company focused on the development and commercialization of innovative cannabinoid delivery systems. Greater Cannabis deploys its patented technology platform for use in the cannabis industry. The Company’s conveyance platform can be utilized to deliver cannabinoids without the harmful side effects found with other routes of cannabinoid administration. The technology is versatile in that for the first-time patients can receive lower dosing, enhanced bioavailability, and controlled rapid and delayed release using a fully dissolvable, non-irritant oral eluting patch. Greater Cannabis’ mission is to bring our technology to the global market through partnerships with leading cannabis and pharmaceutical companies, for the benefit of patients and consumers. More information on the Greater Cannabis Company and its technology can be found on the Company’s website, www.gcanrx.com.
Forward Looking Statements and Disclaimer:
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations. Additional risks and uncertainties are set forth in the Company's Annual Report for the year ended December 31, 2017, filed with the Securities and Exchange Commission and available at www.sec.gov.
Contact:
The Greater Cannabis Company, Inc.
443-738-4051
info@gcanrx.com
www.gcanrx.com