NAPANEE, ONT. — Cannabis producer ABcann Global Corporation and Cannabis Wheaton Income Corp. have announced upsized plans for two facility builds to take place in Napanee, Ont.
In a media statement issued in July, ABcann confirmed that plans to start construction at the firm’s Kimmett facility in the third quarter of this year remain on track, and previously announced plans for its 71,000-square-foot phase one have been expanded to 100,000 square feet.
In addition to the Kimmett construction plans, ABcann has initiated immediate expansion and construction at its current production facility at Vanluven to double production capacity.
Bird Construction Inc. has been announced as the general contractor for both the Kimmett and Vanluven projects. NORR Engineering has been signed to act as project engineer on the builds.
ABcann said its current cash position is approximately $43 million, which the company expects will be sufficient to complete both phase one construction at Kimmett and the expansion at Vanluven.
The Kimmett facility will be constructed on a 65-acre property that is wholly owned by the company and located near ABcann’s existing Vanluven production facility in Napanee.
The firm said the existing acreage would permit continued expansion of up to 1.2 million square feet of production space once phase one is completed.
First cultivation from the Kimmett facility is expected in the fourth quarter of 2018 with full production capacity expected in the first quarter of 2019.
First cultivation from the expanded facilities at Vanluven is expected in the first quarter of 2018.
"ABcann’s strong cash position from its go-public transaction, subsequent warrant exercises and recently announced equity financing for $2.25 per share has positioned the company to aggressively expand our production capacity at both Vanluven and Kimmett," said ABcann CEO and director Aaron Keay in the statement.
"The imminent expansion plans and decision to expand our phase one construction plans at Kimmett are in line with ABcann’s corporate strategy to take advantage of the current domestic demand for a high-quality standardized pesticide-free product, in addition to becoming a strong competitor in a number of the emerging markets internationally."
Recent Comments
comments for this post are closed