KITCHENER, Ontario, Oct. 29, 2019 (GLOBE NEWSWIRE) — James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA OTCQX: JWCAF), is pleased to announce that it has received a licence amendment from Overall health Canada for the sale of cannabis extracts, edibles and topicals at its pilot facility (“JWC1”) positioned at 855 Trillium Drive in Kitchener, Ontario. The approval is an essential improvement for JWC, as it remains on track to introduce its derivative line of cannabis extract items in the initially quarter of 2020. The item roster is anticipated to consist of kief, rosins, and pre-rolls in several quantity formats.
Overall health Canada as effectively has authorized a facility reconfiguration application for a portion of JWC1. One particular of the JWC1 developing rooms of about 1,200 square feet will be converted from cultivation use to processing use. This will let JWC to engage in processing and production of the item roster of extracts that it will add to its item line.
As a outcome of the authorized facility reconfiguration, cultivation space at JWC1 is anticipated to reduce its production capacity of cannabis flower by about 250 kg per year. This reduce is not anticipated to have a material effect on the Corporation’s monetary overall performance or previously announced forward guidance. The monetary overall performance of the Corporation will be enhanced by the enhanced potential for production of its expanded item lines and the processing of these items into sales.
“These two licence amendments received inside two days of each and every other, represent a further considerable step for our development and path to profitability by enabling us to instantly address the newly opened market place for cannabis derivatives—or what is getting referred to as Cannabis two.0—with a variety of new items,” commented JWC president and CEO, Nathan Woodworth. “We now have the potential to manufacture and sell extract items to this essential new segment of the market place, which will naturally compliment our current sales of clean, constant flower items. It also strengthens our outlook for robust income development, larger gross margins and profitability more than the coming quarters.”
About James E. Wagner Cultivation Corporation
JWC’s wholly owned subsidiary is a Licensed Producer below the Cannabis Regulations, formerly the Access to Cannabis for Healthcare Purposes Regulations (“ACMPR”). JWC is a premium cannabis brand, focusing on generating clean, constant cannabis. JWC makes use of an sophisticated and proprietary Dual Droplet™ aeroponic platform named GrowthSTORM™. JWC was founded as a family members corporation and is primarily based on family members values. JWC started as a collective of individuals and growers below the Marihuana Healthcare Access Regulations (the precursor to ACMPR). Considering that its inception, JWC has remained focused on giving the finest doable patient encounter. JWC’s operations are primarily based in Kitchener, Ontario. Understand extra at www.jwc.ca.
For added details about JWC, please refer to JWC’s profile on SEDAR (www.sedar.com) or the Corporation’s site: www.jwc.ca
Notice relating to forward-seeking statements:
This press release consists of statements such as forward-seeking details for purposes of applicable securities laws (“forward-seeking statements”) about JWC and its company and operations which consist of, amongst other factors, statements relating to the introduction of new cannabis items, the enhanced assortment of item lines out there from JWC, the enhanced capacity to procedure these items, the anticipated production capacity at JWC1 and the enhance in sales and income. The forward-seeking statements can be identified by the use of such words as “will”, “expected”, “approximately”, “may”, “could”, “would” or equivalent words and phrases. Forward-seeking statements involve recognized and unknown dangers, uncertainties and other components which may perhaps lead to the actual outcomes to differ materially from these implied in the forward-seeking statements. For instance, dangers consist of dangers relating to the cannabis market, financial components, the equity markets usually, creating permit associated dangers and dangers linked with development and competitors as effectively as the dangers identified in the Corporation’s Filing Statement out there below the Corporation’s profile at www.sedar.com. Though JWC has attempted to determine essential components that could lead to actual actions, events or outcomes to differ materially from these described in forward-seeking statements, there may perhaps be other components that lead to actions, events or outcomes to differ from these anticipated, estimated or intended. Readers are cautioned not to location undue reliance on these forward-seeking statements, which speak only as of the date of this press release and are primarily based on existing assumptions which management believes to be affordable. The Corporation disclaims any intention or obligation, except to the extent essential by law, to update or revise any forward-seeking statements, no matter if as a outcome of new details, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Solutions Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts duty for the adequacy or accuracy of this release.
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