VANCOUVER, British Columbia, Oct. 01, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) is pleased to announce that its common shares will begin trading today on the Canadian Securities Exchange (“CSE”) at 9:30 am EDT on Thursday, October 1, 2020 under the ticker symbol “CLC”. Christina Lake Cannabis is 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. CLC is presently in the process of harvesting a crop of more than 22,500 plants of eight unique cannabis strains on its 32-acre site in the Christina Lake region of British Columbia. The expected yield of this harvest is at least 22,500 kg/49,500 lb.
After acquiring its 32-acre property in October 2018, CLC has reached several key milestones in its pursuit of becoming one of the largest Canadian firms for outdoor cannabis cultivation and extraction. Accomplishments to date include the following:
- Finalization of a standard cultivation license and corresponding processing/sales amendment from Health Canada (March 2020 and August 2020, respectively) as well as a research and development license (early 2020).
- Buildout of CLC’s world-class facility including propagation and drying rooms, extraction centre, safe storage, and offices.
- Developed robust genetic strains and 600,000+ seeds in the seed bank.
- Team expansion to more than 30 full-time staff members and seasonal workers, making CLC the largest employer in the Christina Lake, BC region.
- Completion of successive investment rounds, raising a total of approximately CAD $16,000,000, providing CLC the ability to maintain a reserve of funds for ongoing operations.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7cb36493-bd41-4ae9-a25e-9c4c292e4fcd
Christina Lake Cannabis CEO Joel Dumaresq commented, “It was two years ago that our team set out to create a large-scale operation for outdoor cannabis cultivation and extraction. I express my utmost gratitude to the founders and team members whose efforts brought CLC to where it is today. CLC now has a truly remarkable facility with the capacity to grow high-quality and high-potency cannabis in Christina Lake’s renowned climate for cannabis cultivation, with impressively efficient infrastructure and workflows that allow us to produce at a very low cost. I also extend my gratitude to our loyal shareholders, whose support for our journey since the beginning has been instrumental to our progress to date. With our first harvest underway, we look forward to sharing our initial operating results, and building upon that momentum as we seek to establish our reputation as a leader in the Canadian cannabis industry.”
On behalf of Christina Lake Cannabis Corp.:
Joel Dumaresq, CEO and Director
THE CANADIAN SECURITIES EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
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 consists 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
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.