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Canadian cannabis company FIGR, Inc. growing Charlottetown footprint to 325,000 square feet, supply to approximately 35,000 kg, and workforce to nearly 200
CHARLOTTETOWN , Feb. 21, 2019 /CNW/ - FIGR, Inc. today released the results of the first-ever Atlantic Canada -focused consumer study gauging the opinions, behaviours, and concerns of Atlantic Canadians towards cannabis business and culture since recreational cannabis was legalized in Canada on October 17, 2018.
While the Atlantic Canadian provinces were considered to be among the most pro-legalization in the country prior to October 17 1, residents of Canada's East Coast have only grown their support of legal recreational cannabis use since legalization day. The recent consumer study commissioned by the Canadian cannabis company, FIGR, Inc., reveals that 67% of Prince Edward Islanders and Nova Scotians feel recreational cannabis is more socially acceptable since legalization. They also believe that local, homegrown cannabis—and its role as an economic driver for the region—is important.
Grow a Strong Economy
Survey respondents recognize cannabis as an opportunity to grow the Atlantic Canadian economy, with more than half (53%) of respondents saying the cannabis industry will have a positive impact on the economy of Atlantic Canada . In addition, 57% of Islanders and Nova Scotians feel the legal cannabis industry will lead to economic opportunities for farmers in the region.
" Atlantic Canada has a tremendous pool of local, talent-rich individuals with transferable skills that can directly apply to the cannabis industry," said Harvey Carroll, president, FIGR, Inc. "New employment opportunities drive the local economy and we're dedicated to contributing positively to the communities in which we operate. At FIGR, we're preparing to expand our workforce in Charlottetown from 30 to nearly 200, with a focus on attracting local talent—from farmers to quality assurance specialists to botanists and beyond."
According to the recent survey, 74% of respondents indicated it is important to buy Canadian-produced cannabis. Taking the 'buy local story' to the next level, those Canadians living on Prince Edward Island and in Nova Scotia indicated that hyper-local product was preferred whenever possible, with three quarters (75%) of respondents citing the importance of buying cannabis that is locally produced in Atlantic Canada as the first choice.
"We are thrilled with the initial local reaction to our product. We pride ourselves on knowing our customers and what they want, in large part because members of our team live and work right here in Atlantic Canada ," said Carroll. "Part of that is education. Studies like this continue to show there is demand for an authentic customer experience."
The Origin Story Matters
Beyond a strong desire for locally grown cannabis, Atlantic Canadian consumers are increasingly placing significant value on the right to more detailed information and transparency around the origins of their product from growing and harvesting to processing. Nearly half (49%) of survey respondents say it is important to know where their cannabis comes from and 52% say it is important to know how the cannabis they purchase is grown and processed.
"The survey results indicate Atlantic Canadians are seeking transparency. That added knowledge is reassuring on many levels," said Carroll.
Using the SENTRISM track-and-trace platform, consumers can enter a lot number located on their FIGR product at FIGR.com/quality to track in-depth, individualized product information.
"Within Canada , licensed producers are required to track the chain of custody of the cannabis they produce, reporting the data to Health Canada," explained Carroll. "SENTRI is utilized for this purpose, as well as its ability to share product-specific information, including where and when the cannabis plant used to create a product was harvested and how long the specific cannabis was cured."
The Experience Matters
Consumers are depending on their regional in-store experience to learn about, explore, and purchase their locally produced cannabis. Survey respondents in both Prince Edward Island and Nova Scotia cited a positive in-store experience as a fundamental component in their cannabis purchasing journey, with more than 81% of cannabis purchasers saying their in-store experience has been positive since legalization.
"Atlantic Canadians have embraced cannabis since legalization and have been patient as a brand new industry works to meet high consumer demand," said Carroll. "To help meet that demand, we have increased production in our first three months and extended shifts that allow us to complete packaging more quickly. As we increase our Charlottetown footprint from approximately 30,000 square feet to approximately 325,000 square feet, we will increase our production capacity from 1,200 kg to an estimated 35,000 kg."
About the Survey
FIGR, Inc. commissioned an online survey of 406 Canadians within Prince Edward Island and Nova Scotia . The survey was completed between December 6 and December 17 , 2018, using Leger's online panel. These data are being used to develop FIGR's innovation pipeline and inform FIGR's plans for ongoing education of Atlantic Canadians in the cannabis category. The margin of error for this study was +/- 4.9%, 19 times out of 20.
About FIGR, Inc.
FIGR is a vertically integrated legal cannabis company headquartered in Toronto, Ontario , that operates under one sole purpose: to put character into everything it does. FIGR cannabis is sourced from the company's two licensed subsidiaries—Canada's Island Garden, in Charlottetown, Prince Edward Island , and Goldleaf Pharm, in Simcoe, Ontario . FIGR is a wholly-owned indirect subsidiary of Pyxus International, Inc. (PYX). For more information, visit www.figr.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about future plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results may differ materially from those currently anticipated expected or projected. The following factors, among others, could cause actual results to differ from those expressed or implied by the forward-looking statements: changes in laws and regulations or the interpretation of laws and regulations, continued compliance with applicable regulatory requirements and, uncertainties with respect to the timing and extent of facilities and workforce expansion. Additional factors that could cause results to differ materially from those expressed or implied by forward-looking statements can be found in Pyxus's most recent Annual Report on Form 10-K for the period ended March 31, 2018 and the other filings with the United States Securities and Exchange Commission (the "SEC") which are available at the SEC's Internet site (http://www.sec.gov).
SOURCE FIGR Inc.
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