KITCHENER, Ontario, Feb. 27, 2020 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX: JWCA.V; OTCQX: JWCAF), is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with CannNext BV ("CannNext"), a company based in Amsterdam, the Netherlands, pursuant to which JWC will assist CannNext with its tender to the Government of the Netherlands for a licence to produce medical cannabis in the Netherlands (the "Tender").
In support of CannNext’s Tender, JWC has provided certain necessary commitments and attestations required by the Government of the Netherlands. In addition, in connection with the Tender process and, if the Tender is successful, the resulting anticipated production of medical cannabis in the Netherlands, JWC will provide CannNext with industry knowledge and experience related to the cultivation and production of medical cannabis for a consumer market.
The MOU outlines the parties’ intention to collaborate in developing cannabis cultivation best-practices. This will involve research and development related to strains, grow methods and lighting practices. JWC and CannNext also intend to negotiate a definitive agreement pursuant to which CannNext will agree to represent JWC in the Netherlands and the European Union for licensing of JWC’s GrowthSTORM™ technology. JWC will also acquire a minority equity position in CannNext.
CannNext is focused on the research and development related to improving yields for controlled medical cannabis cultivation both for and with its own clients. CannNext’s state-of-the-art government licensed, research facility is also located in the Netherlands, and can be immediately converted to production.
Leveraging knowledge to increase yield
“We believe that shaping alliances with companies that focus on high-end medical cannabis will benefit both parties to realize a global reach and leverage combined knowledge”, says Eric Uleman, managing director of CannNext. “Combining the long-standing cultivation knowledge of JWC and our focus on light and grow strategies, will result in increasing our chances of becoming a winner in the Dutch tender. We visited the JWC site at 530 Manitou Drive, Kitchener, Ontario, and found that it aligns with our view of how a best-in-class indoor facility would look. JWC delivers the best medical product for patients driven by personal passion and its advanced cultivation technology.”
Looking forward to the European market opportunities
“Our proprietary GrowthSTORM™ technology is the foundation for our success here in Canada,” says Nathan Woodworth, CEO and President of JWC. We believe by sharing our technology and knowledge with CannNext, we will establish an important gateway to the European Union Market. The Netherlands has reputation for being a frontrunner in medical cannabis and represents one of the largest recreational markets in the world.”
About CannNext
CannNext is a Dutch company founded in 2018 and focuses on research to manufacture cannabis with a high yield and with accurate and predictable amounts of THC and CBD, in compliance with GMP protocols. The company aims to realize this by developing advanced grow recipes and algorithms combined with production processes. CannNext has its own production and research facility in the Netherlands. CannNext has a permit for conducting research, from the Ministry of Health, Welfare and Sport, of the Dutch government.
About James E. Wagner Cultivation Corporation
James E. Wagner Cultivation Corporation’s wholly owned subsidiary is a Licensed Producer under the Cannabis Regulations, formerly the Access to Cannabis for Medical Purposes Regulations ("ACMPR"). JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis using an advanced and proprietary aeroponic platform named GrowthSTORM™. 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 is a family-founded company with deep roots planted in the local community. JWC’s operations are based in Kitchener, Ontario. Learn more at www.jwc.ca. For additional information about JWC, please refer to JWC’s profile on SEDAR (www.sedar.com) or the Corporation’s website: www.jwc.ca.
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 the success of the Tender application by CannNext, the entering into of a definitive agreement between JWC and CannNext and the terms of such definitive agreement, the successful licensing of GrowthStorm technology in the Netherlands and the European Union, JWC obtaining a minority interest in CannNext, and the successful cooperation and sharing of research between JWC and CannNext. The forward-looking statements can be identified by the use of such words as “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, building permit related risks and risks associated with growth and competition as well as the risks identified in the Corporation’s Annual Information Form dated April 3, 2019, 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.
JWC Company Contact
Nathan Woodworth, President & CEO of JWC
(519) 594-0144 x 421
nathan@jwc.ca
Investor Relations
Jonathan Leuchs
CMA
(949) 432-7758
JWCA@cma.team
For further information, please contact:
CannNext
Eric Uleman, Managing director
Tel Office +31 (0) 20 767 1950
E-mail: eric.uleman@cannNext.com