KITCHENER, Ontario, July 10, 2018 (GLOBE NEWSWIRE) — James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX-V:JWCA), is pleased to announce it has received confirmation of main building permits from City of Kitchener – Building Division, which will allow completion of the planned renovations and improvements of JWC’s second cannabis cultivation facility located at 530 Manitou Drive, Kitchener, Ontario. This facility is referred to as “JWC 2” and will house JWC’s main growing facility, as well as its head offices. JWC has prepared itself for receipt of the main building permits and expects a rapid pace of construction, which will facilitate JWC’s planned path to bring JWC 2 to a high-level of production. It is estimated that construction of the Phase 1 grow rooms will take no more than 12 weeks, at which time those rooms will stand ready for cultivation. Phase 1 will consist of a group of 8 flowering rooms each with high volume growth capacity.
JWC 2 is designed to provide approximately 345,000 square feet of state-of-the-art production space. It is anticipated that this retro-fitted facility will feature more than 130 production rooms. Construction is expected to commence with this building permit and continue by modules of eight flowering rooms at a time, until the whole of JWC 2 is fully developed. The first harvest of crops is anticipated for 2018, with the completion of JWC 2 sometime in 2019. Upon completion of the construction of JWC 2, the Corporation anticipates that it will employ more than 450 employees and produce high volume, premium cannabis to meet the anticipated medical and recreational demands.
JWC currently occupies a state-of-the-art, retro-fit pilot facility comprised of approximately 15,000 square feet and featuring seven production rooms. With growing patient and consumer demand for JWC’s premium, clean, and consistent cannabis, constructing a second facility is a natural transition for JWC. With the permit now in hand, JWC expects to hit the ground running and begin the highly anticipated construction of JWC 2. The Corporation expects that by the end of summer 2018, Phase 1 of JWC 2 will be complete. This production module is expected to include the following: one large vegetation room, eight flowering rooms, one trimming and processing room, one drying room, one destruction room, one secure storage room, and one manufacturing and machinery shop. JWC 2 is expected to continue to grow on a smooth path to scale until it reaches full capacity exceeding 130 production rooms in 2019.
About James E. Wagner Cultivation Corporation
JWC’s wholly-owned subsidiary is a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) and 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, 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.
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 2, including the timing for completion of its construction, the size and structure of JWC 2 and the anticipated production for JWC 2. 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, the President and Chief Executive Officer of JWC:
Email: [email protected]
Phone: (519) 594-0144 x421