Bigger is Better: More
#Cannabis Facilities Receive Approval for Expanded Production; (TSX: $VFF.TO)
(TSX: $FIRE.TO) (CSE: $AGRA.C) (TSXV: $NRTH.V)
Point Roberts WA,
Delta BC – March 22, 2019 - Investorideas.com, a leading investor news resource covering
hemp and cannabis stocks releases a snapshot looking at the numerous production facilities that were awaiting Health
Canada approval, that are now fully licensed and operational.
As 2019 will be the
first full calendar year of legal cannabis sales in Canada, the question of
production capacity and cannabis supply is being answered one approval at a
time.
Read this in full at https://www.investorideas.com/news/2019/cannabis/03221Stocks-ExpandedProduction.asp
Village Farms International, Inc. (TSX:VFF) (NASDAQ: VFF) announced earlier this month
that its 50%-owned joint venture for large-scale, low-cost, high-quality
cannabis production, Pure Sunfarms received from Health Canada the seventh
amendment to the cultivation license for its 1.1 million square foot greenhouse
in Delta, BC.
This amendment
permits Pure Sunfarms to expand its cannabis production area by approximately
206,000 square feet to a total of approximately 1.03 million square feet (16
grow rooms). With this amendment, the
entire growing area at Pure Sunfarms' greenhouse is now licensed for cultivation.
The newly licensed area is expected to be planted by the end of March 2019.
Village Farms also
announced that Pure Sunfarms has, as planned, commenced re-planting of Quadrant
1 of its greenhouse following the planned suspension of production last autumn
to install the infrastructure for supplemental lighting to maximize yields in
the winter months. The Company expects Quadrant 1 to be fully planted by the
end of April 2019, at which time Pure Sunfarms will be in production on the
entire 1.03 million square feet of growing area at its facility, making it one
of the largest fully operational cannabis production facilities in the world.
The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) recently announced that its
wholly-owned subsidiary, 7ACRES, has obtained Health Canada approval for six
additional flowering rooms totaling 60,000 square feet of additional production
space at its facility in Kincardine, Ontario.
Total flowering room
space at 7ACRES increases from 120,000 sq. ft. to 180,000 sq. ft. and 7ACRES'
annual production capacity estimate increases from approximately 17,500kg to
26,250kg. As noted in previous communications, Supreme Cannabis expects that
with further production efficiencies following the licensing of all 25
flowering rooms, 7ACRES' potential capacity is anticipated to reach
approximately 50,000kg per year by mid-2019.
"Today's
announcement is a major milestone which represents a 50% increase in our
estimated annual production capacity. With 18 of 25 flowering rooms at 7ACRES
now approved by Health Canada, production space at our facility is near the
finish line," said John Fowler, President and Founder of Supreme Cannabis.
"With our multi-award winning 7ACRES brand now available in 8 out of 10
provinces, we look forward to completing construction of the facility so that
cannabis enthusiasts coast-to-coast will be able to enjoy what we believe to be
the highest-quality cannabis grown at scale in the country."
AgraFlora Organics International Inc. (CSE: AGRA) (OTC: PUFXF), a growth oriented
and diversified international cannabis company recently announced it is acquiring an
additional 10% of the shares of Propagation Services Canada Inc. for $14
million payable by common shares of AgraFlora at a price of $0.68 per share,
equivalent to 20,588,235 common shares.
"It is important
for AgraFlora to continue to have a majority stake in the joint venture company
Propagation Services Canada," said Derek Ivany, President and CEO of
AgraFlora. "The Delta Greenhouse Complex will become our marquee facility
with 2.1 million square feet of greenhouse space and 100,000 square feet in
production facilities. Progress on the retrofit continues to be on target and
we expect to submit our licensing application video to Health Canada by the end
of June."
48North Cannabis Corp. (TSXV:NRTH) recently announced that its
wholly-owned subsidiary, Good & Green, a licensed cannabis producer under
the Cannabis Act received its
Standard Processing License from Health Canada on March 8, 2019.
This is 48North's
second Processing License from Health Canada; the Company's first Processing
License was granted for its Delshen Therapeutics facility in Kirkland Lake, Ontario.
This additional license solidifies 48North's ability to launch next-generation
cannabis products for retail sale in the fall of 2019.
Pending Health Canada
approval, 48North will be one of the first Licensed Producers in Canada to have
an outdoor cannabis farm, expected to produce over 40,000 KG of dried cannabis,
from over 3.7 million sq. ft. of cultivation space, at a low-cost. 48North
plans on using the majority of this significant production volume for
extracted, value-added products.
Reaching production
capacity has been an essential marker for numerous cannabis companies, many of
which are now reaching that marker as final approvals and construction is
completed. We can expect more announcements like these throughout March, April
and May, as that is the timeframe many companies have aimed to be fully
operational for in preparation for summer cannabis sales.
For investors
following cannabis stocks, Investor Ideas has created a stock directory of publicly traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX
Marijuana/Hemp Stocks
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