Christina Lake Cannabis Corp Announces Evidence Package Submission to Health Canada Confirming Readiness for Cultivation License
CHRISTINA LAKE, British Columbia, Jan. 22, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp (“CLC” or the “Company”) is pleased to announce that it submitted its Statement of Readiness and Video Evidence Package (the “Evidence Package”) to Health Canada on January 15, 2020 in respect of its Cascade Facility (the “Facility”) in Christina Lake, B.C.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1f94ccce-71d8-4732-b0f0-3472482be67cPrior to obtaining a Standard Cultivation Licence from Health Canada, applicants must demonstrate they have a fully built and operationally ready facility that complies with all of the requirements of the Cannabis Act and its Regulations. The submission of the Evidence Package submission is the final required step in this process which commenced in September 2018 when CLC obtained the Development Permit for the Facility from the Regional District of Kootenay-Boundary. Once CLC receives its Standard Cultivation License, it plans to amend this licence to permit the processing of cannabis into food grade extracts and other derivative products once such food and beverage certification is obtained in the European Union. Currently, the Company is awaiting the issuance of a Research and Development Licence which it submitted in August 2019 and expects to receive it in early 2020. CLC’s initial Facility is a 32-acre property including over 870,000 square feet of outdoor grow space, offices and propagation and drying rooms. The Facility has been constructed to surpass Health Canada required standards and was specifically built to comply with internationally recognized food and beverage industry standards to maximize distribution opportunities and realize international pricing points. The Company plans to cultivate cannabis using strains specifically developed for outdoor cultivation which is intended for upstream distribution into the recreational, medical and edible markets. The Company initially plans to produce approximately 17,700 kg of cannabis from its Facility before developing and licensing its 99-acre expansion property which will add another 3.5 million square feet of grow space to its cultivation footprint. Once the expansion facility is fully licensed and operational, the Company anticipates producing over 88,000 kg of cannabis annually from a total cultivation footprint of over 4.35 million square feet. CLC’s initial Facility is strategically located in the Kootenay region of B.C., one of Canada’s premier growing regions, less than 5kms away from a major highway and adjacent to its 99-acre expansion property. “This is the culmination of extensive land preparation and building construction over the course of the past year, and once approved will put us into position to cultivate cannabis on our 32-acre outdoor site in the heart of Canada’s premier growing region in southern British Columbia”, stated Arie Prins, CLC’s President and CEO. “We look forward to cultivating and harvesting our unique genetic strains and thank our investors for their support in enabling us to reach another important milestone.”About Christina Lake Cannabis CorpCLC is an agricultural business operating in the world-renowned outdoor cannabis growing region of southern British Columbia, Canada. The Company’s primary business objective consists of obtaining a Standard Cultivation License from Health Canada, as well as providing consulting services and starting materials to outdoor cultivation and extraction companies, under a Research and Development License currently under review with Health Canada. An amendment for a Processing License will be sought once the Cultivation License has been approved. CLC’s owner-employees are dedicated to a long-term sustainable agribusiness based on the principles of the highest quality production using ethical farming practices.Once CLC obtains a full suite of Health Canada Cannabis Licenses it will seek to become a specialized cannabis company committed to providing up and downstream markets with a consistent and reliable largescale supply of premium quality cannabis and extracts, initially through its corporate partners for distribution into the recreational, medical and edible markets with the lowest possible production cost in the industry. The Company is currently pursuing a Standard Processing Licence from Health Canada as well as Good Manufacturing Practices Certification (“GMP”) which together, will enable CLC to directly distribute its cannabis and cannabis extracts to international food and beverage markets. In addition, CLC also expects to receive a Research and Development License from Health Canada in early 2020 which will allow it begin conducting research and development on new and additional cultivars specifically bread for outdoor cultivation to realize additional efficiencies and increase yields. Once obtained, the Research and Development License also provides the opportunity to commence the commercial sale of starting materials (seeds and cuttings) that were specifically developed to thrive in an outdoor cultivation context while maintaining yields similar to indoor cultivars.The management team at CLC is comprised of owners/employees with diverse skill sets and backgrounds that includes a team of Master Growers with extensive outdoor cultivation experience, a microbiologist from the pharmaceutical industry and processing technicians from the oil and gas industry. The Company is currently pursuing sales and distribution opportunities across all distribution channels including medical, recreational, B2B and export. The Company is headquartered in Vancouver, British Columbia with operations in the Kootenay-Boundary Region of British Columbia.To view more about the company or to request our most recent corporate presentation, please visit our website at www.clcannabis.com or www.clcannabis.ca.Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.For further information please contact:
Arie Prins, President & CEO