James E. Wagner Cultivation Reaches Supply Agreement with OCS and Prepares to Launch Products into Recreational Market
KITCHENER, Ontario, Feb. 19, 2020 (GLOBE NEWSWIRE) — James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX: JWCA.V; OTCQX: JWCAF), has entered into a Master Cannabis Supply Agreement effective February 6, 2020, with the Ontario Cannabis Retail Corporation, operating as the Ontario Cannabis Store (“OCS”). This agreement marks the launch of JWC’s products for sale into the recreational market.
The agreement provides the framework for JWC to supply its aeroponically grown cannabis products to the OCS, making them available for purchase through the OCS online store and nearly 30 private retail stores across Ontario.“In signing an agreement with the OCS, we are able to realize our goal of joining one of the largest recreational cannabis markets in the industry,” says Nathan Woodworth, JWC President and CEO. “Our products have a reputation for consistency and flavour. We will be introducing new products in different formats to service a wide range of lifestyles.”As announced in its press release dated November 20, 2019, JWC is also working with Kindred Partners Inc. (“Kindred”) to offer products for sale in Saskatchewan and Newfoundland. Kindred is a specialty brokerage and services company for cannabis products.Each of JWC’s cultivars are grown exclusively using the Corporation’s proprietary GrowthSTORM™ aeroponic technology, recognized for producing clean, consistent cannabis. JWC is on track to produce a total of over 35,000 kg of dried cannabis per year once its JWC2 cultivation facility, located at 530 Manitou Drive, Kitchener, Ontario, is fully operational.About James E. Wagner Cultivation CorporationJames E. Wagner Cultivation Corporation’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 using an advanced and proprietary aeroponic platform named GrowthSTORM™. 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 is a family-founded company with deep roots planted in the local community. JWC’s operations are based in Kitchener, Ontario. Learn more at www.jwc.ca.Notice Regarding Forward-Looking StatementsThis 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 statements regarding the supply of JWC’s products to the OCS, the sale of JWC’s products through the OCS online store and by other private retailers in Ontario, the introduction of new products by JWC into the recreational market, sales of its products to the recreational market, its on-going relationship with Kindred, and projections of its annual cannabis production. The forward-looking information contained in this news release are based on the Corporation’s current internal expectations, estimates, projections, assumptions, and beliefs and views of future events which management believes to be reasonable in the circumstances, including expectations and assumptions regarding: general economic conditions, the expected timing and cost of expanding the Corporation’s production capacity, the internal opportunities, the development of new products and product formats, the Corporation’s ability to retain key personnel, the Corporation’s ability to continue investing in its infrastructure to support growth, the impact of competition, trends in the Canadian cannabis industry and changes in laws, rules, and events, performance or results, and will not necessarily be accurate indications as to whether, or the times at which, such events, performance or results will occur or be achieved. The forward-looking statements can be identified by the use of such words as “anticipated”, “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, funding and grant related risks and risks associated with growth and competition as well as the risks identified in the Corporation’s filings with the Canadian securities regulators, which filings are available 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.Company Contact
Nathan Woodworth, President & CEO of JWC
(519) 594-0144 x 421