Christina Lake Cannabis Announces Genetic Databank With Portfolio of Over 100 Proprietary Strains for Outdoor Growth, and Tot...
December 18 2020 - 4:07PM
Christina Lake Cannabis Corp. (the “Company” or “CLC” or
“Christina Lake Cannabis”) (CSE:CLC) (FRANKFURT: CLB) is
pleased to announce that after its inaugural growing season in
which the Company produced 32,500 kg / 71,650 lb of sun-grown
cannabis, more than double its initially announced forecast of
15,000 kg / 33,000 lb for the year, the Company has accumulated a
genetic databank with a portfolio of more than 100 proprietary
cannabis strains specifically formulated for growing outdoors under
sunlight. CLC has recognized that most common strains of cannabis
have been engineered for indoor growth under artificial light,
thereby resulting in a deficit of strains suited to outdoor growth.
As a result, the Company has undertaken extensive R&D work to
develop over 100 strains in-house with an objective of maximizing
output from its growing activities. The Company currently holds a
total inventory of more than 600,000 seeds, from which a selection
is to be used for the 2021 growing season in which CLC plans to
utilize a larger portion of its 32-acre site in Christina Lake, BC
in addition to potentially utilizing part of an adjoining 99-acre
plot also owned by the Company.
https://www.globenewswire.com/NewsRoom/AttachmentNg/fb09ab84-cf49-4225-bb56-5c076cf3c45a
Readers using news aggregation services
may be unable to view the media above. Please access SEDAR or
the Investor Relations section of
the Company’s website for a version of this press release
containing all published media.
In early 2020, the
Company was granted a research and development license by Health
Canada under the Cannabis Act, accompanying its standard
cultivation license with amendments for processing and
sales. The Company has explored several genetic
combinations and variations to maximize the performance of a given
plant when grown naturally outdoors by sunlight. During the 2020
growing season, CLC observed and analyzed growth times of each
strain, as well as resistance of a given strain to elements such as
mold and mildew. Further, the Company has sought to create named
standards for specific strains of cannabis with corresponding legal
protection for such strain names (a standard practice in
agriculture and horticulture), which the Company anticipates could
contribute to a greater degree of product integrity in the cannabis
industry.
During the Company’s 2020
growing season, approximately 2,500 seeds were cultivated in CLC’s
indoor facilities and transplanted on approximately 18 acres of
land, out of more than 100 acres of arable land presently owned by
the Company. Despite greater anticipated usage of the Company’s
site in the 2021 growing season and scheduling certain strains to
potentially be “turned over” more than once per year, CLC predicts
that its current supply of more than 600,000 seeds could
potentially be monetized by availing inventory to other Canadian
Licensed Producers, without impacting the Company’s own
operations.
Joel Dumaresq, Chief
Executive Officer and a Director of the Company commented, “Part of
what makes CLC unique is that our operations are highly integrated
between growing, processing, extracting, and R&D. Aside from
our production costs being inherently lower as a result of our
strains being developed in-house, we also benefit from the ability
to create cutting-edge strains of sun-grown cannabis that can
maximize a plant’s yield when grown outdoors. Several other outdoor
cultivators of cannabis use strains that are better suited to
indoor growth, which has the unintended consequence of limiting
their production capacity. We have recognized a deficiency in
cannabis strains that are best suited to outdoor growth, which is
exactly why we have actively developed our proprietary strains with
outdoor cultivation in mind. Aside from allowing us to maximize our
own cannabis production here at Christina Lake Cannabis,
opportunities also exist to potentially create an additional
revenue stream for the Company through licensing initiatives.”
The Company hereby
announces the resignation of Peter Nguyen as a Director of
Christina Lake Cannabis. The Company’s management and Board of
Directors thank Mr. Nguyen for his service to CLC, with their best
wishes for Mr. Nguyen in his endeavours going forward.
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) on its existing facility before developing an
adjacent 99-acre expansion property. Such an expansion will
ultimately bring CLC’s annual cultivation footprint to over 4.35
million square feet, which could enable at least 150,000 kg
(330,693 lb) of low-cost, high-quality, sun-grown cannabis to be
produced annually by the Company.
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, NOR HAS OR DOES THE CSE’S REGULATION SERVICES
PROVIDER.
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 http://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.
Core Laboratories (NYSE:CLB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Core Laboratories (NYSE:CLB)
Historical Stock Chart
From Jul 2023 to Jul 2024