Pyxus International (NYSE:PYX)
Historical Stock Chart
2 Months : From Apr 2019 to Jun 2019
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SIMCOE, ON, April 29, 2019 /CNW/ - FIGR, Inc., a vertically-integrated legal cannabis company, is pleased to announce today the retention of Colliers Project Leaders, a Canadian headquartered strategic project leadership organization, to lead the expansion of its FIGR Norfolk facility (licensed as Goldleaf Pharm, Inc.) in Simcoe, Ontario. The substantial expansion—designed to follow European Union good manufacturing practices (GMP)—will transform the existing 20,000 square foot complex to approximately 800,000 square feet to accommodate additional growing space and processing facilities.
"Colliers will provide FIGR with full project management services and help us achieve our growth objectives," said Harvey Carroll, President of FIGR, Inc. "As a Canadian company, they bring a robust understanding of the local construction market and familiarity with municipal requirements. We know we've chosen a partner who cares about and understands being local, just as much as we do. Their expertise will also help us achieve our goals with speed and quality in mind."
"Colliers' cannabis facility portfolio demonstrates our extensive knowledge of the technical requirements needed to drive performance and demand quality control at every step of the process. Our in-house professionals understand the requirements unique to the cannabis industry and deliver results with cost and schedule certainty," said Gary Stanhope, Senior Vice President at Colliers Project Leaders.
FIGR expects to break ground on the Norfolk facility expansion within the next 60 days (subject to government approval), with an anticipated completion date in 2021. The FIGR Norfolk expansion, together with the company's buildout of its Charlottetown, Prince Edward Island facility, will increase FIGR's total production capacity potential to more than 140,000 kg per year. Additionally, FIGR's total footprint will grow to more than 1.1 million square feet upon completion of both facilities' buildouts.
About FIGR, Inc.
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 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 and, uncertainties with respect to the timing and extent of facilities expansion. 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 the other filings with the Securities and Exchange Commission (the "SEC") which are available at the SEC's Internet site (http://www.sec.gov).
SOURCE FIGR Inc.