James E. Wagner Cultivation Reports 2019 Financial Results

James E. Wagner Cultivation (TSXV:JWCA,OTCQX:JWCAF) reported financial results for its fiscal fourth quarter and 2019 year ended September 30, 2019.

As quoted in the press release:

Fiscal Q4 2019 Corporate Highlights

• On June 28, 2019, JWC received a licence amendment from Health Canada that allowed the Company to double its flowering space at its second facility located at 530 Manitou Drive, Kitchener, Ontario (“JWC2”) to 22,000 square feet. On October 11, 2019, JWC received an additional licence amendment from Health Canada to double the flowering space again to 44,500 square feet. The Company anticipates that this increase will support an annualized production capacity of more than 9,000 kilos of dried cannabis.

• The average yield per plant increased to 260 grams in the fourth quarter of 2019, versus the average yield of 247 grams for the full fiscal year 2019.

• JWC increased its estimated annual production capacity for JWC2 by 17%. The Company anticipates that when JWC is fully operational, it will have the potential to produce more than 35,000 kilograms of cannabis flower per year, primarily due to the increased yield achieved through further enhancements of the Company’s advanced cultivation processes.

• On July 5, 2019, JWC received a licence amendment from Health Canada permitting the sale of formulated cannabis oil. Sales to medical patients began early in fiscal Q1 2020.

• On August 14, 2019, JWC signed a supply agreement with TerrAscend Corp. to provide dry cannabis flower and oils to TerrAscend Corp. JWC’s products are now being sold on Terrascend Corp.’s online medical marketplace, Solace Health (solacehealth.com).

Click here to read the full press release.