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TORONTO, April 22, 2019 /CNW/ - FIGR, Inc., a vertically-integrated legal Canadian cannabis company, announced today that significant changes are in its future regarding its product packaging, making it more sustainable. The decision to improve packaging follows consumer feedback on the sustainability and recyclability of packaging within the Canadian cannabis industry.
From August to November 2019, FIGR plans to phase in new packaging across its Craft product line that is intended to take up 50 per cent less physical space than current packaging. The reduction in packaging volume is expected to lessen the amount of shipping and fossil fuel consumption needed to transport the company's products to retailers and consumers. The packaging improvements are expected to also reduce the primary package weight by more than 20 per cent and be comprised of 25 per cent recycled materials.
In December 2018, FIGR commissioned a consumer study of Atlantic Canadian residents that revealed 58 per cent of respondents are concerned with the amount of packaging used to distribute and sell cannabis. Since cannabis was legalized in Canada, sustainability has been an important point of discussion at FIGR.
"The consumer insights from our study showed us that 61 per cent of Atlantic Canadians surveyed are concerned about the recyclability and sustainability of cannabis packaging," said Todd Duncan, Vice President Supply Chain, FIGR, Inc. "As FIGR grows, we continue to look for ways to optimize our operations. Working to make our packaging more environmentally friendly is a core responsibility and mindset."
In response to the study's results, FIGR is working with product innovation company Ahead of the Curve Group to make changes to its packaging to reduce the company's impact on the environment, while maintaining the surface area required for regulatory information and branding. Changes to the packaging will also mean improvements to the efficiency of FIGR's operations throughout its supply chain.
"Across the cannabis industry, packaging is larger than the product itself due to the regulatory requirements which mandate a specific amount of information must be on their packs," said John Snow, Partner, Ahead of the Curve Group. "FIGR has taken significant steps to reduce their package sizing, use less material and maintain product integrity while remaining compliant to regulations."
FIGR's updated packaging for its Craft product line is intended to be made from plastic and be 100 per cent recyclable.
About FIGR, Inc.
FIGR is a vertically integrated legal cannabis company headquartered in Toronto, Ontario, that operates under one sole purpose: to put character into everything it does. FIGR cannabis is sourced from the company's two licensed subsidiaries located in Charlottetown, Prince Edward Island, and Simcoe, Ontario. FIGR is a wholly-owned indirect subsidiary of Pyxus International, Inc. (NYSE: PYX). For more information, visit www.figr.com.
About the Survey
FIGR, Inc. commissioned an online survey of 406 Canadians within Prince Edward Island and Nova Scotia. The survey was completed between December 6 and December 17, 2018, using Leger's online panel. These data are being used to develop FIGR's innovation pipeline and inform FIGR's plans for ongoing education of Atlantic Canadians in the cannabis category. The margin of error for this study was +/- 4.9%, 19 times out of 20.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about future plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results may differ materially from those currently anticipated expected or projected. The following factors, among others, could cause actual results to differ from those expressed or implied by the forward-looking statements: changes in laws and regulations or the interpretation of laws and regulations, continued compliance with applicable regulatory requirements and, uncertainties with respect to the timing and extent of facilities expansion. Additional factors that could cause results to differ materially from those expressed or implied by forward-looking statements can be found in Pyxus's most recent Annual Report on Form 10-K for the period ended March 31, 2018 and the other filings with the Securities and Exchange Commission (the "SEC") which are available at the SEC's Internet site (http://www.sec.gov).
SOURCE FIGR Inc.
For further information: Amber Ciolfe, NATIONAL Public Relations, [email protected], +1 416-848-1384