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SIMCOE, ON , May 14, 2019 /CNW/ - FIGR, Inc., a vertically-integrated legal Canadian cannabis company, today announced the commencement of an early works program at its Simcoe, Ontario , facility. The program comes in advance of the ground-breaking and construction activities planned for the 20-acre property—located adjacent to its current Ontario operation—purchased in August 2018 .
"This is a very important step for our Simcoe facility," said Harvey Carroll, President of FIGR, Inc. "By initiating the early works program, we maintain our construction timeline for the facility expansion, working toward the 2021 completion date."
The early works program mainly consists of earth excavation and tree site clearing to prepare the land for the more than 800,000 square foot facility expansion, which, when completed as anticipated, will accommodate additional growing space and processing facilities. The Ontario expansion, together with the company's nearly completed buildout of its Charlottetown, Prince Edward Island facility, will increase FIGR's total production capacity potential to more than 140,000 kg per year when completed. Additionally, FIGR's total footprint will grow to more than 1.1 million square feet upon completion of both facilities' buildouts.
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 located in Charlottetown, Prince Edward Island , and 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 expansions, including securing necessary financing to fully fund the facilities expansions. Additional factors that could cause results to differ materially from those expressed or implied by forward-looking statements can be found in the most recent Annual Report on Form 10-K of Pyxus International, Inc. for the period ended March 31, 2018 and the other filings with the 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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