James E. Wagner Cultivation (JWC) (TSXV:JWCA), is pleased to announce it has entered into a non-binding letter of intent (“LOI”) to licence its GrowthSTORMTMsystem & SOP’s to Wellness Farms Inc. (“Wellness Farms”) for use at its proposed cannabis cultivation premises.

Both parties have agreed to continue negotiations with the intention of executing a Definitive Agreement, at which time JWC will provide operational and strategic advice, including guidance throughout Wellness Farms’ process of becoming a licensed producer with Health Canada. The Definitive Agreement is expected to provide for licensing of JWC’s proprietary GrowthSTORMTM Dual Droplet System for use at Wellness Farms’ facility and is expected to compensate JWC through a streaming arrangement for a fixed percentage of the total production of cannabis at the Wellness Farms’ facility, as consideration for the consulting services and for the technology licence and for the access to and use of proprietary information relating to the cultivation of cannabis.


About GrowthSTORMTM

JWC’s GrowthSTORMTM system offers a number of significant advantages over other cultivation techniques, including its new advancement, the GrowthSTORMTM Dual Droplet System. The aeroponic GrowthSTORMTM Dual Droplet System technology is designed achieve a better balance of air and water at the root zone, and a more controlled delivery of nutrients. This results in significant improvements in plant health, in all measurable categories. Additionally, this proprietary system is designed to eliminate all contaminants from the cultivation facility, allowing for a truly controlled growth environment to provide clean and consistent cannabis.

JWC is pleased to be working with Wellness Farms to place the GrowthSTORMTM system in Wellness Farms’ independently owned and operated cultivation facility. “We are very proud to be working with Wellness Farms; we believe that by licensing the GrowthSTORMTMDual Droplet System they are taking steps to ensure the success of their business and their ability to provide clean and consistent medicine to their patients and customers. Together we will build a community of aeroponic producers, in order to provide Canadians with aeroponically grown cannabis,” Nathan Woodworth, CEO.

“Our team at Wellness Farms is thrilled to work with JWC and be part of JWC’s  affiliate group.  Leveraging JWC’s vast knowledge on cannabis, coupled with their advanced aeroponic GrowthSTORMTM Dual Droplet System, will provide us significant advantages. We believe this collaboration will ensure the success of our business, but more importantly our patients and customers will receive clean and consistent cannabis,” Ryan Magee, CEO.

About James E. Wagner Cultivation Corporation

JWC’s wholly-owned subsidiary is a Licensed Producer under the Cannabis Regulations (formally the Access to Cannabis for Medical Purposes Regulations (“ACMPR”)) and JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis. JWC uses an advanced and proprietary aeroponic platform named GrowthSTORMTM. JWC was founded as a family company, based on 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. Learn more at www.jwc.ca

For additional information about JWC, please refer to JWC’s profile on SEDAR (www.sedar.com) or the Corporation’s website: www.jwc.ca

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 plant cultivation technologies and Affiliates.  The forward-looking statements can be identified by the use of such words as “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, building permit 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 Corporation 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
Email: nathan@jwc.ca
Phone: (519) 594-0144 x421

OR

George Aizpurua, Vice President of First Canadian Capital Corp.
Email: gaizpurua@firstcanadiancapital.com
Phone: (416) 742-5600

Click here to connect with James E. Wagner Cultivation (JWC) (TSXV:JWCA) for an Investor Presentation. 

Source: globenewswire.com

Multi-state cannabis leader highlights events, partnerships, and activities to coincide with Juneteenth holiday

Trulieve Cannabis Corp . (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States and its dispensary group Solevo Wellness, today announced the sponsorship of expungement clinics in Pittsburgh, Pennsylvania as well as additional initiatives celebrating the Juneteenth holiday.

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A summertime series of expungement events, employee volunteerism, documentary filmmaking, fundraising and more demonstrate the importance of commitment to reform and restorative justice to build an equitable, inclusive cannabis industry

Today, on the 50 th anniversary of when America started its longest war—the War on Drugs— Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, announced the launch of a summer-long social justice campaign supported by its Sunnyside retail brand and flagship cannabis brand, Cresco . Through community expungement events, employee volunteerism, a film documenting the impact of unjust prosecution, and financial contributions from the Company and our third-party vendors, the “Summer of Social Justice” campaign aims to influence reform to help shape a future cannabis industry with limitless opportunities for everyone. The campaign will amplify the ongoing restorative justice, community business incubator and education and workforce development programming facilitated by the Company’s established SEED (Social Equity & Education Development) initiative.

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Florida’s legal cannabis program has gained plenty of investor attention as the potential for this segment of the US cannabis market continues to expand.

The US cannabis industry is largely fragmented because the plant remains illegal at the federal level. Despite that obstacle, several states across the country have implemented medical and recreational cannabis legislation allowing for cultivation, processing, commercial sale and consumer use.

While this legislation differs greatly from state to state, one state’s medical cannabis industry has seen unprecedented growth: Florida.

 

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The coastal state’s journey to cannabis legalization has been a challenging one. In 2016, over 70 percent of Floridians voted for a constitutional amendment to allow the use of cannabis for medical purposes.

However, in the 2017 legislation that created the state’s legal medical cannabis framework, then-Governor Rick Scott banned smoking medical cannabis. It wasn’t until March 2019 that Ron DeSantis, the current governor of Florida, lifted the ban on smokable marijuana.

In the face of those challenges, the Sunshine State has developed one of the most attractive medical cannabis markets in the country. In fact, Florida’s medical marijuana space is one of the fastest growing in the country.

Read on to learn more about the investing opportunities in Florida’s legal cannabis space and the top marijuana stocks to look out for.

Florida medical cannabis: High-growth market

Florida’s large population — the third biggest in the US — is a factor in the attractiveness of its cannabis market. The state is also the fourth largest economy in the US with a gross domestic product of just over US$1 billion in 2020.

A 2020 report from Arcview Market Research and BDS Analytics shows the US legal cannabis industry is expected to grow by 18.2 percent between 2019 and 2025 to reach US$33.9 billion. Florida ranks among the jurisdictions that will contribute the most to that growth.

“The Total Available Market, or TAM, is one of the most critical factors for any industry,” states Dustin Robinson, founding partner of Mr. Cannabis Law, in an article written for Green Entrepreneur. “Florida’s marijuana industry happens to have one of the strongest TAMs in the world.”

As of a June 2021 update from Florida Health’s Office of Medical Marijuana Use (OMMU), the state had 569,450 qualified medical marijuana patients and 2,542 qualified physicians.

Florida’s patient count is a small percentage of its population of 21 million, but it has been steadily growing since the drug was legalized in the state in 2016. In fact, the patient figure has more than doubled in the past two years.

According to Robinson, there are almost 300 retail locations in Florida, with another 500 locations expected by the end of 2022.

Beacon Securities analyst Russell Stanley has said Florida boasts a healthy list of addressable medical conditions that can be treated with cannabis, unlike the medical marijuana programs in other states.

“Some other states have had trouble expanding their programs, in part because it’s been very difficult for patients to get access to product,” Stanley told the Investing News Network. “Other states have had restrictions on which healthcare practitioners can recommend it and what they can recommend it for.”

 

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Florida cannabis market: High barriers to entry

The 2017 Florida medical marijuana law established a cap on the number of medical marijuana dispensaries and required that each center be vertically integrated — they all had to manage their own operations, from cannabis cultivation and processing to distribution and sales.

The cap on the number of dispensaries expired in April 2020. While the vertical integration requirement portion of the law underwent a three year court battle, the Supreme Court of Florida recently upheld the legislation, meaning this requirement will continue to shape the Florida cannabis market for years to come.

During a panel discussion, Steve Hawkins, CEO of Horizons ETFs Management (Canada), said he views vertical integration as one of the key benefits for US companies compared to the Canadian cannabis market. Only players that have been able to develop cannabis production, manufacturing and distribution capabilities can compete in the marketplace.

As of March 2021, the state had 22 licensed medical marijuana treatment centers (MMTCs) and five laboratories licensed for third party testing. The low number of licenses currently awarded creates high entry barriers, which is a big plus for the currently operating companies that have already established a strong foothold in the market.

Robinson believes that “the 22 Licensees are in a great position to build multi-billion-dollar companies in Florida’s growing marijuana industry.”

These 22 established licensees will also have an advantage if and when recreational cannabis becomes legal in the state. “In Florida, the medical marijuana license allows the current MMTCs to build out as big of a footprint as possible in preparation for adult use (recreational) legalization,” he said.

Florida cannabis market: Top Florida cannabis stocks

As the legal cannabis industry grows in Florida, some players have begun to stand out in the state.

Florida native Trulieve Cannabis (CSE:TRUL,OTC Pink:TCNNF) holds the lion’s share of the market and has continually been a top-performing stock in the state.

Trulieve opened Florida’s first medical marijuana dispensary back in 2016, and since then it’s grown into a force in the industry, with a current market capitalization of US$5.52 billion.

As of June 4, 2021, Trulieve had 82 dispensing locations in the state, according to data released by the OMMU. In one week’s time it sold more than 76.5 million milligrams of tetrahydrocannabinol (THC) products and 1.6 million milligrams of cannabidiol (CBD) products, in addition to 32,295 ounces of dried flower.

Shortly after smokable marijuana was legalized, Trulieve began selling flower and was the first in the state to do so. Trulieve has also benefited from a vertically integrated structure that includes cannabis cultivation, production and distribution, which is essential since cannabis cannot be moved across states lines just yet.

Surterra Wellness comes in at a distant second place with 39 dispensing locations and sales of over 22.2 million milligrams of THC products and 1.6 million milligrams of CBD products, in addition to 6,911 ounces of dried flower. Surterra is owned by Parallel, one of the largest privately held multi-state cannabis operators (MSOs) in the country.

 

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Parallel recently announced its intentions to go public through a definitive business combination agreement with Ceres Acquisition (NEO:CERE,OTCQX:CERAF), a special purpose acquisition company.

Another big player in the state is Massachusetts-based Curaleaf Holdings (CSE:CURA,OTCQX:CURLF). Though not native to Florida, Curaleaf’s presence in the state’s cannabis business is substantial. Of the MSO’s total 101 dispensaries, 37 are in Florida, putting it in third place behind Trulieve and Surterra.

The vertically integrated company also launched the state’s first medical cannabis tablets in September 2019, followed by the first sublingual tablets in July 2020.

Curaleaf put up impressive revenue numbers for 2020, reporting retail revenue of US$423.2 million compared to US$138.7 million in 2019. The company attributed the 205 percent increase to new store openings in its operating states, including five opened in Florida in 2020.

Liberty Health Sciences, which was acquired by Ayr Wellness (CSE:AYR.A,OTCQX:AYRWF) in February 2021 in all-stock transaction, also has a considerable stake in Florida. According to the OMMU, Liberty currently has 36 dispensing locations in the state.

Ayr Wellness plans to increase that footprint to 42 dispensaries by the end of 2021, and has a target of roughly US$4 million in annual retail revenues per store for 2022. In May 2021, the company announced the launch of its Origyn premium concentrate line in the state. The product line includes wax, crumble, Rick Simpson oil and shatter. Ayr has also begun construction of a 10 acre outdoor cultivation expected to be completed in Q3 2021.

Florida cannabis market: Investor takeaway

As its medical marijuana industry continues to grow, Florida has a lot to offer in terms of investment opportunities. BDS Analytics projects that Florida’s medical cannabis market will hit US$1.5 billion in sales in 2021, up 53 percent over 2020 sales.

The research firms predicts that recreational cannabis could be legal by 2023, which would set Florida on a path to become the third largest US legal cannabis market by 2026. Regardless of whether adult use gets the green light that soon, investors should still consider the Sunshine State as a premier cannabis jurisdiction.

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Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a new Florida dispensary, the Company’s 90th nationwide.

The latest dispensary, located in the Florida Keys, supports Trulieve’s goal of ensuring medical cannabis patients across Florida have safe, reliable access to the medications they rely on. The Tavernier dispensary joins the nearby Key West dispensary, as well as several others throughout the Miami area.

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Company to Donate: $30,000 to Assist with Elk Grove Village’s Community Events and Outreach Programs; Additional $15,000 to Go Towards Supporting Alexian Brothers Medical Center’s Foundation, Elk Grove Village Police Drug Education Program and Kenneth Young Youth Center

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