10 000 plants to be propagated in the re-designed Valleyfield zones to replicate indoor growing conditions
MONTREAL, Sept. 27, 2021 /CNW Telbec/ - Cannara Biotech Inc. ("Cannara" or the "Company") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products with two mega cultivation facilities based in Quebec spanning over 1,650,000 sq. ft., today announced that it has received the license for cultivation and processing at its one million square foot cultivation and manufacturing facility in Valleyfield, Quebec ("Valleyfield Facility" or "Valleyfield").
The majority of zones in the recently acquired greenhouse are being repurposed as an indoor facility to achieve the same growing conditions as Cannara's Farnham Facility, home of Tribal, Orchid CBD and Nugz. In the Company's first quarter in market, product sales surpassed $7M with supply capabilities as the limiting factor. This ready build facility will allow the company to fast-track time to market and will significantly increase product supply bolstering the company's revenues and footprint into new markets.
Highlights:
- The first 10,00 plants will be propagated in the first week of November 2021;
- The fully licensed and automated Valleyfield Facility outfitted with climate control and growing systems is comprised of 24 independent growing zones. Cannara will continue to strategically activate these zones to meet the significantly growing cannabis demand in Quebec;
- Cannara has redesigned the independent growing zones at the Valleyfield Facility to replicate indoor growing conditions including growing without utilizing the sun and to apply standard operating procedures used at its Farnham Facility to maintain consistency and quality of its product.
"By recreating an indoor environment and growing without natural sunlight, we can achieve absolute consistency and increase our production of premium-grade cannabis products in Valleyfield," said Zohar Krivorot, President & Chief Executive Officer of Cannara Biotech Inc. "Securing the license for Valleyfield in the span of three months since acquisition is a testament of our commitment and determination to grow Cannara. We believe strongly in our model, to deliver the highest quality at some of the most affordable prices to consumers."
About Cannara Biotech Inc.
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) is a vertically integrated producer of premium-grade cannabis and cannabis-derivative products for the Quebec and Canadian markets. Cannara owns two mega cultivation facilities based in Quebec spanning over 1,650,000 sq. ft., providing the Company with 125,000kg of potential annualized cultivation output. Leveraging Quebec's low electricity costs, Cannara's facilities produce craft cultivated premium-grade cannabis products at an affordable price. For more information, please visit cannara.ca.
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Cautionary Statement Regarding "Forward-Looking" Information
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Cannara Biotech Inc.
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