KITCHENER, Ontario, Oct. 15, 2019 (GLOBE NEWSWIRE) — James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA; OTCQX: JWCAF), is pleased to announce that on October 11, 2019, it received an additional licence amendment from Health Canada approving the production of cannabis in four new flowering rooms at its flagship facility located at 530 Manitou Drive in Kitchener, Ontario (“JWC2”).
Once fully operational, the new flowering rooms will double the current licensed production capacity of JWC2 from 22,000 square feet, to approximately 44,500 square feet. JWC has designated the additional spaces as “E pod” and “H pod”. Each pod consists of two flowering rooms, with each room containing approximately 5,500 square feet of cultivation space. It is anticipated that each new pod will yield approximately 2,000 kg of dried cannabis on an annualized basis from the time cultivation activities commence.
“This approval represents an important milestone for JWC, as the Corporation continues to scale toward full production capacity,” said Nathan Woodworth, President and CEO of JWC. “We have initiated the process of populating the four newly licenced flowering rooms as quickly as possible. Given the additional capacity, we continue to expect revenue growth to accelerate over the next several quarters with only modest increases in expenses, leading to higher margins and greater profitability.”
The additional flowering rooms are part of an ongoing program to expand the Corporation’s production capacity at JWC2. At full-scale, the JWC2 facility will measure 345,000 square feet and is expected to be fully equipped with JWC’s proprietary GrowthSTORM™ Dual Droplet™ System. This licence amendment comes just 106 days after Health Canada granted the Corporation an earlier approval on June 27, 2019, to increase its operational footprint at JWC2 from 11,000 square feet to 22,000 square feet.
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 its 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.
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 production capacity at JWC2, integration of new flowering rooms at JWC2, the yield of cannabis expected to result from the integration of new flowering rooms at JWC2, continued growth of the Corporation and its facilities, expected increases in revenue and profitability and the use of GrowthSTORM™ Dual Droplet™ System at JWC2. 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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