Heritage recently delivered the first two Vitalis Q90 systems to their subsidiary, PhyeinMed, in Falkland, BC, and then followed up today with two more to their subsidiary CannaCure’s Fort Erie facility. This means that the company can cut costs by doing their biomass extraction themselves instead of outsourcing it.
Once their Standard Processing Licence from Health Canada comes in, Heritage will have a combined extraction capacity of 300,000 kilograms through both their Falkland and Fort Erie facilities, according to Clint Sharples, CEO of Heritage Cannabis.
“Our expansion plan in Falkland has been flawless due to the hard work and devotion from the PhyeinMed and Purefarma teams. We are looking forward to start generating revenues right away as soon as the appropriate license is granted,” Sharples said.
The company has dedicated two rooms to extraction within their indoor Falkland facility. The extraction team from Heritage’s subsidiary, Purefarma Solutions, will go to work processing the hemp feedstock upon acquisition of its processing license from Health Canada.
The planned second phase for CannaCure will include dedicated extraction rooms and the company anticipates completion in August 2019 for a cost of $1 million.
Installation and testing of all four devices will take approximately two weeks to complete.
“Our management team continues to move quickly on executing our business plan. We are well on our way to establishing ourselves as one of the leaders in the Canadian extraction industry. Our team continues to have discussions to provide services to third parties, as well as producing our own products,” said Sharples.
Some benefits of CBD include:
Even though the scientific testing is incomplete, CBD is expected to have other health benefits.
In other news, the company is delivering a proprietary mechanical separator to its supplier’s hemp farm location in Saskatchewan this week.
When the machine is installed, the hemp farm will be one of Canada’s largest with the ability to process 1,200 kilograms of dried hemp product a day.
This will provide a considerable boost to the processing efficiency at the facilities in Falkland and Fort Erie, Ont.
“The equipment is ready, the operators are trained, and we know there is market demand for the products we can produce,” Sharples said.
How the market sees it
The company’s most recent changes, including expanding production capabilities and filling out their board of directors have resulted in the gradual upward tick in their trajectory since its lowest point in December, when they finished their acquisition of Pure Farma.
Heritage Cannabis’s share price has climbed up to $0.39 in the past few days, with 408,915,484 shares issued and outstanding.
The company is currently valued at 157,432,000.
Full disclosure: Heritage Cannabis is an Equity.Guru marketing client.