Cansortium Announces New State-of-the-Art Tampa Cultivation Facility to Supply High Quality Flower to Florida Medical Marijuana Market
New Facility Triples Company's Florida Cultivation Capacity
Miami, Florida--(Newsfile Corp. - April 15, 2019) - Cansortium Inc. (CSE: TIUM.U) announced today that it has opened and begun growing in Phase 1 at its second medical marijuana cultivation facility in Florida. Approved by the Florida Department of Health on February 22, this state-of-the-art six level indoor cultivation facility in Tampa - previously an indoor vertical lettuce farm - will support 60,000 square feet of cultivation area when fully propagated and will focus primarily on producing premium flower for the newly legal marijuana flower market in Florida.
Until recently, Florida's medical marijuana patients were limited to extract-based products such as CBD/THC oils, vapes, tinctures, topicals, etc., but a 2017 ban on the smoking of marijuana flower was overturned on March 19, 2019, enabling patients to purchase up to two and a half ounces of whole flower marijuana every 35 days through the company's current network of 10 Knox Medical dispensaries in Florida.
Cansortium Chief Executive Officer Jose Hidalgo emphasized, "The addition of our new Tampa cultivation facility is another important step in support of our strategy to address the needs of Florida's medical marijuana patients by expanding our production capacity, dispensary network and premium medical marijuana offerings in key markets. Florida is already our largest market, and this new facility will enable us to add premium flower to our existing offering of medical marijuana products across our expanding network of Florida dispensaries. In addition to the 10 Florida dispensaries we currently operate, we have 20 additional dispensaries in various stages of site selection and development, which will essentially triple our total dispensary square footage and the number of patients we can serve face-to-face. We're extremely pleased to be able to add premium flower to our products for our patients who prefer to obtain the medical benefits of marijuana directly from the raw flower."
Since April 2015, the company has operated a 31,000 square-foot greenhouse and GMP-certified 9,000 square-foot processing facility in Winter Garden. The new 60,000 square-foot Tampa facility nearly triples Cansortium's Florida production capacity. The company expects the first harvest from its new Tampa facility to occur in May 2019, with subsequent ongoing harvests anticipated to mature approximately every week once the facility is fully propagated.
Cansortium's cultivation operations and R&D are managed by a team of professionals, including accredited experts in agronomy and plant husbandry. Cansortium also utilizes a proprietary drying and terpene extraction process which requires only six hours per cycle - compared to the six days required using conventional methods - while preserving terpenes and whole plant profiles.
Mr. Hidalgo concluded, "In addition to our exciting progress in Florida, we continue to build our business platforms in Texas, Pennsylvania, Puerto Rico and Colombia, as well as secure foundational licensing in several other markets to support future growth."
Cansortium is a global medical cannabis company operating in highly populous medical cannabis markets with a mission to deliver the highest standards of cannabis care from nursery to lab to shelf. Headquartered in Miami, FL and operating under the Knox Medical brand, the Company through its subsidiaries operates cultivation, processing and dispensary facilities across Florida, Texas, Puerto Rico and Pennsylvania, with licensing pending in Michigan and Canada. The Company also has a licensed cultivation facility in Colombia.
Cansortium's common shares and warrants trade on the CSE under the symbol "TIUM.U" and "TIUM.WT.U" respectively.
For information on Cansortium, please visit www.cansortium.com.
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