Business
James E. Wagner Cultivation Reports Fiscal First Quarter 2020 Financial Results
James E. Wagner Cultivation Reports Fiscal First Quarter 2020 Financial Results.
About this update from James E Wagner Cultivation Corp
[{"type":"text","content":"\n KITCHENER, Ontario, Feb. 21, 2020 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (TSX VENTURE: JWCA; OTCQX: JWCAF), a premium cannabis brand focused on producing clean, consistent cannabis grown using its advanced and proprietary GrowthSTORM™ aeroponic platform, reported financial results for its fiscal first quarter ended December 31, 2019. Dollar amounts are in Canadian dollars. Fiscal Q1 2020 Corporate Highlights Received licensing amendment from Health Canada to double JWC2’s licensed production capacity to 44,500 square feet, which would be an annualized production capacity of more than 9,000 kilos of dried cannabis.Average yield per plant increased to 262 grams in the first quarter of 2020, versus the average yield of 210 in the same year-ago period.Launched plans to open a 2,000 square farm gate retail store adjoining the company’s JWC2 flagship facility, representing a new direct-to-consumer sales channel for the company. The store is anticipated to be the Waterloo region’s first retail cannabis store located on a licensed cultivation site, and will serve the area’s 500,000 inhabitants. In January, the company submitted a cannabis retail operator license application to the Alcohol and Gaming Commission of Ontario.Received a license amendment from Health Canada for the sale and production of cannabis extracts, edibles and topicals at the company’s JWC1 facility, allowing JWC to add kief, rosins, and pre-rolls in various quantity formats to its product portfolio. Introduced four new cannabis strains grown using the company’s advanced GrowthSTORM™ aeroponic platform: King Tut, Dark Helmet, West Coast Sour Diesel, and Hash Plant.Engaged Kindred Partners to serve as the exclusive broker for JWC adult-use cannabis products in Canada.Entered a supply and manufacturing agreement with CannaCure Corporation, a wholly-owned subsidiary of Heritage Cannabis Holdings, whereby CannaCure formulates and fills JWC’s vape cartridges, for both recreational and medical cannabis markets.Began collaboration and research trial with Fluence Bioengineering for the performance testing of Fluence’s VYPR 2p Broad Spectrum LED lighting solution. The trial will assess if the lighting solution can further improve JWC’s already high level of energy efficiency and help...