Miami, Florida–(Newsfile Corp. – April 15, 2019) – Cansortium Inc. (CSE: TIUM.U) announced today that it has opened and begun growing in Phase 1 at its second medical marijuana cultivation facility in Florida. Approved by the Florida Department of Health on February 22, this state-of-the-art six level indoor cultivation facility in Tampa – previously an indoor vertical lettuce farm – will support 60,000 square feet of cultivation area when fully propagated and will focus primarily on producing premium flower for the newly legal marijuana flower market in Florida.
Until recently, Florida’s medical marijuana patients were limited to extract-based products such as CBD/THC oils, vapes, tinctures, topicals, etc., but a 2017 ban on the smoking of marijuana flower was overturned on March 19, 2019, enabling patients to purchase up to two and a half ounces of whole flower marijuana every 35 days through the company’s current network of 10 Knox Medical dispensaries in Florida.
Cansortium Chief Executive Officer Jose Hidalgo emphasized, “The addition of our new Tampa cultivation facility is another important step in support of our strategy to address the needs of Florida’s medical marijuana patients by expanding our production capacity, dispensary network and premium medical marijuana offerings in key markets. Florida is already our largest market, and this new facility will enable us to add premium flower to our existing offering of medical marijuana products across our expanding network of Florida dispensaries. In addition to the 10 Florida dispensaries we currently operate, we have 20 additional dispensaries in various stages of site selection and development, which will essentially triple our total dispensary square footage and the number of patients we can serve face-to-face. We’re extremely pleased to be able to add premium flower to our products for our patients who prefer to obtain the medical benefits of marijuana directly from the raw flower.”
Since April 2015, the company has operated a 31,000 square-foot greenhouse and GMP-certified 9,000 square-foot processing facility in Winter Garden. The new 60,000 square-foot Tampa facility nearly triples Cansortium’s Florida production capacity. The company expects the first harvest from its new Tampa facility to occur in May 2019, with subsequent ongoing harvests anticipated to mature approximately every week once the facility is fully propagated.
Cansortium’s cultivation operations and R&D are managed by a team of professionals, including accredited experts in agronomy and plant husbandry. Cansortium also utilizes a proprietary drying and terpene extraction process which requires only six hours per cycle – compared to the six days required using conventional methods – while preserving terpenes and whole plant profiles.
Mr. Hidalgo concluded, “In addition to our exciting progress in Florida, we continue to build our business platforms in Texas, Pennsylvania, Puerto Rico and Colombia, as well as secure foundational licensing in several other markets to support future growth.”
ABOUT CANSORTIUM
Cansortium is a global medical cannabis company operating in highly populous medical cannabis markets with a mission to deliver the highest standards of cannabis care from nursery to lab to shelf. Headquartered in Miami, FL and operating under the Knox Medical brand, the Company through its subsidiaries operates cultivation, processing and dispensary facilities across Florida, Texas, Puerto Rico and Pennsylvania, with licensing pending in Michigan and Canada. The Company also has a licensed cultivation facility in Colombia.
Cansortium’s common shares and warrants trade on the CSE under the symbol “TIUM.U” and “TIUM.WT.U” respectively.
For information on Cansortium, please visit www.cansortium.com.
For further information, contact:
Jeffrey Reath
Executive Vice-President, Finance and Investor Relations
506-871-6135
jeff@cansortium.com
Forward-Looking Information
Certain information in this news release, may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at http://www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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