Christina Lake Cannabis Provides Operational Update
December 14 2022 - 7:00AM
Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF)
(FRANKFURT:CLB), (the “Company” or “Christina Lake”), a leading
producer of high quality extracts and sun grown cannabis, is
pleased to provide the following operational update.
“Building off our solid Q3’22 results, we have
completed a strong 2022 harvest. Not only have we seen meaningful
growth in the biomass harvested, but initial potency testing has
shown a significant increase in the milligrams of total THC in
comparison to last year. These improvements are a testament to the
strength of our team,” said Christina Lake CEO Mark Aiken. “These
higher quality input and our additional processing capabilities
will allow us to create a wider variety of product offerings for
our customers and will bolster our bottom line.”
Harvest Results
The Company harvested approximately 42,000 kg of
dried biomass during its 2022 outdoor grow season. This represents
an increase of approximately 11% from the 2021 outdoor grow season
which yielded 38,000 kg.
Initial testing has indicated a significant
increase to average potency per plant, which will result in an
increase of total milligrams of THC obtained through our extraction
process. Management attributes this increase to changes made to the
strain mix based on prior year learnings, as well as higher quality
genetics. Utilizing higher quality inputs into production allows
for significant cost savings through a reduction in staff handling
times and downtime of equipment, while producing a higher quality
output.
The Company continues to explore new product
offerings for its customers based on an increase of high-quality
dried flower and extracts.
Processing Improvements
Further to the press releases dated September 8,
2022 and October 18, 2022, the Company has successfully completed
the acquisition of additional processing equipment for its
processing facility from the funds related to the unsecured
convertible debenture offering. The new processing equipment will
allow the Company to significantly increase its production
throughput and resolves previously identified processing
constraints. Once fully operational, the Company will have the
capacity to pivot to new products based on market demands and
improve the monetization of inventory.
Further to the Company's press release dated
December 12, 2022 with respect to the appointment of Milan
Stefancik as Vice President of Sales and Marketing, the Company
notes that the appointment remains subject to required mandatory
security clearance by Health Canada and any required approvals of
the Canadian Securities Exchange.
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:
“Mark Aiken”Mark Aiken, CEO
For more information about CLC, please
visit: www.christinalakecannabis.comJennifer SmithInvestor
Relations and Media Inquiriesinvest@clcannabis.com902-229-7265
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.
This news release contains statements which
constitute “forward-looking statements”, including the anticipated
use of the proceeds of the Offering, statements regarding the
plans, intentions, beliefs and current expectations of the Company
with respect to the future business activities and operating
performance of the Company. The use of any of the words
“anticipate,” “continue,” “estimate,” “expect,” “may,” “will,”
“would,” “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. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. The Company does not
intend, and does not assume any obligation, to update these
forward-looking statements except as otherwise required by
applicable law.
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