Cannabis Growth Opportunity Corporation Announces NAV of $2.99
TORONTO, Feb. 20, 2019 /CNW/ - Cannabis Growth Opportunity Corporation ("CGOC", or the "Company") (CSE: CGOC), a cannabis focused investment corporation with both public and private cannabis holdings, announces the company's updated net asset value per common share ("NAV") of $2.99 at the close of business on February 15, 2019. This represents growth of 29% since our Initial Public Offering on January 26, 2018.
CGOC is now approximately 99% percent invested in companies operating in Canada, the U.S., Jamaica and Israel. CGOC's top ten public investments as of February 15, 2019 (in alphabetical order) are: C21 Investments Corp. (CSE : CXXI), Cannex Capital Holdings Inc. (CSE : CNNX), CannTrust Holdings Inc. (TSX : TRST), Indiva Limited (TSX-V : NDVA), LPF Investment Corp (in the process of going public), Organigram Holdings Inc. (TSX-V : OGI), Sunniva Inc. (CSE : SNN), Valens Groworks Corp. (CSE : VGW), Village Farms Inc. (TSX : VFF), and VIVO Cannabis (TSX-V : VIVO).
Jamie Blundell, President and Chief Operating Officer of CGOC commented, "CGOC realized a gain of 7.9% over last month compared to the North American Marijuana Index, which saw a 7.8% increase. While the share price has improved significantly since the beginning of 2019 (an increase of approximately 89% up to the close on February 19, 2019), the discount to NAV is currently 39%.
"While we are confident that our marketing efforts and the enactment of the NCIB has contributed to the upwards trend of the share price since the beginning of 2019, the discount gap remains quite large. Management and the Board of Directors have been assessing opportunities that could potentially correct this significant discrepancy."
Update on Normal Course Issuer Bid ("NCIB")
Up to February 15, 2019, the Company purchased a total of 299,800 shares for cancellation at an average price of $1.34 per share.
Annual and Special Meeting of Shareholders
A reminder that the annual and special meeting of Shareholders is being held on February 21, 2019 at 10:00am EST, at the Company's head office located at 240 Richmond St W (Room 1B), Toronto, ON M5V 2C5.
About CGOC
CGOC is an investment corporation that offers unique global exposure to the emerging global cannabis sector. CGOC's main objective is to provide 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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Cannabis Growth Opportunity Corporation
please contact Cannabis Growth Opportunity Corporation: Jamie Blundell, President & COO, Tel: (647) 946-2462, Website: www.cgocorp.com, Investor Relations Email: [email protected]
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