Ayurcann Holdings Finishes Phase 2 Buildout Of Pickering Facility
Ayurcann Holdings (CSE: AYUR) this morning hit an operational milestone, with the firm announcing the completion of its phase two expansion of its Pickering, Ontario facility. The expansion is said to bring enhanced production and manufacturing capabilities.
The buildout reportedly was completed both on time and on budget, with the expansion allowing for “immediate commencement of additional production capacity.”
In terms of size, the buildout now expands the firms processing capacity to 300,000 kilograms of biomass per year, while manufacturing capacity has been increased to 3.0 million product fills. The expansion was heavily focused on providing additional flexibility for the firms manufacturing focus, with the addition now making the company one of the largest processors and co-manufacturers in Canada.
“We are thrilled to announce our increased capacity to service the growing needs in the market and we are optimistic about our market penetration and potential for growth,” said Igal Sudman, CEO on the announcement.
Following the build-out being completed, the final earn-out to original Ayurcann shareholders has been hit. As a result, 5.2 million shares of the company were issued at a price of $0.1938 per share.
Ayurcann Holdings last traded at $0.17 on the CSE.
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