Christina Lake Cannabis Appoints Senior Executive Gil Playford to Board of Directors and Chairman of Audit and Finance Commit...
December 16 2020 - 4:01PM
Christina Lake Cannabis Corp. (the “Company” or “CLC” or
“Christina Lake Cannabis”) (CSE:CLC) (FRANKFURT: CLB) is
pleased to announce that it has appointed Gil Playford, an
internationally accomplished senior corporate executive and
entrepreneur in the mining and resource sectors, to its Board of
Directors as well as to the Chairman position of CLC’s Audit and
Finance Committee.
With diverse global
experience, Mr. Playford has developed a strong business and
financial background in leadership positions for public and private
companies which consistently drove business growth and shareholder
value. Mr. Playford joins the Company’s Board of Directors under
the leadership of its Chairman Mervin Boychuk, a very successful
entrepreneur in construction and waste management who was recently
named to the Board of Directors earlier this year.
Christina Lake Cannabis,
which cultivates cannabis outdoors for extraction as a licensed
producer under the Cannabis Act, completed its inaugural grow
season earlier in 2020 with total production exceeding original
estimates by over 44% with approximately 32,500 kg / 71,650 lb of
dried cannabis. In its December 11, 2020 press release, the Company
detailed its plans to scale production upward in the following year
through strategies to include potentially utilizing a greater
portion of its 32-acre site, and potentially adjusting growing
timelines to allow for two full crops of plants from select
cannabis strains in a single season. By adding Mr. Playford to its
Board of Directors, the Company anticipates it can benefit from Mr.
Playford’s valuable insights in rapidly driving growth for
production-centric enterprises.
Mr. Playford’s career
began with Union Carbide Corp. (“Union Carbide”), one of the
original “Nifty Fifty” stocks trading on Wall Street. He quickly
ascended the ranks to hold multiple senior positions over a 25-year
tenure to include Managing Director in Switzerland, Belgium, and
Germany, Chairman and Chief Executive Officer for Union Carbide
Canada, and Chief Financial Officer for Union Carbide in its New
York office. After Union Carbide, Mr. Playford became Chairman and
Chief Executive Officer of UCAR Carbon, a carbon and graphite
company formed in a joint venture with Mitsubishi Corporation. UCAR
Carbon was renamed “GrafTech” and taken public under Mr. Playford’s
leadership as Chairman and CEO, with GrafTech presently trading on
the New York Stock Exchange. Transitioning to mining, Mr. Playford
founded LionOre Mining (“LionOre”), a producer of gold and nickel
in Africa and Australia. Under Mr. Playford’s leadership in the
Chief Executive Officer and Chairman roles of LionOre, the firm was
sold to the Russian mining conglomerate Norilsk Nickel in an
all-cash deal valued at CAD $6.8 billion, following a rival offer
of CAD $6.2 billion from Xstrata PLC. Mr. Playford holds a Bachelor
of Engineering from McGill University, and a Master of Business
Administration from York University in Toronto.
“I am looking forward to joining CLC’s Board and becoming the
Chairman of the Audit and Finance Committee because the Company has
a significant cost competitive advantage as an outdoor cannabis
producer with a superior location in British Columbia,” said Gil
Playford regarding his recent appointment to the Company’s Board.
“Whether producing industrial commodities, precious metals, or
cannabis, operational expenses and consistent quality must be
competitive to achieve industry-leading margins and sustainable
sales growth. CLC’s ability to produce outdoor cannabis with
substantially lower operating costs and capital investment than
indoor growers could position the Company favourably to establish
itself as a powerful player in this industry. I look forward to
applying what I have learned from my years in corporate settings in
executive management to my new capacities as a member of the
Company’s Board and Chair of its Audit and Finance Committee. This
is an exciting time as CLC plans for the 2021 growing season and
lays out strategic plans for near-term growth.”
About Christina
Lake Cannabis Corp.
Christina Lake Cannabis
Corp. is a licensed producer of cannabis under the Cannabis Act. It
has secured a standard cultivation licence and corresponding
processing/sales amendment from Health Canada (March 2020 and
August 2020, respectively) as well as a research and development
licence (early 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, research facilities,
and a facility dedicated to processing and extraction. CLC also
owns a 99-acre plot of land adjoining its principal 32-acre site,
which enables the Company to grow at a much larger scale. CLC
cultivates cannabis using strains specifically developed for
outdoor cultivation and in its inaugural harvest year produced
32,500 kg (71,650 lb) from its existing facility before developing
an adjacent 99-acre expansion property, which will ultimately bring
its annual cultivation footprint to over 4.35 million square feet
or over 88,000 kg (194,007 lb) of low-cost, high-quality, sun-grown
cannabis.
On behalf of
Christina Lake Cannabis Corp.:
“Joel Dumaresq”
Joel Dumaresq, CEO and
Director
For more information
about CLC, please visit: www.christinalakecannabis.com
Jamie FrawleyInvestor
Relationsjamie@clcannabis.com 416-268-9432
Jordan OwensMedia Inquiriesjordan.owens@hkstrategies.ca
236-818-5969
THE CANADIAN SECURITIES
EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
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.
Statement
Regarding Third-Party Investor Relations Firms
Disclosures relating to
investor relations firms retained by Christina Lake Cannabis Corp.
can be found under the Company's profile on http://sedar.com.
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