CLC Producing Winterized Cannabis Oil in Commercial Quantities, Characterized by a Unique Terpene Profile with Potential Medi...
January 05 2021 - 3:01AM
Christina Lake Cannabis Corp. (the “Company” or “CLC” or
“Christina Lake Cannabis”) (CSE:CLC) (FRANKFURT: CLB) is
pleased to announce that it has commenced commercial production of
winterized cannabis oil as well as full-spectrum winterized
cannabis oil, using crude oil extracted in-house from biomass grown
by the Company during its inaugural grow season in 2020 in which
32,500 kg / 71,650 lb of cannabis was cultivated outdoors. The
Company’s winterized cannabis oils contain a unique terpene profile
which has potential applications in medicinal products. CLC
currently continues its dealings with potential purchasers of its
initial supply of cannabis oils as announced in its press release
dated December 23, 2020. Samples of the Company’s cannabis oils are
to be shared with potential purchasers in the coming weeks.
Terpenes play a significant role in the marketability of
cannabis goods, largely due to their role in a product’s aromatics
as well as their ability to enhance the effects of cannabidiol
(“CBD”) and/or tetrahydrocannabinol (“THC”) creating what is
referred to as the “Entourage Effect”. Commonly, terpenes are also
used as a diluent to reduce the viscosity of certain cannabis oils
(as shown in the second image below). The terpene profiles that are
unique to CLC’s proprietary strains of cannabis are considered to
be desirable in the medicinal cannabis market.
The non-invasive nature of cannabis extraction done using CO2
power also tends to allow for greater terpene yields. Based on an
initial batch of oils extracted using the Company’s CO2-powered
Vitalis R-200-H-GMP-SS, the Company has observed an impressive
concentration of terpenes. In a report by Deloitte1, the Canadian
market for products made with cannabis extracts was estimated to be
worth approximately CAD $1.6 billion, or nearly 60% of the CAD $2.7
billion market size of “Cannabis 2.0”.
In addition to winterized and full-spectrum winterized cannabis
oil, the Company is also producing a supply of cannabis oil with an
extra-high THC concentration, which is known as “distillate”.
Bhavana Rao, Director of Extraction and Product Development for
the Company commented, “Our portfolio of proprietary cannabis
strains is engineered to flourish when grown under natural
sunlight. In terms of biomass quantity, this has been evidenced by
our inaugural harvest yielding more than double the initially
forecasted amount. We are thrilled to be extracting oils and
terpenes from strains grown outdoors in the famous Kootenay region.
Consumers’ tastes become more sophisticated as the cannabis market
matures, with many cannabis users’ preferences now being based on
terpenes or terpene profiles. Large-scale CO2 extraction allows us
to meet the growing demand for full-spectrum products in the
industry. With CO2 extraction techniques, we have the ability to
pre-extract and re-introduce terpenes that are strain specific.
With growing demand for cannabis extracts in the global cannabis
marketplace, we take great pride in our proprietary methodologies
for developing and growing proprietary strains as well as for the
extraction of oils for emerging applications in areas such as
medical cannabis.”
Milan Stefancik, Director of Sales for the Company commented,
“There is significant demand for cannabis extracts in Canada, which
can primarily be attributed to their versatility in products under
‘Cannabis 2.0’. Another attractive element of extracts is their
long shelf life, which allows for a very lean supply chain from the
extractor to the end consumer. We have been in discussions with
potential purchasers of our initial batch of winterized and
full-spectrum winterized cannabis oil for a couple of weeks now,
and we look forward to bringing our cannabis oil products one step
closer to the retail and medicinal markets.”
Sources
1 - Deloitte: Nurturing new growth - Canada gets ready for
Cannabis 2.0
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.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/f6683228-e1b9-4512-8945-25579c025c1fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/857d6e3a-6a6e-41e1-9d1c-2f68c831c5c6
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of this press release containing all published media.
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