Kitchener, Ontario, August 23, 2018 - James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA), is pleased to announce that it has entered into an offer to lease two retail properties in Waterloo Region, Ontario (the “Retail Properties”) dated August 22, 2018. It is anticipated that the Retail Properties will be leased by JWC for use as cannabis retail outlets upon the receipt of necessary regulatory approvals.
JWC anticipates that these flagship retail outlets would offer customers a full-spectrum of legal cannabis products, including dried cannabis and cannabis oil products. The Retail Properties will provide JWC with the opportunity to bring its aeroponically-produced cannabis products to the adult-use market in Ontario. JWC also hopes to curate a line-up of high-quality cannabis products from other licensed producers to be sold at the Retail Properties.
Further information regarding JWC’s production of cannabis oil can be found in the press release dated July 31, 2018, detailing the Cannabis Concentrate Program Agreement between JWC and MediPharm Labs Inc.
It is anticipated that the Retail Properties will further support JWC’s participation in all aspects of the cannabis industry. The opportunity for increased vertical integration by JWC is very exciting and the Corporation plans on taking every step possible to ensure its participation in both the medical cannabis market and the soon to be legalized adult-use market. The offer to lease the Retail Properties has a term of five years The first Retail Property is at a net rent of $25,200.00 per year for the first 3 years, and $26,400.00 for years 4 and 5. The second Retail Property is at a net rent of $28,800.00 per year for the first 3 years, and $30,400.00 for years 4 and 5. JWC expects to exercise the offer to lease the Retail Properties following further development of the plans for the Retail Properties and once the necessary municipal, provincial and Health Canada regulatory approvals are in place.
JWC’s wholly-owned subsidiary is a Licensed Producer under 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.
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 and an offer to lease two Retail Properties, including the potential exercise of the offer. There can be no guarantee that JWC will obtain the necessary regulatory approvals in connection with the Retail Properties and the development of the Retail Properties or any future dispensary locations. Furthermore, there can be no guarantee that JWC will exercise its offer to lease the Retail Properties. 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 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.
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