Company's Agricultural Team Predicts up to 525,000 Kilos of Flower
VANCOUVER, July 16, 2019 /CNW/ - Stillcanna Inc. (CSE:STIL, OTC:SCNNF, FRANKFURT:A2PEWA) ("STIL" or the "Company") is pleased to announce that its Polish agricultural team is in the final stages of crop rotation.
In managing 1500 hectares of hemp, the planting, maintenance and harvesting are carefully planned to maximize the Company's agricultural equipment. The Company plants and harvests in stages, with planting happening over a 60-day period and harvesting happening over a 60-day period. The Olimax team in Poland is actively working on the last of its planting cycle while preparing for the beginning of its harvest cycle in the next few weeks.
The Company's proprietary hemp varietal has a 50-day growth cycle to harvest, this fast growing varietal allows for easy crop rotation and management, with the possibility of two crops per year.
As previously stated on June 14, 2019 the Company is expecting 350 kilos of dried flower per hectare from its 1500 hectares, for a total yield of 525,000 kilos of flower. Should the flower contain hold 5% CBD by volume then the Company has the potential to yield over 36,000 kilos of CBD. The Company anticipates bulk pricing of CBD isolate in large volumes will average C$5,000 per kilo.
The Company's Nexus extraction facility in Poland is on time and on budget, the Company expects the facility to be in production Q4 to begin fulfilling its sales commitments.
"Our team continues to be focused on the tasks at hand," stated Jason Dussault CEO of Stillcanna. "The culmination of our teams efforts should be apparent in the 4th quarter and we achieve our harvesting, extraction and sales milestones."
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 feels 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. Upon the completion of its Polish extraction facilities, Stillcanna will be one of the largest processors and providers of market ready CBD in Europe.
On Behalf of the Board
Joel Leonard Chief Financial Officer
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 Polish facility is anticipated to be completed and in full production with the 4th quarter of this year. That the harvest from its Polish fields is expected to be 350 kilos of dried flower per hectare. 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 Polish facility will be completed and in full production within the 4th quarter of this year. 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 the Polish facility will not be completed and in full production with the 4th quarter of this year or at all. 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.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
SOURCE StillCanna Inc.
For further information: Mauricio Inzunza, [email protected], 1(844)-442-STILL (7845)