KITCHENER, Ontario, Feb. 12, 2019 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA), is pleased to announce it has entered into an agreement dated February 11, 2019 (the “Definitive Agreement”) to license its GrowthSTORM™ System to Wellness Farms Inc. (the “Licensee”), for use at the Licensee’s proposed cannabis cultivation facility. Pursuant to the Definitive Agreement, JWC will provide technology rights and proprietary knowledge of its technology and equipment to the Licensee, for use in the growth and cultivation of cannabis plants.
JWC is pleased to be working with the Licensee to place the GrowthSTORMTM System in the Licensee’s independently owned and operated cultivation facilities. JWC’s President and Chief Executive Officer, Nathan Woodworth, stated, “the team at Wellness Farms represents the ideal partners for JWC as the first placement of our GrowthSTORM™ System, which now includes our unique flagship technology, the GrowthSTORM™ Dual Droplet System. They are passionate about cannabis, about quality of production, and they are expert growers, able to maintain the exacting standards JWC values so highly. We look forward to building a strong relationship with Wellness Farms, that results in a superior product and a successful company.”
“Our team at Wellness Farms is excited to enter into a Definitive Agreement with JWC. We strongly believe that the GrowthSTORMTM System delivers the trifecta that we are looking for: consistency, low cost production, and high yield per square foot. We anticipate that the new Dual Droplet System will provide marked improvements across the board. In addition, leveraging JWC’s decades of experience and knowledge is a great asset to Wellness Farms and our pursuit to be a high-quality medicinal cannabis provider,” says Ryan Magee, Chief Executive Officer of Wellness Farms Inc.
Pursuant to the Definitive Agreement, JWC will provide operational and strategic services, along with access to its proprietary knowledge relevant to processing an application to Health Canada to become a Licensed Producer. Additionally, JWC will license its proprietary GrowthSTORM™ System for implementation and subsequent use in the Licensee’s proposed facilities and will offer access to its Standard Operating Procedures. In consideration for the services, technology rights, and use of proprietary information provided to the Licensee under the Definitive Agreement, the Licensee will enter into a streaming agreement with JWC pursuant to which the Licensee will agree to provide JWC with between seven to twenty percent (7–20%) of the total cannabis produced at the Licensee’s respective facilities. The exact proportion of cannabis produced by the Licensee and provided to JWC will be determined by the package of service, equipment, and technology rights which the Licensee elects to subscribe for from JWC.
About JWC’s GrowthSTORM™ System
JWC’s GrowthSTORM™ System offers several significant advantages over other cultivation techniques, including its new advancement, the GrowthSTORM™ Dual Droplet System. The aeroponic GrowthSTORM™ Dual Droplet System 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 every lifecycle.
About James E. Wagner Cultivation Corporation
JWC’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. JWC uses an advanced and proprietary aeroponic platform named GrowthSTORMTM. JWC was founded as a family company and is 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 JWC and the cannabis products which may be earned by JWC under a streaming agreement with the Licensee, and any licensing of technology or proprietary information and equipment, including the future development of and completion of any research, technology, or patents, and any statements regarding JWC and Wellness Farms Inc. 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