MORRISVILLE, N.C., Nov. 7, 2019 /CNW/ -- Pyxus International, Inc.
(NYSE: PYX), a global value-added agricultural company, is pleased
to announce its wholly-owned indirect subsidiary, Figr, has
received approval on a license amendment from Health Canada for its
facility in Charlottetown, Prince Edward
Island. The amendment, which was approved on November 6, permits the facility to operate an
additional 210,000 square feet, with approximately 46,000 square
feet for processing and other activities and 164,000 square feet
for growing. Figr's current total licensed square footage in
Prince Edward Island is
approximately 234,000 square feet.
"The amendment marks the official completion of phase one of the
facility's expansion, increasing its run rate up to approximately
28,000 kilograms per year," said Pyxus President, CEO and Chairman
Pieter Sikkel. "The added capacity
supports the execution of Figr's
strategy to increase its presence across Canada as it continues to provide high-quality
legal cannabis products to consumers."
As a result of the additional square footage coming online, Figr
will be able to expand production of its pre-existing product lines
-- pre-rolls, flowers, and oils -- as well as launch innovative,
new, products to meet consumer demand.
The second and final phase of the expansion is also nearing
completion, and upon receiving a separate license amendment from
Health Canada, the facility's run rate is anticipated to increase
to up to approximately 43,000 kilograms annually and its footprint
will total 332,000 square feet, including 10,000 square feet of
processing/other space and 88,000 square feet of growing space.
About Pyxus International Inc.
Pyxus International
Inc. (NYSE:PYX) is a global agricultural company with 145 years'
experience delivering value-added products and services to
businesses and customers. Driven by a united purpose—to transform
people's lives, so that together we can grow a better world—Pyxus
International, its subsidiaries and affiliates, are trusted
providers of responsibly sourced, independently verified,
sustainable and traceable products and ingredients. For more
information, visit www.pyxus.com.
About Figr:
Figr is a vertically integrated legal
cannabis company headquartered in Toronto, Ontario, that operates under
one sole purpose: to put character
into everything it does. Figr cannabis is sourced from the
company's two licensed subsidiaries located in Charlottetown, Prince Edward Island, and
Simcoe, Ontario. Figr is a wholly
owned indirect subsidiary of Pyxus International, Inc. (NYSE: PYX).
For more information, visit www.figr.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These statements are based on current expectations of
future events. Such statements include, but are not limited to,
statements about future operating results, plans, objectives,
expectations and intentions and other statements that are not
historical facts. Such statements are based on the current beliefs
and expectations of management and are subject to significant risks
and uncertainties. If underlying assumptions prove inaccurate or
known or unknown risks or uncertainties materialize, actual results
may differ materially from those currently anticipated expected or
projected. The following factors, among others, could cause actual
results to differ from those expressed or implied by the
forward-looking statements: changes in laws and regulations or the
interpretation of laws and regulations, continued compliance with
applicable regulatory requirements, uncertainties with respect to
achieving anticipated run rates in expanded facilities,
uncertainties with respect to the timing and extent of geographic
marketing expansion, and uncertainties regarding the timing of
completion of, and licensing of, further facilities expansions.
Additional factors that could cause results to differ materially
from those expressed or implied by forward-looking statements can
be found in Pyxus's most recent Annual Report on Form 10-K for the
period ended March 31, 2018 and its
other filings with the Securities and Exchange Commission (the
"SEC") which are available at the SEC's Internet site
(http://www.sec.gov).
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SOURCE Pyxus International, Inc.