TORONTO, Dec. 03, 2019 (GLOBE NEWSWIRE) -- Thrive Cannabis, a federally-licensed producer of premium, craft cannabis, based in Simcoe, Ontario, today provided a company update on its facilities, operations and expansion plans.
Update on Operational Facilities:
To complement its existing indoor growing facility, Thrive obtained its outdoor cultivation license in June of 2019 from Health Canada, and a month later planted an initial four acres (174,000+ sq ft) of outdoor grow in Simcoe, Ontario, where it has approximately 180 acres under license. Thrive Cannabis has begun the planning and construction of an additional 60,000 sq ft of premium indoor cultivation, processing and extraction space, with the capability for automated GMP manufacturing.
Update on First Outdoor Harvest:
Thrive completed its first outdoor cannabis harvest on October 15th, 2019, where it collected a yield of 13,289,000 grams (total wet biomass), using just 1,657 plants (an average of 8 kg per plant). Thrive plans to convert this outdoor crop into premium concentrates that it estimates has a retail value of over $30,000,000.
“With our current indoor facility generating AAAA grade flower, our recent outdoor harvest creating a substantial stockpile of extractable material for conversion into premium concentrated products, and the upcoming construction of a new indoor facility, plus an additional nine acres of outdoor planned for 2020, the future is looking extremely bright for Thrive.”
-- Geoff Hoover, CEO - Thrive Cannabis
About Thrive Cannabis:
Thrive Cannabis is a privately held, vertically integrated cultivator and processor of premium and ultra-premium craft cannabis and cannabis concentrates, founded in 2018, with production facilities in Simcoe, Ontario. Thrive holds production, sales and outdoor cultivation licenses from Health Canada. Thrive Cannabis is currently developing premium brands for the Canadian recreational market that will commence distribution in 2020. To learn more, visit us at thrivecannabis.ca
For Investor Relations Inquiries, please contact:
Geoff Hoover, CEO - Thrive Cannabis
Email: Investors@thrivecannabis.ca
For Media & PR Inquiries, please contact:
Media Relations
Email: PR@thrivecannabis.ca
CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
Thrive Cannabis is not a reporting issuer (or the equivalent thereof) in any jurisdiction, is not listed on any stock exchange, and may never become a reporting issuer or listed on any stock exchange, therefore, any securities issued by Thrive Cannabis will be subject to an indefinite hold period which may never expire.
This News Release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
This News Release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking information, including, without limitation, statements relating to Thrive Cannabis': (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) continued growth of the cannabis market; (iv) the effectiveness and popularity of Thrive Cannabis’ business strategy and its ability to bring its products to commercial production; and (v) the ability to reduce production and energy costs through economies of scale.
Forward-looking information is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Thrive Cannabis be materially different from those expressed or implied by such forward-looking information, including without limitation: (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) continued growth of the cannabis market; (iv) the effectiveness and popularity of Thrive Cannabis.
Readers are cautioned not to place undue reliance on the above forward-looking information, or any statements related thereto, which should not be construed as exhaustive and speak only as of the date of this News Release. The Company 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. All forward-looking information is expressly qualified in its entirety by this cautionary statement.