STRATHROY, Ontario, Dec. 16, 2019 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (“Eve & Co” or the “Company”) (TSX-V: EVE; OTCQX: EEVVF) is pleased to announce that Health Canada has approved an amendment to the licence of its wholly-owned subsidiary Natural MedCo Ltd. permitting the use of Flowering Room 3 as a grow area. This flowering room is the new 780,000 square foot expansion completed in August that brings together best in class greenhouse technology, components, engineering and design. The licensing of Flowering Room 3 as a grow area enables the Company to continue its production ramp-up to supply cannabis markets in Canada and abroad.
“We are very pleased to have received Health Canada’s approval for our new 780,000 square foot expansion as an additional grow area. This is a significant milestone in the path forward for Eve & Co and is the result of the hard work of our very talented team. Now that Flowering Room 3 is licensed, we intend to ramp up production over the next two quarters which will give us the ability to become a significant supplier to the Canadian and global cannabis markets,” said Melinda Rombouts, President and CEO of Eve & Co.
Flowering Room 3 includes leading greenhouse design features for automation, climate regulation and lighting design. Eve & Co engaged experienced and knowledgeable consultants, engineers, and greenhouse construction and supply experts in the design and construction of this expansion to optimize the experience of Eve & Co’s management in greenhouse systems to produce yield optimization, quality and controls.
Additionally, the Company has integrated an advanced automated fertilization and irrigation system which recirculates and accurately monitors plant nutrients. The Company’s facility has a triple boiler system that uses dual fuel oil and natural gas supply to ensure fuel redundancy and continuous environmental controls. The greenhouse also features the latest CO2 technology to provide for monitoring and optimizing CO2 levels for plant growth. Every design feature takes into consideration strict Health Canada requirements for Good Production Practices and is in compliance with the Company’s established standard operating procedures.
The Company anticipates production capacity will increase to approximately 50,000 kgs annually(1), allowing Eve & Co to introduce a number of value-added products to the Canadian market under its female-focused “Eve” brand while continuing to build and execute on its international program.
Note:
(1) This is forward-looking information and is based on a number of assumptions. See “Notice regarding forward looking statements”.
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and extraction of cannabis oil. Natural MedCo Ltd. was Canada’s first female-founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licensed 1,000,000 square foot greenhouse located in Strathroy, Ontario.
The Company’s website can be visited at www.evecannabis.ca.
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.
Notice regarding forward looking statements:
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s expected timeline for production in Flowering Room 3, the size of the increase in production, licensing for and sales to global cannabis markets, the introduction of new products, opportunities for growth, future, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict, including those described in the Company’s management’s discussion and analysis for the three and nine month periods ended September 30, 2019 which is available on the Company’s SEDAR profile. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release. The Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities law.
For further information, please contact:
Melinda Rombouts
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337
Landon Roedding
Chief Financial Officer
Eve & Co Incorporated
Telephone: (855) 628-6337