Christina Lake Cannabis Provides Corporate Update
VANCOUVER, British Columbia, Sept. 03, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”), a producer of high-quality, low cost derivative products for the global cannabinoid market, is pleased to provide a corporate update covering several key developments regarding its current business activities.
Highlights:On its 32-acre site, CLC has commenced harvest of over 22,500 cannabis plants covering eight cannabis strains. Many plants are showing high yields, with some presently over eight feet tall.Total harvest for 2020 is forecast to be a minimum of 15,000 kg/33,000 lbs, with growth in production expected for 2021 and beyond.As the region’s largest employer, CLC’s team has expanded to over 30 full-time staff members and seasonal workers.The majority of CLC’s harvest will be refined into full spectrum oil, distillates, and isolates to be sold in the wholesale markets.CLC’s state-of-the-art extraction machinery, provides for high throughput capability and substantial capacity to carry out CLC’s organic and aggressive expansion strategy.CLC also has on hand a full slate of ancillary equipment enabling its extraction team to take product through to the distillate and isolate phases.PlantingThroughout the spring season, CLC’s master growers and cultivation team planted over 22,500 clones and seedlings in individual pots, covering a total of 18 acres. Eight unique strains of cannabis were chosen from CLC’s portfolio of proprietary genetics based on their suitability for outdoor growing, particularly in Christina Lake’s well-renowned climate for cannabis cultivation. At the time of this update, many of the Company’s plants exceed eight feet in height with high yielding flower.CLC has implemented aerial surveillance for quality assurance of its plants by using a remote-controlled drone several times per day. In addition to capturing visual footage, this drone uses sophisticated sensor equipment to gauge the health and hydration of a given plant. This data is transmitted wirelessly to the Company’s cultivation office, where CLC’s team can promptly identify and act upon any potential concerns. A video containing drone footage of CLC’s facility can be viewed by accessing the following URL: https://christinalakecannabis.com/media-gallery/Team BuildingBuilding upon its world-class team of dedicated master growers and experienced management, CLC has continued to attract highly qualified personnel, with a team of more than 30 full-time staff members and seasonal workers. Recently, CLC has completed upon the hiring of the following key positions: Corporate Controller, Quality Assurance Specialist; Director of Business Development; Director of Sales and Marketing, and; Director of Extraction and Product Development.Having these positions filled by highly-experienced and proven staff enables the Company to deliver upon its full promise as it begins harvesting its first outdoor crop.HarvestA significant portion of CLC’s crop has fully matured to a point that is suitable for harvesting. Selective trimming of certain plants from “early season” strains began approximately three weeks ago with approximately 700 kg/1,500 lbs of biomass dried to date.The Company currently forecasts a total harvest of at least 15,000 kg/33,000 lbs of cannabis in its first outdoor cannabis crop. A significant increase in anticipated production is expected for 2021 and 2022 through the cultivation of the Company’s 99-acre plot which is adjacent to CLC’s current facility.Images and videos of CLC’s current crop are available to view in a gallery on the Company’s website which can be accessed at the following URL: https://christinalakecannabis.com/media-gallery/Extraction and ProcessingFollowing an extensive research process, CLC selected the Vitalis R200 extractor machine made by Kelowna-based Vitalis Extraction Technologies. The Company is expected to begin testing of the Vitalis R200 upon the finalization of CLC’s processing license from Health Canada, an addendum which is expected to be received in the coming weeks.The Vitalis R200 extractor and the suite of ancillary equipment were chosen based on several attributes that suit the Company’s business objectives:CO2 extractionVariable pressure settingsAbility to turn cannabis crop into winterized THC oil (suitable for high-value medical, pharmaceutical, food, and cosmetics products)Ability to isolate terpenes (an increasingly sought-after and in-demand compound)The capacity of the Vitalis R200 extractor also exceeds CLC’s planned first-year crop by more than 200%. This bandwidth can allow CLC to increase production, whether by expanding to its adjoining 99-acre property, or conducting supplementary hemp production in the form of toll processing. Further, CO2-based extraction systems such as Vitalis R200 can position the Company to receive a GMP certificate from the European Union (based on current standards), which would enable CLC to export its product directly to Europe.CLC is in the process of installing a full suite of ancillary equipment it has secured to operate alongside the Vitalis R200 extraction machine to take the crop to a distillate and/or isolate for use in products within the scope of “Cannabis 2.0” (e.g., edibles).FundingCLC’s successive investment rounds, which have cumulatively garnered approximately CAD $17,000,000, have allowed the Company to maintain a healthy reserve of funds for ongoing operations. This reserve will permit flexibility with regard to timing its sales of processed product based on favourable opportunities in seasonal or industry pricing.Next StepsFollowing the April 2020 approval of CLC’s prospectus, the Company submitted an application to list its shares on the Canadian Securities Exchange (“CSE”). Christina Lake Cannabis is now positioned to be a leader in the global cannabinoid industry. CLC operates to exceed Canadian best practices and processes to meet the needs of clients in domestic and international markets.About Christina Lake Cannabis Corp.Christina Lake Cannabis Corp is a Licensed Producer of cannabis under the Cannabis Act which also received a Research and Development License from Health Canada on May 20, 2020. CLC’s facility is comprised of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms and research, along with a facility dedicated to processing and extraction. CLC plans to cultivate cannabis using strains specifically developed for outdoor cultivation and it is planning to produce 15,000 kg or more from its 32-acre facility before developing it’s adjacent 99-acre expansion property, which will bring it’s cultivation footprint to over 4.35 million square feet or over 88,000 kg of low-cost, high-quality, sun-grown cannabis annually.For more information about CLC, please visit: www.clcannabis.comOn behalf of:
Christina Lake Cannabis Corp.Jamie Frawley
416-268-9432Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com