Christina Lake Cannabis Corp. (the “Company” or “CLC” or
“Christina Lake Cannabis”) (CSE:CLC) (FRANKFURT: CLB) is
pleased to announce that it is beginning to produce ultra-high
potency cannabis distillate oils from its 32,500 kg / 71,650 lb
harvest of sun-grown cannabis cultivated during the Company’s
inaugural growing season, which can enable the Company to form
supplier relationships with consumer packaged goods (“CPG”)
manufacturers. Distillate oils, which typically contain
tetrahydrocannabinol (“THC”) concentrations in excess of 90%, are
generally used to add THC to consumable products as opposed to
being directly consumed by a legal-aged end user. As an ingredient
in a finished product, distillates can be likened to flour or
granulated sugar in that they are not utilized as a standalone
cannabis product, whereas products such as dried flower or
winterized oil would commonly be used independently.
Given the growing popularity of products under “Cannabis 2.0”
that are made with cannabis oils, the Company anticipates that its
ability to produce oils in commercial quantities could create
opportunities to supply distillate to CPG manufacturers in Canada
on a wholesale basis. Additionally, because CLC’s extraction
machine (Vitalis R-200-H-GMP-SS) is CO2-powered, cannabis oils made
by the Company could qualify for GMP certification, thereby
potentially allowing its distillates to be sold in the European
Union.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b3e51063-9276-45f1-993e-4134e643cbeb
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 a press release dated January 5, 2021, the Company stated it
was producing commercial quantities of winterized cannabis oil, as
well as full-spectrum winterized cannabis oil derived from crude
oil which was extracted from biomass grown by the Company in 2020.
Winterized cannabis oils are often used in medicinal products,
especially if the oils have specific terpene profiles that are
well-suited to a particular purpose. Winterized cannabis oils can
be further distilled to attain a higher potency level, thereby
creating a distillate which is a significantly more transparent
liquid due to its purity, as shown in the image below.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f53fb1b-f716-43da-8fae-c9b66bc07fbf
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.
Distillate produced by Christina Lake Cannabis is unique in the
cannabis industry for two main reasons. Primarily, CLC’s vertically
integrated cultivation, processing, and extraction operations allow
the entire journey from seed to finished extract to occur on the
same site, allowing for full control of and visibility into
workflows as well as lower net costs. Secondarily, because the
biomass from which the distillates are derived are proprietary
cannabis strains that are grown outdoors under sunlight, CLC’s
distillate oils have a unique texture that could improve usability
in certain types of consumer products.
At this time, the Company is pursuing supplier relationships
with CPG manufacturers who could offer an enhanced experience to
legal-aged consumers of cannabis through the addition of THC.
Target CPG segments include food and beverage, cosmetic/personal
care products, and vaporizer cartridges. Based on projected crop
yields for the Company’s growing season in 2021 and the capacity of
its Vitalis extraction machine, the Company predicts it can
reliably produce commercial quantities of distillate oil that is of
a consistent quality and suitable for CPG manufacturers to use in
their products.
Joel Dumaresq, CEO and Director of Christina Lake Cannabis
commented, “With the introduction of ‘Cannabis 2.0’ in Canada in
2019, many opportunities for incorporating THC into everyday
products for adult consumers have emerged. While the potential
applications of distillate are limitless, the distillate itself is
a very hot commodity that is currently in limited supply. As a
vertically integrated producer and extractor of cannabis, producing
distillates is very much our strong suit. Because of this, we are
prioritizing initiatives to supply distillates made by CLC to
manufacturers of CPG products as a way of further diversifying our
sales channels based on present market demand.”
Milan Stefancik, Director of Sales for the Company commented,
“Here at CLC we have many advantages that make our cannabis
products unique and competitive, including large-scale outdoor
growing under sunlight, a fully integrated production facility, and
the equipment to extract cannabis oils on-site. As demand for CPG
products with THC continues to grow among legal-aged consumers, our
ability to create distillates can enable us to become a key player
in the wholesale trade. I anticipate many producers of CPG products
will have an interest in distillates in 2021, and I look forward to
exploring the many possible use cases for our distillate oils in
the CPG industry.”
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.
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