Christina Lake Cannabis Increases Average THC Concentration of Distillate Oils to 90.4%

Rhea-AI Summary

Christina Lake Cannabis Corp. (CSE: CLC, OTCQB: CLCFF) has successfully produced cannabis distillate oils with a THC concentration of 90.4%, a significant milestone for the vaping industry. This achievement aligns with the increasing demand for high-quality cannabis extracts in Canada, where vape users account for 37% of cannabis consumers. CLC's distillate oils have garnered positive feedback from established vaping clients and are positioned to capitalize on the burgeoning Cannabis 2.0 market, which includes a variety of new product categories. The company continues to expand its relationships and wholesale orders.

Positive

• Achieved consistent production of cannabis distillate oils with 90.4% THC concentration.
• Positive feedback from first distillate oil sale to a notable vaping industry player.
• Establishing relationships with multiple accounts for wholesale orders.

Negative

• None.

VANCOUVER, British Columbia, June 29, 2021 (GLOBE NEWSWIRE) -- Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) is pleased to announce that it has succeeded in its efforts to consistently produce cannabis distillate oils with a tetrahydrocannabinol (“THC”) concentration of 90% or higher, a benchmark that is considered to be highly prestigious in the vaping industry. Based on 2020 data from Health Canada, approximately 37% of Canadian cannabis consumers were users of vape pens, e-cigarettes, and vapourizers¹. With the introduction of “Cannabis 2.0” in early 2020 (allowing the production of beverages, edibles, and other everyday products with cannabis), several new categories of cannabis products had emerged from which there was new demand for extracts such as distillate oils. A certificate of analysis dated June 17, 2021 has confirmed that CLC’s distillate oils consistently contain a THC concentration of 90.4%, which is a very critical component for licensed producers who seek to make products containing THC.

CLC’s sales force is led by Milan Stefancik, who gained considerable familiarity with the cannabis industry during his tenure at Aurora Cannabis (one of the world’s largest cannabis firms), working with national key accounts across Canada. At the beginning of May 2021, CLC completed its first sale of distillate oil to an established player in the vaping industry, who has reported positive feedback to include end-user customer satisfaction with the final formulation using distillate oil from CLC, which has been sold in multiple Canadian provinces. Through its continued commercialization initiatives, CLC has formed relationships with multiple new accounts who have placed wholesale orders for products to include distillates, winterized oil, and kief.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a7e5d81b-ad60-4632-9aa7-5469b4fea13a

Readers using news aggregation services may be unable to view the media above. Please access SEDAR or the Investor Relations section of the Company’s website for a version of this press release containing all published media.

Milan Stefancik, Director of Sales and Marketing for CLC commented, “The leading-edge science behind how our cannabis strains are developed and then grown, harvested, and extracted is a significant point of pride for us here at Christina Lake Cannabis. Through creative approaches to product and process development, we have been able to gain qualitative and quantitative competitive advantages in the Canadian cannabis industry, and it is exciting to be bringing the results of this innovation to the marketplace. I believe that reaching a consistent 90.4% THC concentration makes our supply of distillates even more marketable, which has been evidenced by positive feedback from licensed producer clients as well as their end-user clientele.”

Sources

1 - https://www.canada.ca/en/health-canada/services/drugs-medication/cannabis/research-data/canadian-cannabis-survey-2020-summary.html

About Christina Lake Cannabis Corp.

Christina Lake Cannabis Corp. is a licensed producer of cannabis under the Cannabis Act. It has secured a standard cultivation licence and corresponding processing/sales amendment from Health Canada (March 2020 and August 2020, respectively) as well as a research and development licence (early 2020). CLC’s facility consists of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction. CLC also owns a 99-acre plot of land adjoining its principal 32-acre site, which enables the Company to grow at a much larger scale. CLC cultivates cannabis using strains specifically developed for outdoor cultivation and in its inaugural harvest year produced 32,500 kg (71,650 lb) on its existing facility before developing an adjacent 99-acre expansion property. Such an expansion will ultimately bring CLC’s annual cultivation footprint to over 4.35 million square feet, which could enable at least 150,000 kg (330,693 lb) of low-cost, high-quality, sun-grown cannabis to be produced annually by the Company.

On behalf of Christina Lake Cannabis Corp.:

“Joel Dumaresq”

Joel Dumaresq, CEO and Director

For more information about CLC, please visit: www.christinalakecannabis.com

Jamie Frawley
Investor Relations and Media Inquiries
jamie@clcannabis.com
416-268-9432

THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements.” The use of any of the words “anticipate,” “continue,” “estimate,” “expect,” “may,” “will,” “would,” “project,” “should,” “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on http://www.sedar.com.

Statement Regarding Third-Party Investor Relations Firms

Disclosures relating to investor relations firms retained by Christina Lake Cannabis Corp. can be found under the Company's profile on http://sedar.com.

FAQ

What is the THC concentration achieved by Christina Lake Cannabis Corp. in their distillate oils?

Christina Lake Cannabis Corp. has achieved a THC concentration of 90.4% in their distillate oils.

What percentage of Canadian cannabis consumers are vape users according to Health Canada?

Approximately 37% of Canadian cannabis consumers were reported as users of vape pens, e-cigarettes, and vaporizers.

When did Christina Lake Cannabis Corp. complete its first sale of distillate oil?

Christina Lake Cannabis Corp. completed its first sale of distillate oil in early May 2021.

What are some products that Christina Lake Cannabis Corp. is focusing on selling?

Christina Lake Cannabis Corp. is focusing on selling distillates, winterized oil, and kief.

What significant trend in the cannabis industry does this press release highlight?

The press release highlights the trend of increased demand for high-quality cannabis extracts following the introduction of 'Cannabis 2.0' in early 2020.