James E. Wagner Cultivation Corporation Licenses its Proprietary GrowthSTORM™ System to Affiliate Cannabis Producer
KITCHENER, Ontario, Nov. 29, 2018 (GLOBE NEWSWIRE) — James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA), is pleased to announce it has entered into a non-binding letter of intent (“LOI”) to licence its GrowthSTORMTM system & SOP’s to Wellness Farms Inc. (“Wellness Farms”) for use at its proposed cannabis cultivation premises.
Both parties have agreed to continue negotiations with the intention of executing a Definitive Agreement, at which time JWC will provide operational and strategic advice, including guidance throughout Wellness Farms’ process of becoming a licensed producer with Health Canada. The Definitive Agreement is expected to provide for licensing of JWC’s proprietary GrowthSTORMTM Dual Droplet System for use at Wellness Farms’ facility and is expected to compensate JWC through a streaming arrangement for a fixed percentage of the total production of cannabis at the Wellness Farms’ facility, as consideration for the consulting services and for the technology licence and for the access to and use of proprietary information relating to the cultivation of cannabis.
JWC’s GrowthSTORMTM system offers a number of significant advantages over other cultivation techniques, including its new advancement, the GrowthSTORMTM Dual Droplet System. The aeroponic GrowthSTORMTM Dual Droplet System technology is designed achieve a better balance of air and water at the root zone, and a more controlled delivery of nutrients. This results in significant improvements in plant health, in all measurable categories. Additionally, this proprietary system is designed to eliminate all contaminants from the cultivation facility, allowing for a truly controlled growth environment to provide clean and consistent cannabis.
JWC is pleased to be working with Wellness Farms to place the GrowthSTORMTM system in Wellness Farms’ independently owned and operated cultivation facility. “We are very proud to be working with Wellness Farms; we believe that by licensing the GrowthSTORMTM Dual Droplet System they are taking steps to ensure the success of their business and their ability to provide clean and consistent medicine to their patients and customers. Together we will build a community of aeroponic producers, in order to provide Canadians with aeroponically grown cannabis,” Nathan Woodworth, CEO.
“Our team at Wellness Farms is thrilled to work with JWC and be part of JWC’s affiliate group. Leveraging JWC’s vast knowledge on cannabis, coupled with their advanced aeroponic GrowthSTORMTM Dual Droplet System, will provide us significant advantages. We believe this collaboration will ensure the success of our business, but more importantly our patients and customers will receive clean and consistent cannabis,” Ryan Magee, CEO.
About James E. Wagner Cultivation Corporation
JWC’s wholly-owned subsidiary is a Licensed Producer under the Cannabis Regulations (formally the Access to Cannabis for Medical Purposes Regulations (“ACMPR”)) and JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis. JWC uses an advanced and proprietary aeroponic platform named GrowthSTORMTM. JWC was founded as a family company, 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
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 plant cultivation technologies and Affiliates. 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 Filing Statement 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
Phone: (519) 594-0144 x421
George Aizpurua, Vice President of First Canadian Capital Corp.
Phone: (416) 742-5600