Sire Bioscience Inc. announced that the construction has officially begun on the Company's 50-Acre Leamington, Ontario property.
The first phase will result in the build out of 7,000 square feet of indoor space, inclusive of 2,000 square feet of canopy with the required security and supportive rooms. This phase will also see the installation of 2,900 linear feet of fencing expected to commence on December 9, 2019. The indoor secured storage area will also support SIRE's outdoor grow initiative. Once the indoor and outdoor construction is complete, SIRE will submit an application to file for its indoor and outdoor cannabis cultivation licenses with Health Canada. To utilize the already acquired Industrial Hemp Licence, SIRE will also be planting high yielding CBD strains of hemp cannabis on the remainder of the acreage. The Company plans to start growing both indoor and outdoor areas in the new year.
"We're excited to move forward quickly," says Brian Polla, SIRE's CEO. "This development makes for a very exciting time as we close in on our definitive agreement with Fusion Nutrition, Incorporated, executing on our House of Brands strategy as we enter Cannabis 2.0."
A prime location for cannabis cultivation
Leamington, Ontario is nestled in an area known as the Sun Parlour of Canada. With warmer-than-average temperatures, this region delivers high-yield crops and is home to over 60% of Ontario's greenhouses. In fact, Leamington has the largest concentration of greenhouses in North America and boasts a $3 billion agribusiness sector.
SIRE's Property contains 137,088 square feet of greenhouse space and 40 acres of outdoor growing area. Before scaling to maximum growing output, SIRE will begin cultivating high THC strains on three acres of land.
"We're taking this strategic and sustainable approach so we can understand the capabilities of the land and scale our business responsibly," explains Polla. "Our priorities are efficiency, scalability, and long-term shareholder value. To that end, we are extremely practical in our operations and creating multiple revenue streams in a yet to be defined market which will give us the ability to be nimble and maneuver quickly knowing that as growing commoditizes, 'brand' will win in the end."
Consumer demand continues
Consumer demand for cannabis shows no signs of slowing down. Analysts predict that legal cannabis sales may reach $4.7 billion by 2023, up from about $570 million in 2018.
As construction on the company's property progresses, SIRE will continue to explore unique strains and product offerings to appeal to a wide variety of cannabis consumers. The site will also allow for future expansion opportunities.