Aleafia Health Secures Health Canada Licence Amendment for Port Perry 60 Acre Outdoor Cultivation Expansion

Date : 05/12/2020 @ 10:35PM
Source : GlobeNewswire Inc.
Stock : Aleafia Health Inc (ALEF)
Quote : 0.63  0.0 (0.00%) @ 1:00AM
Aleafia Health share price Chart

Aleafia Health Secures Health Canada Licence Amendment for Port Perry 60 Acre Outdoor Cultivation Expansion

Aleafia Health (TSX:ALEF)
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Aleafia Health Inc.’s (TSX: ALEF, OTC: ALEAF) (“Aleafia Health” or the “Company”) wholly owned subsidiary Aleafia Farms Inc. has secured a Health Canada Licence Amendment for its Port Perry Facility’s outdoor cultivation expansion. The expansion adds an additional 60 acres of licenced outdoor cultivation area, bringing the total to 86 acres (3.7 million sq. ft.). 

During the inaugural 2019 outdoor cultivation season, the Company harvested 12,747 kgs of dried cannabis flower utilizing 13 acres (of the 26 total acres licensed in 2019) at $0.10 an all-in cash cost per gram to harvest.

Planting will commence in the first week of June for the 2020 outdoor cultivation season, with Port Perry expected to produce up to 102,000 kgs of dried cannabis flower, representing a yield of 1,200 kgs per acre.

“This licence breakthrough allows us to expand our low cost cultivation advantage. More importantly, it ensures a strong supply of input material for high-margin derivative products to be produced at our newly licensed Paris Facility,” said Aleafia Health CEO Geoffrey Benic. “I would also like to single out the achievements of our licensing team for three major successes in the last two months. Their dedication and professionalism in successfully juggling our multiple licence applications is invaluable.”

The amendment was granted on May 12, 2020, expires on October 13, 2020 and authorizes cannabis cultivation in “Outdoor Grow Area 5”.

For Investor & Media Relations:

Nicholas Bergamini, VP Investor Relations1-833-TSX-ALEF (879-2533)IR@AleafiaHealth.comLEARN MORE: www.AleafiaHealth.com

About Aleafia Health:

Aleafia Health is a vertically integrated and federally licensed Canadian cannabis company offering cannabis health and wellness services and products in Canada and in international markets. The Company operates medical clinics, education centres and production facilities for the production and sale of cannabis.

Aleafia Health owns three significant licensed cannabis production facilities, including the first large-scale, legal outdoor cultivation facility in Canadian history. The Company produces a diverse portfolio of commercially proven, high-margin derivative products including oils, capsules and sprays. Aleafia Health operates the largest national network of medical cannabis clinics and education centres staffed by MDs, nurse practitioners and educators and operates internationally in three continents.

Innovation, the heart of Aleafia Health’s competitive advantage, has led to the Company maintaining a medical cannabis dataset with over 10 million data points to inform proprietary illness-specific product development and its highly differentiated education platform FoliEdge Academy. The Company is committed to creating sustainable shareholder value; the TSX Venture Exchange named Aleafia the 2019 top performing company prior to its graduation to the TSX.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian and United States securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “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” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including risks contained in the Company’s annual information form filed with Canadian securities regulators available on the Company’s SEDAR profile at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company does not undertake any obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/50ae78f3-aa61-4f9f-84cd-c043b2a4de8b.

 

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