Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, today announced that its portfolio company James E. Wagner Cultivation Corporation (“JWC”) (TSXV: JWCA, OTCQX: JWCAF) received a Health Canada licence amendment allowing for cannabis production in four new flowering rooms at its flagship facility in Kitchener, Ontario.
“We believe that this licence amendment demonstrates Health Canada’s recognition of JWC, the quality of its operations, and its disciplined approach to expansion,” said Olivier Dufourmantelle, Chief Operating Officer, Canopy Rivers. “Through its supply agreement with TerrAscend, JWC has an active role in the Canopy Rivers ecosystem. We’ve seen that companies that work together, thrive together, and we think this Health Canada approval will enable JWC to increase production and further collaborate within the Canopy Rivers ecosystem.”
The additional flowering rooms are part of an ongoing program to expand JWC’s existing production capacity. At full-scale, the facility will measure 345,000 square feet. Like the previously licensed space, the newly licensed areas will be equipped with JWC’s proprietary GrowthSTORM™ Dual Droplet™ System. GrowthSTORM™ is an aeroponic method that sees plant roots suspended in the air and misted at regular intervals using specified nutrient solutions adapted for the system. When combined with the GrowthSTORM™ Management system, this method delivers a precise cultivation technique with the ability to collect and analyze data to continually deliver consistent, high-quality cannabis. More information on GrowthSTORM™ can be found on JWC’s website.
Once fully operational, the new flowering rooms will double the facility’s current licensed production capacity from 22,000 square feet, to approximately 44,500 square feet. The additional spaces are composed of two pods, each consisting of two flowering rooms, with each room containing approximately 5,500 square feet of cultivation space.
About Canopy Rivers
Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth Corporation (TSX: WEED, NYSE: CGC) and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem.