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TORONTO , Dec. 19, 2018 /CNW/ - High Hampton Holdings Corp. (HC.CN) (0HCN.F) ("High Hampton " or the "Company") is pleased to announce that its fully owned subsidiary Mojave Jane LLC ("Mojave Jane") is set to commence full scale production in Coachella City, California , in January 2019 .
The 2,500-square-foot production facility is located in the cannabis friendly zone of Coachella City and is licensed to produce both volatile and non-volatile extractions. The recently upgraded facility utilizes state of the art CO2 extraction capable of producing approximately 115 litres of clear distillate per month. The Mojave Jane production output will be used to supply multiple brands on a white label basis including High Hampton's 100% owned CALIGOLD, which produces medicinal grade cannabis edible chocolate bars and vaporizer pens.
Mojave Jane's initial production of 25 litres/month is expected to ramp up to approximately 115 litres by Q2 2019. At current market pricing, that level of production will drive monthly revenues of $1M USD with total annualized top-line revenue projections expected to reach $12M to $14M USD on a 35% gross margin basis.
With multiple supplier relationships in place with California cultivators, Mojave Jane has secured a supply of laboratory tested, pesticide-free raw materials across the state, allowing the company to build to a steady production rate on a monthly basis. Mojave Jane expects to begin fulfilling demand for its products in January 2019 .
Christian Scovenna, a High Hampton Director commented:
"The Board and Executive Team of High Hampton are very excited to announce the start of production at Mojave Jane's Coachella extraction facility in January of 2019. We are encouraged by the top-line revenue projections and see this as a catalyst moving the company in the right direction and milestone for High Hampton in creating shareholder value."
"While Mojave Jane's production delivers revenue and cash flow to the Company, it also means realizing the advantages of integrating with High Hampton's complete portfolio", commented Gary Latham , High Hampton's CEO. "That is where the real long term value of this company will be realized."
About Mojave Jane LLC.
Mojave Jane, LLC is a California licensed manufacturer of premium cannabis extracts and concentrates for the California markets. Based in Coachella, CA , and licensed for both volatile and non-volatile manufacturing, Mojave Jane currently utilizes state of the art CO2 extraction technologies and proven distillation techniques to create products for both recreational and medical cannabis users. Mojave Jane's management team includes an accomplished group of business executives with experience in starting, growing, and selling companies, combined with hands-on commercial cannabis experience. Mojave Jane is a key part of the Coachella Valley's growing cannabis economy and supports distribution throughout California .
About High Hampton Holdings Corp.
High Hampton Holdings Corp. is a cannabis sector investment company focused on opportunities in California striving to become the largest consolidator in the medicinal cannabis sector. The Company has assembled a stellar team with cannabis, capital markets, compliance, political, licensing and brands & products supply chain experience and aggressively develops its wholly owned subsidiaries toward sustainable growth and active operations:
CoachellaGro Corp., a California corporation focused on the development of a 254,000 sq ft. greenhouse facility situated in the cannabis industrial park located in Coachella, California with a valid conditional use permit (CUP) for the development of a full-service production facility in order to serve third party state licensed medicinal marijuana operators.
420 Realty, LLC has applied for multiple permits to vertically integrate in the City of Cudahy, CA ( Greater Los Angeles Area ), for a development agreement (DA) including cannabis cultivation, nursery, manufacturing, delivery, and distribution licenses on a single parcel location. 8 Points Management, LLC serves the cannabis industry with sales, marketing, transportation, and supply chain management services through its subsidiary Bravo Distro LLC. Bravo's customers include California storefront dispensaries, delivery services, and chain stores, as well as non-retail accounts of cannabis such as manufacturers, cultivators, and the emerging CBD medical market of clinics, universities, research, veterinary, and other sciences with an expanding customer base.
CALIGOLD is serving the edibles market by crafting America's finest quality "medicinal-grade" cannabis edible products combining art and science to deliver innovative creations and adhere to important industry standards in consistency, dosing accuracy, and compound formulation.
High Hampton trades in Canada , ticker symbol HC on the CSE, and in Europe , ticker symbol 0HCN on the FSE. Neither the CSE, nor the FSE has approved nor disapproved the contents of this press release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.
Marijuana Industry Involvement
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate. Marijuana is legal in certain states however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that High Hampton's ability to access private and public capital could be affected and or could not be available to support continuing operations.
On behalf of the Board of Directors
High Hampton Holdings Corp.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the parties to complete the Acquisition and certain ancillary transactions contemplated thereby. These transactions are subject to a number of material risks, and there is no assurance that they will be completed on the terms or within the timeframes currently contemplated, or at all. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
All monetary references herein refer to Canadian dollars unless otherwise specified.
SOURCE High Hampton Holdings Corp.
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