VANCOUVER, British Columbia, Dec. 14, 2022 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT:CLB), (the “Company” or “Christina Lake”), a leading producer of high quality extracts and sun grown cannabis, is pleased to provide the following operational update.
“Building off our solid Q3’22 results, we have completed a strong 2022 harvest. Not only have we seen meaningful growth in the biomass harvested, but initial potency testing has shown a significant increase in the milligrams of total THC in comparison to last year. These improvements are a testament to the strength of our team,” said Christina Lake CEO Mark Aiken. “These higher quality input and our additional processing capabilities will allow us to create a wider variety of product offerings for our customers and will bolster our bottom line.”
Harvest Results
The Company harvested approximately 42,000 kg of dried biomass during its 2022 outdoor grow season. This represents an increase of approximately 11% from the 2021 outdoor grow season which yielded 38,000 kg.
Initial testing has indicated a significant increase to average potency per plant, which will result in an increase of total milligrams of THC obtained through our extraction process. Management attributes this increase to changes made to the strain mix based on prior year learnings, as well as higher quality genetics. Utilizing higher quality inputs into production allows for significant cost savings through a reduction in staff handling times and downtime of equipment, while producing a higher quality output.
The Company continues to explore new product offerings for its customers based on an increase of high-quality dried flower and extracts.
Processing Improvements
Further to the press releases dated September 8, 2022 and October 18, 2022, the Company has successfully completed the acquisition of additional processing equipment for its processing facility from the funds related to the unsecured convertible debenture offering. The new processing equipment will allow the Company to significantly increase its production throughput and resolves previously identified processing constraints. Once fully operational, the Company will have the capacity to pivot to new products based on market demands and improve the monetization of inventory.
Further to the Company’s press release dated December 12, 2022 with respect to the appointment of Milan Stefancik as Vice President of Sales and Marketing, the Company notes that the appointment remains subject to required mandatory security clearance by Health Canada and any required approvals of the Canadian Securities Exchange.
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
invest@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.
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