James E. Wagner Cultivation (JWC) (TSXV:JWCA), a licensed producer of cannabis under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”), is pleased to announce that on August 31, 2018 it received its licence approval from Health Canada for the production of formulated cannabis oil.
“JWC continually strives to be an innovator in the Canadian cannabis market. We strongly believe that our planned approach to cannabis oil will reinforce this position, and that our customers will appreciate the quality and value of these products. We look forward to providing our distinctive cannabis oil product lineup to Canadian patients,” said Nathan Woodworth, President and CEO of JWC.
JWC intends to offer its newly developed medical cannabis oil products, in varying content and size configurations in anticipation of patient and customer demands. As listed in the summary below, JWC will offer multiple sizes, including 25 ml and 50 ml bottles in both the THC and balanced THC:CBD oils. It is anticipated that the high CBD oil will be available in a 25 ml bottle, containing a total of 2500mg of CBD. JWC further intends to offer volume discounts on oil products to its customers, while targeting to provide the lowest price per mg currently available in Canada.
JWC expects to offer the following cannabis oil varieties at the listed prices:
|Cannabinoid||Price per 25 ml||Price per 50 ml||Price per mg (25ml/50ml)|
|Balanced THC:CBD||20 mg/ml THC
30 mg/ml CBD
|High CBD||100 mg/ml CBD||$200||N/A||$0.08|
JWC is eager and excited to provide patients with affordable and accessible medical cannabis oils, in addition to its already widely-available aeroponically-grown dried cannabis products. As outlined in the previous July 31, 2018 press release, JWC will be working with MediPharm Labs to produce cannabis oil, derived from JWC’s own dried cannabis. The packaging, sale, and shipping of the formulated oil will proceed from JWC’s currently operating facility located in Kitchener, ON.
About James E. Wagner Cultivation Corporation
JWC’s wholly-owned subsidiary is a Licensed Producer under the ACMPR and JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis. JWC uses an advanced and proprietary aeroponic platform named GrowthStorm™. JWC was founded as a family company and prides itself on its family values. JWC began as a collective of patients and growers under the Marihuana Medical Access Regulations (the precursor to ACMPR). Since its inception, JWC has remained focused on providing the best possible patient experience. JWC’s operations are based in Kitchener, Ontario.
Notice regarding forward-looking statements:
This press release contains statements including forward-looking information for purposes of applicable securities laws (“forward-looking statements”) about JWC and its business and operations which include, among other things, statements regarding JWC’s production, sales, product mix and pricing of cannabis oil or any cannabis extracts and an anticipated contractual collaboration with MediPharm Labs. The forward-looking statements can be identified by the use of such words as “anticipated”, “will”, “expected”, “approximately”, “may”, “could”, “would” or similar words and phrases. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those implied in the forward-looking statements. For example, risks include risks regarding the cannabis industry, economic factors, the equity markets generally, funding and grant related risks and risks associated with growth and competition as well as the risks identified in the Corporation’s Filing Statement available under the Corporation’s profile at www.sedar.com. Although JWC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are based on current assumptions which management believes to be reasonable. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the 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.
For more information about this release, please contact:
Nathan Woodworth, President & CEO of JWC
Phone: (519) 594-0144 x421
George Aizpurua, Vice President of First Canadian Capital Corp.
Phone: (416) 742-5600
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The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
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In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
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