KITCHENER, Ontario, Aug. 06, 2019 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA; OTCQX: JWCAF) is pleased to announce that it is raising its production capacity forecast at its flagship facility, JWC 2, located at 530 Manitou Drive in Kitchener, Ontario. The Corporation now projects JWC 2 has the potential to produce 35,000 kg of cannabis flower per annum, versus the Corporation’s previous public guidance of 30,000 kg per annum, once the facility is built to full capacity.
The increase in production forecast is primarily the result of an increased yield, achieved mainly through the implementation of advanced cultivation processes, including the GrowthSTORM™ Dual Droplet™ System, and assumes that the increased yield realized in the quarter ended June 30, 2019 will be sustainable by the Corporation.
For the three months ended June 30, 2019, the average yield per plant at the Corporation’s facilities totaled 261 grams per plant, versus an estimated average of 204 grams per plant set out in the Corporation’s interim financial statements for the three months ended March 31, 2019, available at sedar.com (biological assets). This represents a 27.94% increase in actual yields versus estimated yields for the quarter. As a result, JWC produced a record 434 kg of cannabis in the most recent quarter, ending June 30, 2019.
“The continued commitment to operational excellence is a core principal underlying JWC. Our growers have done a fantastic job, and in combination with equipment improvements and design refinements, we now have the ability to produce more cannabis than ever. This will result in a variety of improved operational metrics in months to come.” Nathan Woodworth, CEO.
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 Dual Droplet™ aeroponic platform named GrowthSTORM™. 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 increased yield and anticipated production targets and capacity. 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 MD&A for the three months ended March 31, 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.
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