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Aleafia Completes Second Harvest with Sale to Licensed Producer Imminent
Clinic Operations and Cannabis Sales Providing Immediate Multiple Income Streams
TORONTO, Sept. 12, 2018 (GLOBE NEWSWIRE) -- Aleafia Health Inc. (TSXV: ALEF; OTCQX: ALEAF, FRA: ARAH) (“Aleafia“) or (the “Company“), one of Canada’s leading, vertically integrated medical cannabis companies, is announcing that it has completed its second harvest at its Port Perry cultivation facility.
The crop will be sold to a licensed producer in the near term, providing further immediate revenue for Aleafia. The company also completed its first sale of high-quality medical cannabis earlier this week, in a transaction with CannTrust Holdings Inc. (TSX: TRST) (“CannTrust”).
Aleafia Cannabis Production Update:
- 160,000 sq. ft. Niagara greenhouse retrofitting on schedule and expected to be complete in late 2018
- Fully funded annual growing capacity of 38,000 kg of cannabis flower
- Planning of Aleafia’s 150,000 sq. ft. Port Perry expansion underway, with all production options on the table, including an innovative, low-cost outdoor grow
- Secured first medical cannabis sale in company’s history, only days after securing Sales Licence from Health Canada
“The significant production improvements made in Aleafia’s second harvest speaks to the skillset of our excellent cultivation team and our relentless focus on producing high quality product for medical cannabis patients,” said Aleafia Chairman Julian Fantino.
“We have invested in building two modern, automated, low-cost production facilities and that decision is yielding immediate results with our second harvest now complete,” said Aleafia CEO Geoffrey Benic. “The exponential growth achieved by our company will ensure we continue to provide sustained long-term value for both our patients and shareholders.”
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About Aleafia Health Inc.:
Aleafia is a leading, vertically integrated medical cannabis company with a unique focus on delivering quality patient care from “seed” to “sale.” Aleafia is uniquely positioned with a singular focus on the medical cannabis market. The company operates the largest brick and mortar medicinal cannabis clinic network in Canada under the Canabo Medical Clinic brand, which is staffed by licensed, practicing physicians. Aleafia has obtained over 50,000 unique patients and maintains the largest medical cannabis patient data set in Canada. Aleafia’s state of the art production facilities will allow for the production of high- quality strains at low cost. Aleafia’s production will focus on securing the highest- quality medicinal product for its growing patient base.
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FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the implementation of Aleafia Health's business plan. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of Aleafia Health's business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, the potential for conflicts of interest among certain officers or directors, and the volatility of the Company's common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.