EDMONTON, Alberta, Oct. 19, 2018 (GLOBE NEWSWIRE) -- Alcanna Inc. (“Alcanna” or the "Company") (TSX: CLIQ) has amended its credit facility to add the ‘retailing of cannabis’ as a permitted use of funds. In addition, the maximum funds available has been decreased to $50 million at Alcanna’s request to reduce standby charges since the facility is not currently being drawn upon. The number of lenders in the syndicate has been reduced from five to two.
The addition of ‘retailing of cannabis’ to the credit facility as an approved use of funds under the credit facility was effective October 17, 2018 in connection with the Company opening its first 5 cannabis retail locations in Alberta.
The Company anticipates having sufficient liquidity with which to continue to execute its growth strategies from current cash on hand and the amended credit facility.
ABOUT ALCANNA INC.
Alcanna (formerly Liquor Stores N.A. Ltd.) is one of the largest private sector retailers of alcohol in North America and the largest in Canada – owning and operating 228 locations in Alberta, B.C. and Alaska. With revenues in excess of $600 million per year, Alcanna processes over 20 million individual retail transactions of beverage alcohol. As of October 17, 2018, Alcanna also operates five retail cannabis stores under the “Nova Cannabis” brand in the Province of Alberta.
Alcanna's common shares and convertible subordinated debentures trade on the Toronto Stock Exchange under the symbols "CLIQ" and "CLIQ.DB", respectively.
Additional information about Alcanna Inc. is available at www.sedar.com and the Company’s website at www.alcanna.com.
For further information
David Gordey
Chief Financial Officer
Alcanna Inc.
(780) 497-3262
www.alcanna.com