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 Health Canada for the sale of cannabis extracts, edibles and topicals at its pilot facility (“JWC1”) located at 855 Trillium Drive in Kitchener, Ontario. The approval is an important development for JWC, as it remains on track to introduce its derivative line of cannabis extract products in the first quarter of 2020. The product roster is expected to include kief, rosins, and pre-rolls in various quantity formats.
Health Canada as well has approved a facility reconfiguration application for a portion of JWC1. One of the JWC1 growing rooms of approximately 1,200 square feet will be converted from cultivation use to processing use. This will allow JWC to engage in processing and production of the product roster of extracts that it will add to its product line.
As a result of the approved facility reconfiguration, cultivation space at JWC1 is expected to decrease its production capacity of cannabis flower by approximately 250 kg per year. This decrease is not expected to have a material impact on the Corporation’s financial performance or previously announced forward guidance. The financial performance of the Corporation will be improved by the increased ability for production of its expanded product lines and the processing of those products into sales.
“These two licence amendments received within two days of each other, represent another significant step for our growth and path to profitability by allowing us to immediately address the newly opened market for cannabis derivatives—or what is being referred to as Cannabis 2.0—with a range of new products,” commented JWC president and CEO, Nathan Woodworth. “We now have the ability to manufacture and sell extract products to this important new segment of the market, which will naturally compliment our existing sales of clean, consistent flower products. It also strengthens our outlook for strong revenue growth, higher gross margins and profitability over the coming quarters.”
About James E. Wagner Cultivation Corporation
JWC’s wholly owned subsidiary is a Licensed Producer under the Cannabis Regulations, formerly the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis. JWC uses an advanced and proprietary Dual Droplet™ aeroponic platform named GrowthSTORM™. JWC was founded as a family company and is based on family values. JWC began as a collective of patients and growers under the Marihuana Medical Access Regulations (the precursor to ACMPR). Since its inception, JWC has remained focused on providing the best possible patient experience. JWC’s operations are based in Kitchener, Ontario. Learn more at www.jwc.ca.
Notice regarding forward-looking statements:
This press release contains statements including forward-looking information for purposes of applicable securities laws (“forward-looking statements”) about JWC and its business and operations which include, among other things, statements regarding the introduction of new cannabis products, the increased variety of product lines available from JWC, the increased capacity to process these products, the expected production capacity at JWC1 and the increase in sales and revenue. The forward-looking statements can be identified by the use of such words as “will”, “expected”, “approximately”, “may”, “could”, “would” or similar words and phrases. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those implied in the forward-looking statements. For example, risks include risks regarding the cannabis industry, economic factors, the equity markets generally, building permit related risks and risks associated with growth and competition as well as the risks identified in the Corporation’s Filing Statement available under the Corporation’s profile at www.sedar.com. Although JWC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are based on current assumptions which management believes to be reasonable. The Corporation disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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