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 Well being 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 vital improvement for JWC, as it remains on track to introduce its derivative line of cannabis extract merchandise in the initial quarter of 2020. The item roster is anticipated to consist of kief, rosins, and pre-rolls in numerous quantity formats.
Well being Canada as properly 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 enable 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 lower its production capacity of cannabis flower by about 250 kg per year. This lower is not anticipated to have a material influence on the Corporation’s monetary overall performance or previously announced forward guidance. The monetary overall performance of the Corporation will be enhanced by the improved capability for production of its expanded item lines and the processing of these merchandise into sales.
“These two licence amendments received inside two days of every other, represent yet another 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 merchandise,” commented JWC president and CEO, Nathan Woodworth. “We now have the capability to manufacture and sell extract merchandise to this vital new segment of the market place, which will naturally compliment our current sales of clean, constant flower merchandise. 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 beneath 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 utilizes an sophisticated and proprietary Dual Droplet™ aeroponic platform named GrowthSTORM™. JWC was founded as a family members firm and is primarily based on family members values. JWC started as a collective of individuals and growers beneath the Marihuana Healthcare Access Regulations (the precursor to ACMPR). Because its inception, JWC has remained focused on supplying the most effective doable patient practical experience. JWC’s operations are primarily based in Kitchener, Ontario. Understand much more at www.jwc.ca.
For added info about JWC, please refer to JWC’s profile on SEDAR (www.sedar.com) or the Corporation’s web-site: www.jwc.ca
Notice concerning forward-seeking statements:
This press release consists of statements which includes forward-seeking info for purposes of applicable securities laws (“forward-seeking statements”) about JWC and its enterprise and operations which consist of, amongst other points, statements concerning the introduction of new cannabis merchandise, the improved selection of item lines readily available from JWC, the improved capacity to method these merchandise, the anticipated production capacity at JWC1 and the improve 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 related words and phrases. Forward-seeking statements involve recognized and unknown dangers, uncertainties and other aspects which may perhaps result in the actual outcomes to differ materially from these implied in the forward-seeking statements. For instance, dangers consist of dangers concerning the cannabis business, financial aspects, the equity markets frequently, creating permit associated dangers and dangers linked with development and competitors as properly as the dangers identified in the Corporation’s Filing Statement readily available beneath the Corporation’s profile at www.sedar.com. Despite the fact that JWC has attempted to recognize vital aspects that could result in actual actions, events or outcomes to differ materially from these described in forward-seeking statements, there may perhaps be other aspects that result in actions, events or outcomes to differ from these anticipated, estimated or intended. Readers are cautioned not to spot 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 info, 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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