Late Friday night Agraflora Organics (CSE: AGRA) provided an operational update for the status of their joint venture in Delta, BC. The facility under construction is set to be one of the largest in Canada, with over 2,200,000 square feet of funded capacity currently in construction through a venture with The Houwelings Group.
As per the release, the construction of the facility has been broken into three phases, the first of which encompasses 380,000 square feet of the facility. With 350,000 set to be marked for cultivation, and 30,000 square feet marked for post production, the entity is anticipating construction will be substantially complete by the end of the current quarter.
“We continue to work aggressively to prepare the first 350,000 square feet of flowering area for the final Health Canada submission and for our first crop of cannabis”
Derek Ivany, President and CEO of AgraFlora Organics
Agraflora Organics also provided guidance that phase two of the project is anticipated to be completed by Q4. The second phase includes 1,450,000 square feet of additional grow space at the facility.
With the initial application for a cultivation license submitted to Health Canada in Q4 2018, the venture will submit the final requirements to obtain a license upon completion of phase one of the retrofit. The facility would become Agraflora’s second licensed facility should a cultivation license be awarded.
Following the corporate update, Agraflora Organics also announced that they had scheduled an investor and media tour at the Delta facility for Tuesday, June 25, 2019. Details of which are as follows:
Delta Greenhouse Complex
2776 – 64th Street, Delta, BC
BBQ, Presentation & Tour
June 25, 2019
Agraflora Organics (CSE: AGRA) closed at $0.52 on Friday, posting no change from the prior session.
FULL DISCLOSURE: AgraFlora Organics is a client of Canacom Group, the parent company of The Deep Dive. The author has been paid for this work and may or may not own shares of the company. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
