Citation Growth Corp. Announces the Completion of its Production Room at their North Las Vegas Facility
Company is in the Process of Getting its Pahrump Facility Organic Certified
Las Vegas, Nevada--(Newsfile Corp. - October 23, 2019) - Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF) ("Citation" or the "Company"), a licensed cannabis cultivator and producer, announces the completion of its production facility and will focus on obtaining Organic Certification for its Pahrump facility.
The new production facility is fully staffed and trained. All equipment has successfully been installed and tested and is in full working order.
The Company anticipates deliveries of both their DIAMANTE and SUPERIOR product lines to dispensaries within the next 21 days. Citation is now in a position where they can upcycle its trim, popcorn and flower, and achieve 2x to 3x revenue from converting into high-end extracts.
Howard Misle, CEO of Citation commented, "Pahrump organic certification is underway. We have taken great strides in converting this facility into a Certified-Organic facility for several months now. With increasing concerns around the inhalation of chemicals, Citation found it necessary to stay ahead of the curve and switch completely to organic to provide our buyers and consumers with the BEST QUALITY products with no chemicals, herbicides and/or pesticides."
The Pahrump facility is now ready for inspection to become certified. Citation's North Las Vegas facility remains the only Nevada facility to be triple organic certified, giving the Company the opportunity to realize higher margins on its products.
Our North Las Vegas triple organic certified facility is approximately 10,000 square feet in size. Once certified, Pahrump will give Citation another 26,500 square feet of certified organic cultivation space in Nevada. Adding Pahrump's potential licensed footprint to Las Vegas' potential licensed capacity makes Citation one of the largest licensed footprint holders in the state of Nevada with 569,600 square feet of cultivation and processing, once all phases are built out and the sites are fully operational.
About Citation Growth Corp.
Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.
For Further Information:
Rahim Mohamed, President
1-877-438-5448 Extension 718
Paul Searle, Corporate Communications\
1-877-438-5448 Extension 714
Citation trades in Canada, under the ticker symbol "CGRO" on the CSE, and in the U.S., under the ticker symbol "CGOTF" on the OTCQX Best Market (the "OTCQX"). The Company also trades on other recognized platforms in Europe including Frankfurt, Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.
Neither the CSE nor its Regulation Services Provider, nor the OTCQX has approved nor disapproved the contents of this press release. Neither the CSE, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that relate to our current expectations and views of future events. These statements relate to future events or future performance. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as "anticipate", "become", "objective", "may", "will", "might", "should", "could", "can", "intend", "expect", "believe", "estimate", "predict", "potential", "plan", "is designed to", "project", "continue", or similar expressions suggest future outcomes or the negative thereof or similar variations. Forward-looking statements may also include, among other things, statements about the Company's: future business strategy; operations and growth strategies; expectations of obtaining licenses and permits; expectations regarding expenses, sales and operations; future customer concentration; anticipated cash needs and estimates regarding capital requirements and the need for additional financing; ability to raise future financing; completion of all proposed site phases; the ability to expand into other states; expectations of operational efficiencies; total processing capacity; the ability to anticipate the future needs of customers; plans for future products and enhancements of existing products; future growth strategy and growth rate; future intellectual property; regulatory approvals and other matters; and anticipated trends and challenges in the markets in which the Company may operate.
Such forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: business, economic and capital market conditions; the ability to manage the Company's operating expenses, which may adversely affect the Company's financial condition; the Company's ability to remain competitive; regulatory uncertainties; market conditions and the demand and pricing for our products; exchange rate fluctuations; security threats; the Company's relationships with its customers, distributors and business partners; the Company's ability to attract, retain and motivate qualified personnel; industry competition; the impact of technology changes on the Company's products and industry; the Company's ability to successfully maintain and enforce its intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of litigation that could materially and adversely affect our business; the Company's ability to manage its working capital; and the Company's dependence on key personnel. The Company is not a positive cash flow company and it may not actually achieve its plans, projections, or expectations (the Company has a history of losses).
Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release.
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