Cannabis Growth Opportunity Corporation Announces NAV of $3.41
TORONTO, May 17, 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 $3.41 at the close of business on May 15, 2019. This represents growth of 47% since our Initial Public Offering on January 26, 2018, or 23% year to date.
CGOC is now approximately 99% percent invested in companies operating in Canada, the U.S., Europe. Jamaica and Israel. CGOC's top ten public investments as of May 15, 2019 (in alphabetical order) are C21 Investments Corp. (CSE : CXXI), GR Companies Inc (note yet public), Heritage Cannabis (CSE : CANN), ICC International Cannabis Corporation (CSE: WRLD.U), : Indus Holding Company (not yet public), Planet 13 Holdings Inc (CSE : PLTH), Valens Groworks Corp (CSE : VGW), Vireo Health Inc. (CSE: VREO) and VIVO Cannabis (TSX-V : VIVO).
Jamie Blundell, President and Chief Operating Officer of CGOC commented,
CGOC realized a loss of 4% over last month compared to the North American Marijuana Index, which realized a 3% loss. The loss this month was mainly attributed to the overall decline in cannabis markets driven by the increase in momentum selling.
As the share price continued to make positive headways, we saw the discount to NAV reduce to 33% from 43% in the previous month. Further closing this discount gap remains a top priority for us
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.
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NAV is a non-IFRS (international financial reporting standards) measure and was calculated based on the estimated value of CGOC's investments less its liabilities, divided by the number of common shares outstanding. The term NAV does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. Management believes that NAV can provide information useful to its shareholders in understanding its performance and may assist in the evaluation of its business relative to its peers.
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