VANCOUVER, June 14, 2019 /CNW/ - Stillcanna Inc. (CSE:STIL, OTC:SCNNF, FRANKFURT:A2PEWA) ("STIL" or the "Company") is pleased to announce that favorable weather conditions and above average temperatures in Poland is having a positive effect on its current hemp crop. The Company's agricultural experts at Olimax in Poland are anticipating harvesting more biomass from its 1,500-hectare crop than previously expected. Originally, the Company anticipated harvesting 250 kilograms of dry flower per hectare, but the Company now expects to harvest 350 kilograms of dry flower per hectare. Hemp, unlike many other crops, thrives in a hot dry climate and Poland has been experiencing warmer than usual weather.
As was previously announced on May 28, 2019, Stillcanna's Polish extraction facility was engineered to process 250 kilograms of dry flower per hectare this year. With an excess of 70,000 kilos of dry flower expected for 2019 comes the opportunity to monetize this excess. Stillcanna has signed a letter of intent with Sequoya Cannabis to provide Sequoya with C$1,000,000 worth of hemp off its fields. The companies intend to sign a definitive agreement by July 15, 2019 and will announce details of the definitive agreement once it is signed.
"There is a shortage of both CBD and good biomass in Europe," stated Jason Dussault CEO of Stillcanna. "It is anticipated that favorable agricultural conditions will allow us to meet or exceed our own biomass requirements while quickly monetizing the 2019 excess. This order represents only a portion of our available excess biomass for 2019."
"Having access to surplus biomass from Stillcanna's Polish fields is a definite win-win for both companies," explained Shemek Fedyczkowski, CEO of Sequoya Cannabis. "To find quality biomass so close to our Krakow facility is amazing, I hope we build a long term relationship with Stillcanna and that they will allow us to buy more hemp in the future."
The Company has also entered into an agreement with FlinnWest Solutions to enhance public awareness of the Company with a budget of approximately $840,000 US. FlinnWest Solutions are experts in digital advertising, paid distribution, media buying and content creation.
Visit http://thestillcannareport.com for additional company information.
About Stillcanna Inc.
Stillcanna Inc. (CSE: STIL) www.stillcanna.com is a Canadian early-stage life sciences company focused on large scale CBD extraction in Europe. The Company believes its proprietary intellectual property allows it to extract CBD at a lower cost. The Company has signed an initial extraction contract in Europe to be the exclusive extractor for Dragonfly BioSciences LLC, a United Kingdom-based supplier of CBD. The Company also recently completed the acquisition of Olimax NT SP. Z .O.O, which is expected to increase the Company's market share in the European CBD industry.
On Behalf of the Board,
Chief Financial Officer and Director
E-mail: [email protected]
Cautionary Note Regarding Forward Looking Statements: This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the expectation that the Company will harvest 350 kilograms of dry flower per hectare of hemp planted instead of the previously anticipated 250 kilograms of dry flower per hectare, the Company's intention to sign a definitive agreement with Sequoya Cannabis by July 15, 2019 and that favorable agricultural conditions are expected to allow the Company to meet or exceed its own biomass requirements and sell the remaining biomass for profit. 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" or "would" occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the Company will harvest 350 kilograms of dry flower per hectare of hemp planted instead of the previously anticipated 250 kilograms of dry flower per hectare, the Company will sign a definitive agreement with Sequoya Cannabis by July 15, 2019 and that favorable agricultural conditions will allow the Company to meet or exceed its own biomass requirements and sell the remaining biomass for profit. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, that due to unforeseen reasons the Company will not successfully harvest 350 kilograms of dry flower per hectare of hemp planted instead of the previously anticipated 250 kilograms of dry flower per hectare, the Company will not be able to sign a definitive agreement with Sequoya Cannabis by July 15, 2019, or at all and that favorable agricultural conditions will not result in an increase in biomass available to the Company as anticipated by management and therefore the Company will not meet or exceed its own biomass requirements and will not have biomass to sell for profit. Readers are cautioned not to place undue reliance on forward-looking statements. 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. 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 intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
SOURCE StillCanna Inc.
For further information: Joel Leonard, Chief Financial Officer and Director, E-mail: [email protected], Phone: 778-838-3692