AgriCann Solutions Provides Early Guidance
Vancouver, British Columbia--(Newsfile Corp. - August 27, 2021) - AgriCann Solutions Corp. (the "Company" or "AgriCann"), a rapidly expanding full-service premium Cannabis nursery and craft industry supplier and retailer, is pleased to provide shareholders with an update and early guidance.
Wholly-owned subsidiary Craft Nurseries Canada Inc. ("CNC") is committed to working with licenced producers and micro grow cultivators to provide growers with genetically superior tissue cultured clones that have consistent growth characteristics and phenotypes at an industrial scale through a service-based business model. Our model is designed to bring superior cannabis products and increased profits to the cannabis industry, in full compliance with applicable laws restricting residues of a pest control product and microbial and chemical contaminants, certified to be disease free.
CNC is completing the first operational month of its tissue culture program, with initial production of first-generation tissue culture ("TC") clones. With its SOP and recent staffing additions functionally integrated, CNC expects to ramp up to produce and maintain 25,000 TC clones, net of concurrent sales of approximately 18,000 plantlets, thereby achieving first revenue of $450,000 over its initial 90 days of operation.
CNC is currently utilizing 1,800sf of its 3,600sf greenhouse area, awaiting delivery of a custom vertical racking order comprising twenty 5'x13' 4-tier greenhouse benches with trays, which immediately increases available grow space to 5,400sf. For additional capacity, an adjacent 6,400sf concrete floor is expected to be laid ahead of colder weather, allowing completion of our phase one buildout to 10,000sf of greenhouse area, expanding available grow space with vertical racking to 29,000sf by early 2022.
CNC is executing on a demand-driven ramp up schedule expected to build up to 200,000 cannabis plants per cycle, representing approximately 3,000,000 plants annually by late 2022, for a targeted annual revenue run rate approaching $75 million.
About AgriCann Solutions Corp.
AgriCann Solutions Corp. is a "Reporting Issuer" created as result of a statutory plan of arrangement completed by The Valens Company in 2015. AgriCann operates wholly owned subsidiary Craft Nurseries Canada Inc. ("CNC"), licensed under the Cannabis Act and Cannabis Regulations effective May 21, 2021 to produce and sell unique premium cannabis and hemp genetics, including clones, pre-veg and veg plants, to licensed producers and cannabis retail stores. AgriCann is currently executing an aggressive buy-and-build roll-up strategy with several highly accretive share-exchange acquisitions pending completion (see our June 25 2021 news release). AgriCann currently has 13,480,758 common shares outstanding.
ON BEHALF OF AGRICANN SOLUTIONS CORP.
(signed) "Rob van Santen"
CEO & Director
For further information, please contact:
Robert van Santen, CA, CPA, CMT
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. The Company will provide further updates respecting these initiatives as developments occur. There can be no assurance that interests in any or all of these or additional projects being pursued will be acquired, funded and/or commercialized.
AgriCann Solutions Corp.
400-1771 Robson Street, Vancouver, BC, Canada V6G 1C9
Tel. +1.604.608.1999 ~ Fax. +1.778.379.9990
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94674.