VANCOUVER, British Columbia--(BUSINESS WIRE)--Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) (“Sproutly" or the “Company”) is pleased to provide an update on its recent cannabis production results at its wholly-owned subsidiary Toronto Herbal Remedies Inc. (“THR”).
Cannabis Production Results Highlights:
- Total dry cannabis flower output to date is 298kg versus design capacity of 199kg (Calculated based on 2lbs per light)
- Total dry cannabis flower output represents overperformance of 49.9% vs design capacity
The total cultivation output for the three-month period ended June 30, 2019 was 298kg of dried cannabis flower, representing a overperformance of 49.9%, relative to the design of 199kg which is based on 2lbs per light. These initial dry cannabis flower yield results have been achieved cultivating the Company’s cannabis strain Berry White, an indica-dominant hybrid.
Sproutly has acquired an additional sativa strain which the Company has begun cultivating in Q2 FY2020. The introduction of additional cannabis strains will broaden the Company’s offering of high-quality connoisseur cannabis flower and other derivative products. The cultivation of additional strains may impact total cannabis flower yields.
Keith Dolo, Chief Executive Officer, Sproutly Canada stated, “The Company has successfully achieved greater than expected results for the harvests from April to June 2019. On a total of nine harvests, the average dry flower yield was 50% greater than our designed capacity. This increase in dry flower yield is evidence of the quality of our facility and the team at our THR cultivation facility, and will allow the Company to produce additional flower and trim in excess of our original projections.”
Cannabis Production Summary
For the three-month period ended June 30, 2019, Sproutly cultivated a total harvest weight of 298kg of dried cannabis. Sproutly has been consistent in increasing the harvest weight of cannabis flower since April of 2019. Please see table below.
Historical Harvests (dry flower weight) |
April |
May |
June |
|
2019 |
2019 |
2019 |
Actual Harvest Weight |
86.5 |
104.5 |
107.0 |
Design Weight |
54.5 |
70.8 |
73.5 |
Increase (kg) |
32.0 |
33.7 |
33.5 |
Increase (%) |
58.8% |
47.6% |
45.5% |
Licensing Update
The Company has previously obtained its cultivation and processing licenses and is in the process of applying for its sales license. It has successfully completed the packaging and labeling for dried cannabis product as well as cannabis oil products. In addition, Health Canada has recently confirmed that they have completed a desktop review of all the supporting documentation to support its sales license application. As a final step to obtaining its sales license, THR has been advised by Health Canada that a pre-sales inspection will be scheduled in the near future.
About Sproutly Canada, Inc.
Sproutly’s core mission is to become the leading supplier to the cannabis beverage and edibles market. Our Toronto based, Health Canada licensed facility was built to cultivate pharmaceutical grade cannabis to supply a technological breakthrough in producing and formulating the first natural, truly water-soluble cannabis solution. Our water-soluble ingredients and our bio-natural oils will deliver revolutionary brands to international markets that are clamouring for well-defined commercial products. Sproutly’s business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing, and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide.
For more information on Sproutly, please visit: www.sproutly.ca.
Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and reflect the expectations or believes regarding future events of management of Sproutly Canada. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the expected launch of the Company’s first line of beverage products. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These assumptions, risks and uncertainties include, among other things, the Company successfully completing the development and production of its first line of beverage and cannabis products and obtaining all applicable regulatory approvals from global jurisdictions including Health Canada. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended, such as the Company’s inability to successfully develop and produce its first line of beverage products or the Company’s inability to obtain any necessary regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
