POINT ROBERTS, Wash. and DELTA, British Columbia, March 22, 2019 (GLOBE NEWSWIRE) -- Investorideas.com, a leading investor news resource covering hemp and cannabis stocks, releases a snapshot looking at the numerous production facilities that were awaiting Health Canada approval, that are now fully licensed and operational.
As 2019 will be the first full calendar year of legal cannabis sales in Canada, the question of production capacity and cannabis supply is being answered one approval at a time.
Village Farms International, Inc. (TSX:VFF) (NASDAQ: VFF) announced earlier this month that its 50%-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms received from Health Canada the seventh amendment to the cultivation license for its 1.1 million square foot greenhouse in Delta, BC.
This amendment permits Pure Sunfarms to expand its cannabis production area by approximately 206,000 square feet to a total of approximately 1.03 million square feet (16 grow rooms). With this amendment, the entire growing area at Pure Sunfarms' greenhouse is now licensed for cultivation. The newly licensed area is expected to be planted by the end of March 2019.
Village Farms also announced that Pure Sunfarms has, as planned, commenced re-planting of Quadrant 1 of its greenhouse following the planned suspension of production last autumn to install the infrastructure for supplemental lighting to maximize yields in the winter months. The Company expects Quadrant 1 to be fully planted by the end of April 2019, at which time Pure Sunfarms will be in production on the entire 1.03 million square feet of growing area at its facility, making it one of the largest fully operational cannabis production facilities in the world.
The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) recently announced that its wholly-owned subsidiary, 7ACRES, has obtained Health Canada approval for six additional flowering rooms totaling 60,000 square feet of additional production space at its facility in Kincardine, Ontario.
Total flowering room space at 7ACRES increases from 120,000 sq. ft. to 180,000 sq. ft. and 7ACRES' annual production capacity estimate increases from approximately 17,500kg to 26,250kg. As noted in previous communications, Supreme Cannabis expects that with further production efficiencies following the licensing of all 25 flowering rooms, 7ACRES' potential capacity is anticipated to reach approximately 50,000kg per year by mid-2019.
"Today's announcement is a major milestone which represents a 50% increase in our estimated annual production capacity. With 18 of 25 flowering rooms at 7ACRES now approved by Health Canada, production space at our facility is near the finish line," said John Fowler, President and Founder of Supreme Cannabis. "With our multi-award winning 7ACRES brand now available in 8 out of 10 provinces, we look forward to completing construction of the facility so that cannabis enthusiasts coast-to-coast will be able to enjoy what we believe to be the highest-quality cannabis grown at scale in the country."
AgraFlora Organics International Inc. (CSE: AGRA) (OTC: PUFXF), a growth oriented and diversified international cannabis company, recently announced it is acquiring an additional 10% of the shares of Propagation Services Canada Inc. for $14 million payable by common shares of AgraFlora at a price of $0.68 per share, equivalent to 20,588,235 common shares.
"It is important for AgraFlora to continue to have a majority stake in the joint venture company Propagation Services Canada," said Derek Ivany, President and CEO of AgraFlora. "The Delta Greenhouse Complex will become our marquee facility with 2.1 million square feet of greenhouse space and 100,000 square feet in production facilities. Progress on the retrofit continues to be on target and we expect to submit our licensing application video to Health Canada by the end of June."
48North Cannabis Corp. (TSXV:NRTH) recently announced that its wholly-owned subsidiary, Good & Green, a licensed cannabis producer under the Cannabis Act received its Standard Processing License from Health Canada on March 8, 2019.
This is 48North's second Processing License from Health Canada; the Company's first Processing License was granted for its Delshen Therapeutics facility in Kirkland Lake, Ontario. This additional license solidifies 48North's ability to launch next-generation cannabis products for retail sale in the fall of 2019.
Pending Health Canada approval, 48North will be one of the first Licensed Producers in Canada to have an outdoor cannabis farm, expected to produce over 40,000 KG of dried cannabis, from over 3.7 million sq. ft. of cultivation space, at a low-cost. 48North plans on using the majority of this significant production volume for extracted, value-added products.
Reaching production capacity has been an essential marker for numerous cannabis companies, many of which are now reaching that marker as final approvals and construction is completed. We can expect more announcements like these throughout March, April and May, as that is the timeframe many companies have aimed to be fully operational for in preparation for summer cannabis sales.
For investors following cannabis stocks, Investor Ideas has created a stock directory of publicly traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX Marijuana/Hemp Stocks
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