Christina Lake Cannabis Corp. (the “Company” or “CLC” or
“Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF)
(FRANKFURT: CLB) is pleased to provide the following corporate
updates.
- Distillate capacity increased by 75%.
- 2022 crop demonstrated meaningful increase in mg of THC per kg
of biomass.
- 2023 crop preparation ahead of schedule.
- First shipment of medical oils to South Africa planned for
fiscal Q3’23.
- Addition of customized formulation capabilities.
- New product diversification to enable Contract Manufacturing
Operation (CMO) activities:
- Pre-Rolls
- Infused Pre-Rolls
- Kief
- Hash
- Infused Hash
“Fiscal 2023 began with well-publicized headwinds and heightened
market competition across the Canadian cannabis industry. Advanced
planning has led CLC to be in the position to capitalize on new
opportunities in challenging market conditions,” said Mark Aiken,
Chief Executive Officer of Christina Lake Cannabis. “We have
introduced a variety of strategic diversification opportunities
which will play a pivotal role in driving increased sales.
Combining our leading-edge technology with our expertise in
formulations and cannabinoid customization, has allowed us to
create turnkey product solutions such as pre-rolls, infused
pre-rolls, kief, hash, infused hash, medical oils, custom
distillate formulations and infused flower for our clients.
Alongside these new product offerings, we have continued to expand
our geographic reach and increase our capacity to drive meaningful
revenue growth, strengthening our competitive advantage with a
goal of delivering long term shareholder value.”
Distillate Capacity Increase
Further to its news release issued on December 14, 2022, the
Company has successfully commissioned equipment and exceeded
initial production expectations. The expanded processing
capabilities have enabled the Company to produce upwards of a 75%
increase in distillate production.
2022 Crop Results
An increase in the amount of biomass, refined harvesting
techniques and strain selection have resulted in enhanced quality
and potency of the Company’s production inputs. This improvement
has resulted in an estimated average yield increase of over 20% in
the milligrams of THC extracted per kg of biomass.
The Company has also reserved over 2,000 kgs of purpose grown
hang-dried, cured flower for its new pre-roll and infused pre-roll
product lines.
2023 Crop Preparation
2023 crop preparation is well underway at the Company’s
Christina Lake facility. The results from the 2022 harvest guided
the enhanced strain selection for the 2023 season. Utilizing the
data gathered from previous harvests, the Company was able to
optimize its strain selection for both distillate production and
the pre-roll manufacturing lines.
Enhancements to the greenhouses have allowed for an earlier
start to the season and are yielding strong results. Transition of
clones to the greenhouses began this week, ahead of schedule. Our
team is currently preparing the fields to transplant the
established clones, which is expected to occur during the first
week of June.
South Africa
Further to its news release issued on March 23, 2023 announcing
a strategic supply agreement with The AfriCann Group (“AfriCann”),
the Company is pleased to announce that it expects to complete its
first shipment of custom formulations of medical cannabis oils into
the South African medical cannabis market in fiscal Q3 2023.
AfriCann is the first company to introduce legal access to
life-changing cannabis medicines to South African patients on a
national basis. Utilising existing medical regulations, AfriCann
has built a scalable ecosystem to manage every aspect of the
medical cannabis journey from patient education, doctor training
& consultation, prescription & titration, distribution of
trusted pharma-grade brands in multiple formats to at-home delivery
countrywide. They have built an integrated cannabis ecosystem
managing the entire doctor and patient journey.
Addition of Customized
Formulations
To address the growing needs of the cannabis industry Christina
Lake Cannabis is now offering customized formulations to its
partners. Utilising our inhouse expertise, equipment, and
experience, we can provide our partners with the high-quality
custom formulations they desire, helping them streamline operations
and focus on internal strengths. Our enhanced offering will allow
us to customize distillate potency and flavour for each partner in
a ready to use format, as well as use our advanced techniques to
infuse flower based on their specific needs.
New Product Launches
Pre-rolls & Infused Pre-rolls2023 marks our expansion into
custom pre-roll and infused pre-roll manufacturing. Our new
equipment is successfully calibrated to consistently deliver
pre-rolls with an aesthetically pleasing “Dutch Crown” finish. Bulk
production is available utilizing our sun grown hang-dried premium
cannabis specifically grown for pre-rolls. Additionally, as a
value-added service, the Company has also introduced an option for
clients to provide their own flower for pre-roll production and/or
terpene infusion.
Available in a variety of formats and with THC ranges between
30% and 40%, our infused pre-rolls have been developed with our
high-quality distillate and curated terpenes to meet the evolving
needs of cannabis consumers. Full partner customization and
formulation support services are available.
KiefThe 2022 harvest yielded an abundance high potency flower.
With our focus on accretive inventory monetization, we have created
multiple grades of Kief with purities of 30, 35 and 40%+ THC to
provide as an additional product offering.
Hash & Infused HashBlending traditional methods with the
innovation demands of the modern consumer we have introduced
traditional dry shift hash and terpene infused hash to bring new
excitement to an old favourite. Our hash will be offered in various
THC ranges, in bulk and smaller formats, fully customized to meet
our clients’ needs.
About Christina Lake Cannabis Corp.
Christina Lake Cannabis is a licensed producer of cannabis under
the Cannabis Act. It has secured a standard cultivation license and
corresponding processing amendment from Health Canada (March 2020
and August 2020, respectively) as well as a research and
development license (early 2020). Christina Lake Cannabis’ facility
consists of a 32-acre property, which includes over 950,000 square
feet of outdoor grow space, offices, propagation and drying rooms,
research facilities, and a facility dedicated to processing and
extraction. Christina Lake Cannabis also owns a 99-acre plot of
land adjoining its principal site. CLC focuses its production on
creating high quality extracts and distillate for its B2B client
base with proprietary strains specifically developed for outdoor
cultivation to enhance extraction quality.
On behalf of Christina Lake Cannabis:
“Mark Aiken”Mark Aiken, CEO
For more information about CLC, please
visit: www.christinalakecannabis.com
Jennifer SmithInvestor Relations and Media
Inquiriesinvestors@clcannabis.com902-229-7265
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND
DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS
RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.
This news release contains statements which constitute
“forward-looking statements”, including the anticipated use of the
proceeds of the Offering, statements regarding the plans,
intentions, beliefs and current expectations of the Company with
respect to the future business activities and operating performance
of the Company. The use of any of the words “anticipate,”
“continue,” “estimate,” “expect,” “may,” “will,” “would,” “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 http://www.sedar.com. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. The Company does not
intend, and does not assume any obligation, to update these
forward-looking statements except as otherwise required by
applicable law.
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