City View Green Holdings is amending its buildout and business strategy to respond to the evolving cannabis market. "City View will put the cultivation buildout and operations on hold until there is a strong business case to enter the cultivation market," the team with the company explains. "City View's focus will be on extraction, edibles and distribution. The Company continues to build out its facility with a focus on designated areas for extractions and edibles. City View expects to update shareholders in the near future upon submitting its video evidence package to Health Canada."
Ian MacDonald, CEO, City View Green Holdings stated:
"We have been witnessing a surplus in both cannabis and hemp cultivation. City View is focused on targeting higher margin, sustainable business opportunities that will provide long term growth and favorable returns for our stakeholders. The reality is we can now acquire both cannabis and hemp for our extraction purposes for less than the investment of bringing cultivation in-house. Our focus will be on producing the finest quality extracts and derivatives as well as being an innovative leader in the edibles market and maximizing distribution opportunities through our proprietary distribution network."
Rob Fia, President, City View Green Holdings stated:
"City View has been focused on vertical integration with all segments of the business. By placing cannabis cultivation on hold City View will avoid extensive capital expenditures and future operational costs involved in growing cannabis. Once City View is licensed, we will be able to source high quality cannabis from licensed producers that have achieved economies of scale on pricing. Our Company has been approached by several food manufacturing experts to incorporate edibles such as baked goods, chocolates and other shelf stable edibles into our facility which makes far more economic sense in the current market. There is also a big opportunity to white label or private label these consumer products to other licensed producers in addition to selling through our own Budd Hutt cannabis retail distribution channel. We look forward to updating shareholders as information becomes available."
For more information:
City View Green Holdings
1173 Dundas Street East, Suite 132 Toronto, Ontario