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Milestone Event to Spur Revenues and Product Development Pathway for Unmet Medical Needs
VANCOUVER, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (FRANKFURT: 4VV) (“Juva Life,” “Juva” or the “Company”), a premier California based multi-faceted life sciences company focused on the commercialization of Cannabis products and advanced formulations is extremely pleased to announce receipt of a state approved cannabis cultivation license for its almost 30,000 sq. ft. facility located in Stockton, California.
After approximately 30 months of dedicated effort encompassing a comprehensive regional and municipal permitting process, extensive physical upgrades, and state of the art equipment installations, Juva has received a greenlight from CalCannabis Cultivation Licensing, a division of the California Department of Food and Agriculture (CDFA). The agency ensures public safety and environmental protection by licensing and regulating commercial cannabis cultivators statewide. CalCannabis also manages the state's track-and-trace system, which tracks all commercial cannabis and cannabis products—from cultivation to sale.
With licensing approval, Juva is now moving swiftly to fully activate its newly upgraded facility by planting approximately 8,000 sq. ft. of flowering canopy and 5,000 sq. ft. of non-flowering canopy. An additional 4,500 sq. ft. of space has been subdivided into trim, dry storage, breeding, pre-roll, packaging, and environmental system rooms (including automated controls, water reserves, fertilization, and irrigation, etc.). Three of the five growing spaces are ready for immediate planting with another two expected to be completed by Q2, 2021. Once all five rooms are fully operational, the facility is expected to have the annual capability to produce approximately 6,000-pounds of high-quality cannabis flower. Cultivated flower production is slated for use in Juva branded products, contract production services, and clinical research targeting novel product formulations.
In addition, the facility includes almost 3,000 square feet of space for use as a delivery, packaging and distribution center. As of October 2020, Juva has operated a growing cannabis delivery fleet from this location, offering nearly 400 product SKU’s to the approximately 750,000 residents of San Joaquin County. Plans for 2021 include expanded delivery services to the municipalities of Tracy (to the west), Modesto, (to the south) and Elk Grove (to the north).
The facility provides the residential delivery service separately from the distribution center which is designed to service B2B shipping of bulk cannabis to other licensed cannabis businesses (including related Juva facilities) as well as planned distribution of Juva branded products. The entire facility has been outfitted to be completely powered by low emission onsite natural gas generators so that electrical grid power serves as a system backup in order to reduce electrical operating costs by as much as 50%.
Company Founder and CEO, Doug Chloupek states, “This is a milestone event for Juva. Now that we can commence cultivation, we are firmly in charge of our destiny. We can control product quality and output in order to service our growing enterprise, as well as generate quantifiable returns. Our strategy integrates a path to sustainability and an ability to advance the development of novel formulations to address a myriad of unmet medical needs around the world. Today's announcement is a huge step forward and validation of our business plan to build value at every step of the process.”
For those new to the Juva story, please visit our website at www.juvalife.com.
ON BEHALF OF THE BOARD,
Doug Chloupek, CEO & Founder
Juva Life Inc.
About Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (FRA: 4VV)
Juva Life is working to bring the cannabis market face to face with the sector’s next generation investment grade business model. From in-house research, cultivation, manufacturing, retail, and delivery services, Juva employs state of the art tools in discovery, development, and data science to identify new molecular profiles for major unmet medical needs. Our initial focus is on cannabis, where we are deploying our platform to target consumer and pharma applications. Find out more at: https://juvalife.com/.
For further information, please contact:
Juva Life Investor Relations
Tel: +1 833-333-5882 (JUVA)
Forward Looking Statement
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; ability to realize benefits from its recent corporate appointments; ability to retain its key personnel; the intention to grow the Company’s business and operations; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; and the Company’s ability to secure financing on reasonable terms.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s management discussion and analysis for year ended December 31, 2019 under the heading “Risks and Uncertainties”. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
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