James E. Wagner Cultivation to Open Farm-gate Store at Kitchener, Ontario Cultivation Facility
KITCHENER, Ontario, Dec. 12, 2019 (GLOBE NEWSWIRE) — James E. Wagner Cultivation Corporation (JWC) (TSX: JWCA.V; OTCQX: JWCAF), plans to open a 2,000 sf. farm-gate retail store adjoining its 340,000 sf. flagship cultivation facility located at 530 Manitou Drive in Kitchener, Ontario.
As JWC scales toward full production capacity, it plans to expand from the Canadian medical to recreational markets in the first calendar quarter of 2020 through a number of marketing and distribution channels. The farm-gate store will represent a new direct-to-consumer outlet for the company, with its recently announced brokerage agreement with Kindred Partners providing a new sales channel for distribution through licensed third-party retailers.JWC Farm-gate is expected to be the Waterloo Region’s first retail cannabis store located on a licensed cultivation site. The store will offer the region’s more than 500,000 inhabitants the full line of JWC cannabis and derivative products for medical and legal-age recreational users, including the company’s recently announced new strains. The opening of the story will involve furnishing an existing attached building to the main facility, which is located on one of the most trafficked intersections in Kitchener.The opportunity for the farm-gate store arose from the recently enacted amendments to provincial legislation governing the cannabis retail market. On November 6, 2019, the provincial government released its 2019 Ontario Economic Outlook and Fiscal Review which announced key updates regarding how it will open the market for cannabis retail. The revised legislation allows licensed producers to establish retail stores on their production sites.“Amendments in legislation provide us with the opportunity to respond to consumer needs,” commented Nathan Woodworth, JWC President and CEO. “We plan to move forward as quickly as the regulatory and permitting process allows. We hope that this new direct channel will contribute significantly to our revenue and margin expansion in fiscal 2020.”JWC is leading the industry in innovation, cannabis cultivation and distribution. Each of its exclusive strains are grown using the company’s proprietary GrowthSTORM™ aeroponic technology recognized for producing clean, consistent cannabis products at the highest yield per plant and scale. JWC is on track to produce a total of over 35,000 kg of dried cannabis per year once its cultivation facility becomes 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, among other things, statements regarding the construction, outfitting and licensing of the farm-gate retail outlet; the production and supply of product for the recreational market and its ability to be sold; and an on-going relationship with Kindred for the distribution of JWC’s recreational product. 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 Annual Information Form dated April 3, 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.Company Contact
Nathan Woodworth, President & CEO of JWC
(519) 594-0144 x 421
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