September 29th, 2020
App, News, Top News
VANCOUVER, British Columbia, Sept. 29, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”), a premier producer of high-quality, low-cost, sun-grown cannabis flower, oil cannabinoids, as well as hemp-based extracts and derivatives, serving domestic and international markets, is pleased to announce that its common shares will begin trading on the Canadian Securities Exchange (“CSE”) at 9:30 am EDT on Thursday October 1, 2020 under the ticker symbol “CLC”.
In October 2018, CLC began its roadmap to becoming one of the largest firms in the country for outdoor cannabis cultivation and extraction by purchasing a cultivation building and fully-serviced 32-acre site in the Christina Lake region of British Columbia. CLC received approval for a standard cultivation license from Health Canada in early 2019, with a research and development license granted in the beginning of 2020. In summer 2020 the Company began harvesting more than 22,500 plants of eight unique cannabis strains, which is expected to yield a minimum of 22,500 kg/49,500 lb. With over 30 full-time staff members and seasonal workers, CLC is also the largest employer in its region. To date, the Company’s successive investment rounds have raised a total of approximately CAD $16,000,000, which enables CLC to maintain a reserve of funds for ongoing operations.
Nicco Dehaan, a founder of the Company and its Chief Operating Officer commented, “Having been part of CLC from the beginning, I am very proud of the progress made since 2018 for both the Company and the cannabis industry in general. We were very confident in the amount of growth potential this industry had, and we knew Christina Lake would be the perfect region in which to conduct outdoor growing of cannabis. As with any regulated industry, there were many hoops to jump through in order to obtain license approvals and build out a compliant operating structure. Further, applying to have CLC’s equity traded on a public stock exchange introduces a whole other set of requirements to meet and satisfy on an ongoing basis. Between obtaining our licensed producer status from Health Canada, hiring on full-time personnel for several key professional roles, and beginning to harvest our first crop for the 2020 growing season, receiving approval for trading on the CSE is an excellent addition to our momentum as we prepare to bring our first crop to market. We look forward to a productive Q4 2020, with very exciting developments to be had in 2021 and beyond.”
About Christina Lake Cannabis Corp.
Christina Lake Cannabis Corp is a Licensed Producer of cannabis under the Cannabis Act which also received a Research and Development License from Health Canada on May 20, 2020. CLC’s facility is comprised of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, as well as research facilities, and a facility dedicated to processing and extraction. CLC cultivates cannabis using strains specifically developed for outdoor cultivation and expects to produce 22,500 kg or more from its 32-acre facility before developing its adjacent 99-acre expansion property, which will bring its cultivation footprint to over 4.35 million square feet or over 88,000 kg of low-cost, high-quality, sun-grown cannabis annually.
For more information about CLC, please visit: www.clcannabis.com
On behalf of Christina Lake Cannabis Corp.:
Joel Dumaresq, CEO and Director
Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.
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