Cannabis Growth Opportunity Corporation ("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 $2.85 at the close of business on September 16, 2019. This represents growth of 23% since the Initial Public Offering ("IPO"), on January 26, 2018, and 3% year to date.
CGOC is invested in companies operating in Canada, the U.S., Europe, Latin America, Jamaica
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 7% loss. Since CGOC's IPO, our NAV has grown by 23% compared to the NAMMAR, as well as a number of other market indices which declined by an average of 45% in the same time period. The continued overall decline in cannabis markets has contributed to the decline in our NAV as well as share price. We continue to experience downward pressure however, the overall portfolio's negative performance continues to be offset by the private portfolio holdings."
CGOC also announces that Mr. John Durfy will not seek re-election to the Board of Directors at the end of the fiscal year, October 31, 2019. The Company expresses its sincere thanks to Mr. Durfy for his efforts and guidance over the first two years of operations.
Gary Yeoman, Chairman of the Board commented, "On behalf of the board of directors and management, John has been an asset to the Company, and I wish to thank him for his hard work and support since inception and over the course of the past two years."
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