James E. Wagner Cultivation to Open Farm-gate Store at Kitchener, Ontario Cultivation Facility
December 12 2019 - 7:30AM
James E. Wagner Cultivation Corporation (
JWC)
(TSX: JWCA.V; OTCQX: JWCAF), plans to open a 2,000 sf. farm-gate
retail store adjoining its 340,000 sf. flagship cultivation
facility located at 530 Manitou Drive in Kitchener, Ontario.
As JWC scales toward full production capacity, it plans to
expand from the Canadian medical to recreational markets in the
first calendar quarter of 2020 through a number of marketing and
distribution channels. The farm-gate store will represent a new
direct-to-consumer outlet for the company, with its recently
announced brokerage agreement with Kindred Partners providing a new
sales channel for distribution through licensed third-party
retailers.
JWC Farm-gate is expected to be the Waterloo Region’s first
retail cannabis store located on a licensed cultivation site. The
store will offer the region’s more than 500,000 inhabitants the
full line of JWC cannabis and derivative products for medical and
legal-age recreational users, including the company’s recently
announced new strains. The opening of the story will involve
furnishing an existing attached building to the main facility,
which is located on one of the most trafficked intersections in
Kitchener.
The opportunity for the farm-gate store arose from the recently
enacted amendments to provincial legislation governing the cannabis
retail market. On November 6, 2019, the provincial government
released its 2019 Ontario Economic Outlook and Fiscal Review which
announced key updates regarding how it will open the market for
cannabis retail. The revised legislation allows licensed producers
to establish retail stores on their production sites.
“Amendments in legislation provide us with the opportunity to
respond to consumer needs,” commented Nathan Woodworth, JWC
President and CEO. “We plan to move forward as quickly as the
regulatory and permitting process allows. We hope that this new
direct channel will contribute significantly to our revenue and
margin expansion in fiscal 2020.”
JWC is leading the industry in innovation, cannabis cultivation
and distribution. Each of its exclusive strains are grown using the
company’s proprietary GrowthSTORM™ aeroponic technology recognized
for producing clean, consistent cannabis products at the highest
yield per plant and scale. JWC is on track to produce a total of
over 35,000 kg of dried cannabis per year once its cultivation
facility becomes fully operational.
About James E. Wagner Cultivation
Corporation
James E. Wagner Cultivation Corporation’s wholly owned
subsidiary is a Licensed Producer under the Cannabis
Regulations, formerly the Access to Cannabis for Medical
Purposes Regulations (“ACMPR”). JWC is a
premium cannabis brand, focusing on producing clean, consistent
cannabis using an advanced and proprietary aeroponic platform named
GrowthSTORM™. JWC began as a collective of patients and growers
under the Marihuana Medical Access Regulations (the precursor to
ACMPR). Since its inception, JWC has remained focused on providing
the best possible patient experience. JWC is a family-founded
company with deep roots planted in the local community. JWC’s
operations are based in Kitchener, Ontario. Learn more
at www.jwc.ca.
Notice Regarding Forward-Looking Statements
This press release contains statements including forward-looking
information for purposes of applicable securities laws
(“forward-looking statements”) about JWC and its
business and operations which include, among other things,
statements regarding the construction, outfitting and licensing of
the farm-gate retail outlet; the production and supply of product
for the recreational market and its ability to be sold; and an
on-going relationship with Kindred for the distribution of JWC’s
recreational product. The forward-looking statements can be
identified by the use of such words as “will”, “expected”,
“approximately”, “may”, “could”, “would” or similar words and
phrases. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results to differ materially from those implied in the
forward-looking statements. For example, risks include risks
regarding the cannabis industry, economic factors, the equity
markets generally, building permit related risks and risks
associated with growth and competition as well as the risks
identified in the Corporation’s Annual Information Form dated April
3, 2019, available under the Corporation’s profile
at www.sedar.com. Although JWC has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release and are based on current
assumptions which management believes to be reasonable. The
Corporation disclaims any intention or obligation, except to the
extent required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Company ContactNathan Woodworth, President
& CEO of JWC(519) 594-0144 x 421nathan@jwc.ca
Investor RelationsJonathan
LeuchsCMA (949) 432-7758JWCA@cma.team
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