Newstrike (TSX VENTURE: $HIP.V) News: Up Cannabis Receives Approval to Double Production Capacity of Niagara Facility
TORONTO, ONTARIO - January 9, 2018 (Investorideas.com Newswire) Newstrike Resources Ltd. (TSX VENTURE:HIP) ("Newstrike" or the "Company"), is pleased to announce that its wholly-owned subsidiary and licensed producer, Up Cannabis Inc. ("Up Cannabis"), has received site plan approval from the Town of Lincoln, Ontario, for its automated greenhouse facility in the Niagara region (the "Niagara Facility"). This key approval permits Up Cannabis to double the footprint of the Niagara Facility to approximately 320,000 sq. ft. of dedicated cannabis production space, complemented by a further 80,000 sq. ft. of cannabis processing space.
"This approval provides a clear path to double the capacity of this technologically advanced facility. It marks the achievement of yet another milestone in our focused strategy to develop cost-effective, production to support demand for our branded products", said Jay Wilgar, CEO of Newstrike and Up Cannabis. "When this expansion is completed, our Niagara Facility will be capable of producing approximately 24,500 kg per year of high quality dried-cannabis and provide ample space for manufacturing and packaging of related products to meet the evolving cannabis market."
A Proven Platform for Cost-Effective Production
The Niagara Facility is situated on 16.6 acres of land in the heart of the Niagara growing region. This current 160,000 sq. ft. modern greenhouse utilizes a Dutch-tray system and is undergoing the requisite upgrades to meet Health Canada's stringent security and related requirements for cannabis facilities of this size and scale. Up Cannabis acquired the Niagara Facility in July 2017 from Westbrook, a recognized innovator in commercial greenhouse design, with more than 50 years' experience.
Up Cannabis has submitted an application to Health Canada to designate the Niagara Facility as an "adjunct" facility to Up Cannabis's fully-licensed Primary Facility in Brantford, Ontario. The Company expects to begin cultivation and production in the current 160,000 sq. ft. greenhouse facility in the second quarter of 2018 with the further expansion space coming on-line in 2019.
"We are members of this community and look forward to enhancing our investment and presence in the Niagara region generally, and the Town of Lincoln in particular," added Wilgar. "We look forward to providing specialized training to the skilled workforce who have site-specific experience and delivering something truly exceptional in the near term and, with the implementation of our expansion plans and opportunities that will cultivate long term growth for our community, our people and our shareholders."
For an aerial view of the Niagara Facility, please click here.
About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licensed producer of cannabis that received its cultivation license on December 19, 2016, and was granted an amendment to begin sales on January 5, 2018. Up Cannabis is in turn the parent company of Up Cannabis Niagara Inc. Newstrike, together with its strategic partners, including Canada's iconic musicians The Tragically Hip, is developing a diverse network of high quality cannabis brands. For more information visit www.up.ca or www.newstrike.ca
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Newstrike to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to Newstrike's expectations with respect to the production capacity of cannabis, expansion plans and approvals and timing thereof. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.
Newstrike does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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