James E. Wagner Cultivation Corporation Announces Increase in Yield Forecast and Related Production Capacity Forecast at JWC...
August 06 2019 - 8:30AM
James E. Wagner Cultivation Corporation (“
JWC” or
the “
Corporation”) (TSX VENTURE: JWCA; OTCQX:
JWCAF) is pleased to announce that it is raising its production
capacity forecast at its flagship facility, JWC 2, located at 530
Manitou Drive in Kitchener, Ontario. The Corporation now projects
JWC 2 has the potential to produce 35,000 kg of cannabis flower per
annum, versus the Corporation’s previous public guidance of 30,000
kg per annum, once the facility is built to full capacity.
The increase in production forecast is primarily
the result of an increased yield, achieved mainly through the
implementation of advanced cultivation processes, including the
GrowthSTORM™ Dual Droplet™ System, and assumes that the increased
yield realized in the quarter ended June 30, 2019 will be
sustainable by the Corporation.
For the three months ended June 30, 2019, the
average yield per plant at the Corporation’s facilities totaled 261
grams per plant, versus an estimated average of 204 grams per plant
set out in the Corporation’s interim financial statements for the
three months ended March 31, 2019, available at sedar.com
(biological assets). This represents a 27.94% increase in actual
yields versus estimated yields for the quarter. As a result, JWC
produced a record 434 kg of cannabis in the most recent quarter,
ending June 30, 2019.
“The continued commitment to operational
excellence is a core principal underlying JWC. Our growers have
done a fantastic job, and in combination with equipment
improvements and design refinements, we now have the ability to
produce more cannabis than ever. This will result in a variety of
improved operational metrics in months to come.” Nathan Woodworth,
CEO.
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 an
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. Learn more at www.jwc.ca.
For additional information about JWC,
please refer to JWC’s profile on SEDAR (www.sedar.com) or the
Corporation’s website: www.jwc.ca
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 increased yield and anticipated production
targets and capacity. 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 MD&A for the three months ended
March 31, 2019 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.
For more information about this release, please
contact
Nathan Woodworth, President & CEO of JWC
Email: nathan@jwc.ca Phone: (519) 594-0144 x421
OR
George Aizpurua, Vice President of First
Canadian Capital Corp. Email:
gaizpurua@firstcanadiancapital.com Phone:
(416) 742-5600
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