VANCOUVER, British Columbia, April 20, 2023 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) is pleased to provide the following corporate updates.
- Distillate capacity increased by 75%.
- 2022 crop demonstrated meaningful increase in mg of THC per kg of biomass.
- 2023 crop preparation ahead of schedule.
- First shipment of medical oils to South Africa planned for fiscal Q3’23.
- Addition of customized formulation capabilities.
- New product diversification to enable Contract Manufacturing Operation (CMO) activities:
- Pre-Rolls
- Infused Pre-Rolls
- Kief
- Hash
- Infused Hash
“Fiscal 2023 began with well-publicized headwinds and heightened market competition across the Canadian cannabis industry. Advanced planning has led CLC to be in the position to capitalize on new opportunities in challenging market conditions,” said Mark Aiken, Chief Executive Officer of Christina Lake Cannabis. “We have introduced a variety of strategic diversification opportunities which will play a pivotal role in driving increased sales. Combining our leading-edge technology with our expertise in formulations and cannabinoid customization, has allowed us to create turnkey product solutions such as pre-rolls, infused pre-rolls, kief, hash, infused hash, medical oils, custom distillate formulations and infused flower for our clients. Alongside these new product offerings, we have continued to expand our geographic reach and increase our capacity to drive meaningful revenue growth, strengthening our competitive advantage with a goal of delivering long term shareholder value.”
Distillate Capacity Increase
Further to its news release issued on December 14, 2022, the Company has successfully commissioned equipment and exceeded initial production expectations. The expanded processing capabilities have enabled the Company to produce upwards of a 75% increase in distillate production.
2022 Crop Results
An increase in the amount of biomass, refined harvesting techniques and strain selection have resulted in enhanced quality and potency of the Company’s production inputs. This improvement has resulted in an estimated average yield increase of over 20% in the milligrams of THC extracted per kg of biomass.
The Company has also reserved over 2,000 kgs of purpose grown hang-dried, cured flower for its new pre-roll and infused pre-roll product lines.
2023 Crop Preparation
2023 crop preparation is well underway at the Company’s Christina Lake facility. The results from the 2022 harvest guided the enhanced strain selection for the 2023 season. Utilizing the data gathered from previous harvests, the Company was able to optimize its strain selection for both distillate production and the pre-roll manufacturing lines.
Enhancements to the greenhouses have allowed for an earlier start to the season and are yielding strong results. Transition of clones to the greenhouses began this week, ahead of schedule. Our team is currently preparing the fields to transplant the established clones, which is expected to occur during the first week of June.
South Africa
Further to its news release issued on March 23, 2023 announcing a strategic supply agreement with The AfriCann Group (“AfriCann”), the Company is pleased to announce that it expects to complete its first shipment of custom formulations of medical cannabis oils into the South African medical cannabis market in fiscal Q3 2023.
AfriCann is the first company to introduce legal access to life-changing cannabis medicines to South African patients on a national basis. Utilising existing medical regulations, AfriCann has built a scalable ecosystem to manage every aspect of the medical cannabis journey from patient education, doctor training & consultation, prescription & titration, distribution of trusted pharma-grade brands in multiple formats to at-home delivery countrywide. They have built an integrated cannabis ecosystem managing the entire doctor and patient journey.
Addition of Customized Formulations
To address the growing needs of the cannabis industry Christina Lake Cannabis is now offering customized formulations to its partners. Utilising our inhouse expertise, equipment, and experience, we can provide our partners with the high-quality custom formulations they desire, helping them streamline operations and focus on internal strengths. Our enhanced offering will allow us to customize distillate potency and flavour for each partner in a ready to use format, as well as use our advanced techniques to infuse flower based on their specific needs.
New Product Launches
Pre-rolls & Infused Pre-rolls
2023 marks our expansion into custom pre-roll and infused pre-roll manufacturing. Our new equipment is successfully calibrated to consistently deliver pre-rolls with an aesthetically pleasing “Dutch Crown” finish. Bulk production is available utilizing our sun grown hang-dried premium cannabis specifically grown for pre-rolls. Additionally, as a value-added service, the Company has also introduced an option for clients to provide their own flower for pre-roll production and/or terpene infusion.
Available in a variety of formats and with THC ranges between 30% and 40%, our infused pre-rolls have been developed with our high-quality distillate and curated terpenes to meet the evolving needs of cannabis consumers. Full partner customization and formulation support services are available.
Kief
The 2022 harvest yielded an abundance high potency flower. With our focus on accretive inventory monetization, we have created multiple grades of Kief with purities of 30, 35 and 40%+ THC to provide as an additional product offering.
Hash & Infused Hash
Blending traditional methods with the innovation demands of the modern consumer we have introduced traditional dry sift hash and terpene infused hash to bring new excitement to an old favourite. Our hash will be offered in various THC ranges, in bulk and smaller formats, fully customized to meet our clients’ needs.
About Christina Lake Cannabis Corp.
Christina Lake Cannabis is a licensed producer of cannabis under the Cannabis Act. It has secured a standard cultivation license and corresponding processing amendment from Health Canada (March 2020 and August 2020, respectively) as well as a research and development license (early 2020). Christina Lake Cannabis’ facility consists of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction. Christina Lake Cannabis also owns a 99-acre plot of land adjoining its principal site. CLC focuses its production on creating high quality extracts and distillate for its B2B client
base with proprietary strains specifically developed for outdoor cultivation to enhance extraction quality.
On behalf of Christina Lake Cannabis:
“Mark Aiken”
Mark Aiken, CEO
For more information about CLC, please visit: www.christinalakecannabis.com
Jennifer Smith
Investor Relations and Media Inquiries
investors@clcannabis.com
902-229-7265
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER. This news release contains statements which constitute “forward-looking statements”, including the anticipated use of the proceeds of the Offering, statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The use of any of the words “anticipate,” “continue,” “estimate,” “expect,” “may,” “will,” “would,” “should,” “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on http://www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.