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”) situated at 855 Trillium Drive in Kitchener, Ontario. The approval is an vital improvement for JWC, as it remains on track to introduce its derivative line of cannabis extract goods in the initially quarter of 2020. The solution roster is anticipated to consist of kief, rosins, and pre-rolls in many quantity formats.
Overall health Canada as nicely has authorized a facility reconfiguration application for a portion of JWC1. 1 of the JWC1 increasing rooms of roughly 1,200 square feet will be converted from cultivation use to processing use. This will enable JWC to engage in processing and production of the solution roster of extracts that it will add to its solution line.
As a outcome of the authorized facility reconfiguration, cultivation space at JWC1 is anticipated to reduce its production capacity of cannabis flower by roughly 250 kg per year. This reduce is not anticipated to have a material effect on the Corporation’s economic overall performance or previously announced forward guidance. The economic overall performance of the Corporation will be enhanced by the elevated potential for production of its expanded solution lines and the processing of these goods into sales.
“These two licence amendments received inside two days of every other, represent an additional substantial step for our development and path to profitability by permitting us to straight away address the newly opened market place for cannabis derivatives—or what is becoming referred to as Cannabis two.0—with a variety of new goods,” commented JWC president and CEO, Nathan Woodworth. “We now have the potential to manufacture and sell extract goods to this vital new segment of the market place, which will naturally compliment our current sales of clean, constant flower goods. It also strengthens our outlook for powerful income development, greater gross margins and profitability more than the coming quarters.”
About James E. Wagner Cultivation Corporation
JWC’s wholly owned subsidiary is a Licensed Producer beneath the Cannabis Regulations, formerly the Access to Cannabis for Healthcare Purposes Regulations (“ACMPR”). JWC is a premium cannabis brand, focusing on creating clean, constant cannabis. JWC utilizes an sophisticated and proprietary Dual Droplet™ aeroponic platform named GrowthSTORM™. JWC was founded as a loved ones firm and is primarily based on loved ones values. JWC started as a collective of individuals and growers beneath the Marihuana Healthcare Access Regulations (the precursor to ACMPR). Given that its inception, JWC has remained focused on delivering the most effective achievable patient encounter. JWC’s operations are primarily based in Kitchener, Ontario. Study additional at www.jwc.ca.
For added details about JWC, please refer to JWC’s profile on SEDAR (www.sedar.com) or the Corporation’s web site: www.jwc.ca
Notice with regards to forward-hunting statements:
This press release includes statements like forward-hunting details for purposes of applicable securities laws (“forward-hunting statements”) about JWC and its small business and operations which consist of, amongst other items, statements with regards to the introduction of new cannabis goods, the elevated assortment of solution lines out there from JWC, the elevated capacity to procedure these goods, the anticipated production capacity at JWC1 and the enhance in sales and income. The forward-hunting statements can be identified by the use of such words as “will”, “expected”, “approximately”, “may”, “could”, “would” or related words and phrases. Forward-hunting statements involve identified and unknown dangers, uncertainties and other elements which may well bring about the actual final results to differ materially from these implied in the forward-hunting statements. For instance, dangers consist of dangers with regards to the cannabis sector, financial elements, the equity markets commonly, creating permit connected dangers and dangers linked with development and competitors as nicely as the dangers identified in the Corporation’s Filing Statement out there beneath the Corporation’s profile at www.sedar.com. Even though JWC has attempted to determine vital elements that could bring about actual actions, events or final results to differ materially from these described in forward-hunting statements, there may well be other elements that bring about actions, events or final results to differ from these anticipated, estimated or intended. Readers are cautioned not to spot undue reliance on these forward-hunting statements, which speak only as of the date of this press release and are primarily based on present 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-hunting 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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