Coquitlam, British Columbia, Nov 30, 2020 - (ACN Newswire) - Captiva Verde Land Corp. (CSE: PWR) (the "Company"), is extremely pleased to announce that Solargram Farms Corporation ("Solargram"), a holder of a Federal Health Canada License to cultivate, test, harvest and sell cannabis, has successfully completed its first large scale cannabis outdoor farm harvest with record THC and terpene results.
First Year Harvest Results
The Solargram cannabis harvest began on September 17th and was completed on October 30th with final processing completed on November 27, 2020. The Solargram team is credited with a final harvest of approximately 13,000 plants over 350,000 square feet of outdoor farm grown canopy resulting in 15,000 kg of wet cannabis. This harvest is ranked as one of Canada's top single largest, and lowest cost outdoor legal cannabis crop in Canadian history and is also the largest outdoor cannabis crop ever grown and harvested in New Brunswick.
Very Low Cost of Production Results
Exceeding expectations, the year one total grow cost of production, including direct labor and direct materials, were CDN $0.05/gram wet; $0.22/gram dry which ranks as one of the top tier, lowest cost of cannabis production facilities in the Canadian cannabis industry.
Cannabis is a commodity within the CPG (consumer packaging goods) industry. Lowest cost and highest quality wins. Solargram is a major market disruptor and differentiator as its high quality, very low cost of production, allows its planned high cannabinoid full spectrum and distillate oil products to be sold at prices that are produced at a fraction of its competitors' cost of production. This competitive advantage will allow Solargram to become a leader in the Canadian cannabis market place commencing in 2021.
HIGH THC REPORTED - Independent Laboratory Test Results
Solargram produced and harvested approximately 35 genetics of which its R2 strain, representing 65% of its year one outdoor cannabis crop, produced a COA (certificate of analysis) from an independent laboratory supplier at 21.53% THC and 2.7% terpenes.
The independent THC laboratory results received for the top five genetics produced, representing the harvested crop include:
R2 (21.53%); Bitter Cherry Punch (18.81%); Gelatoz (17.59%);
Black Garlic (18.86%); New York Purple Diesel (19.66%)
These significant high THC results rival and/or exceed indoor cannabis grown facilities in Canada. Independent test results also validate the crop is pesticide and heavy metal free.
100% of the Solargram shares are held in an escrow account to be transferred to Captiva Verde in exchange for 35 Million Captiva Verde shares subject to a tight pooling agreement, and subject to Health Canada approving an in-process application by all the Captiva Verde Officers and Directors to pass a security clearance and CSE approval.
On Behalf of the Board of Directors
Chief Executive Officer and Director
Cell: (949) 903-5906
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69147
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