Christina Lake Cannabis Nears Completion of its Third Outdoor Grow Season; Provides Cultivation Update
August 19 2022 - 7:00AM
Christina Lake Cannabis Corp. (the “Company” or “CLC” or
“Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT:
CLB) is pleased to announce that the Company is on track
to successfully complete its third cultivation season with a
predicted healthy crop of tetrahydrocannabinol (“THC”)-rich
cannabis plants. CLC’s proven ability to effectively cultivate
cannabis outdoors over its first two grow seasons has optimized its
yields for cost-efficient production to develop premium distillate
oil with greater commercial sales value. A primary corporate
objective heading into the 2022 grow season was to increase the
quantity of tetrahydrocannabinol-rich oil it extracts from dried
biomass, which is largely dependent upon the genetic composition of
a given strain. CLC’s Master Growers believe, based on the status
of the 2022 crop, this objective should be realized.
CLC’s incoming Chief Executive Officer, Mark Aiken, commented,
“As a rising outdoor Licensed Producer in Canada, we recognize that
maintaining this market position heavily depends on our ability to
innovate and be a leader in developing new methods for efficiently
growing and extracting cannabis on a large scale. Between
results-driven workflows, the geography in which our property is
situated, brilliant genetic engineering by our Master Growers, and
state-of-the-art equipment, I believe we are on our way to
achieving our vision of optimized cultivation techniques and
extraction of THC-rich oil from our plants on a consistent
basis.”
2022 Cultivation Recap
- CLC began the process of transferring 25,000 plants from its
onsite greenhouse facility to its 22-acre outdoor growing
facilities during the final week of May 2022.
- The spring season in the Christina Lake region of British
Columbia brought cooler than average temperatures, but quickly
progressed to becoming a consistently hot and dry summer – ideal
for growing cannabis in an outdoor environment.
- In total, CLC is on track to cultivate a total of 41-core and
experimental proprietary strains of cannabis.
- Grow season outcomes will be finalized in approximately Q4
2022, at which point the Company’s Master Growers will determine
the allocation of these strains in future growing seasons, subject
to prevailing and emerging market trends in the cannabis
industry.
- The choice of genetics this year was based upon the data and
learning from CLC’s previous two crops.
- 24,000 25-gallon (95-litre) pots were utilized to contain the
Company’s top three (3) proven proprietary cannabis strains that
have already undergone successful commercial-scale growth, as well
as 38-experimental strains from its genetic library that are still
under observation to identify the genetic formulations with
benefits to include durability for outdoor growth and increased
potency of THC.
- CLC’s advanced drone technology allowed the Company’s Master
Growers to track the growth of the plants daily and quickly adapt
to any growing challenges that may have required additional
attention.
- CLC’s Master Growers used various cultivation techniques (i.e.
adjusted feeding programs) during the region’s temperature swings
to ensure the plants stayed healthy and continued to thrive all
season long.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5b8a81a7-cc22-4a77-b97e-67e4f65a3187
Next Steps into the 2022 Harvest Season
- CLC plans to commence its third harvest season during the first
week of September 2022.
- The Company has employed an additional 40 experienced employees
to execute and complete this phase.
- CLC’s Master Growers anticipate the harvest season will last
approximately 6-7 weeks.
Final Remarks
CLC’s Master Grower, Nicco Dehaan commented, “Farming cannabis
always has its sets of challenges every year from which you learn
and adjust. Having said that, the team and I are extremely pleased
with the progression of our 2022 crop. A common misconception is
that our business is strictly driven by quantitative factors such
as biomass volume. While it is important to maximize how much you
can grow on each square metre of land, if your objective is to
extract oil there are other crucial considerations that will
dictate the amount you will be able to extract, and the associated
concentration of THC. We are confident based upon our analysis and
preliminary results from recently introduced strains that we will
achieve enhanced yields based upon more milligrams of THC in the
biomass. It’s now a matter of us executing on the next phase.”
Convertible Debenture Update
The Company also announces that further to the March 15, 2022
news release, it has amended the terms of an additional 12.4
convertible debentures issued on August 20, 2020 in the principal
amount of $62,000 (the “Convertible Debentures”).
The Convertible Debentures were set to mature twenty-four (24)
months from the date of issuance (August 20, 2022) and bear
interest at a rate of 12% per annum. Under the amended terms, the
Convertible Debentures will now mature forty-two (42) months from
the date of issuance (February 20, 2024) and the debenture holder
will have the option to convert unpaid and accrued interest into
conversion shares at a price of $0.20, and, regardless of the date
of conversion, such holder will receive interest payable in
conversion shares that is an amount equal to the unpaid interest
for the period from the issue date (or date of last interest
payment, if later) up to and including the maturity date, on a non
pro rata basis. All other terms of the Convertible Debentures
remain unchanged.
The amendment to the Convertible Debenture will allow the
Company to preserve its capital for operational activities.
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 Corp.:
“Mark Aiken”
Mark Aiken, CEO1
For more information about CLC, please visit:
www.christinalakecannabis.com
Jamie FrawleyInvestor Relations and Media
Inquiriesjamie@clcannabis.com 416-268-9432
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.
________________________
1 Mr. Aiken is the acting CEO of the Company and his appointment
remains subject to Health Canada Clearance in accordance with the
Cannabis Act.
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