Experion Holdings' wholly-owned subsidiary Experion Biotechnologies has received approval from Health Canada amending its license to expand cultivation and processing capacity at its Mission, BC facility.
The Health Canada approved amendment immediately increases the Company's cultivation by 20%. This newly licensed space will begin actively growing premium-quality flower by mid-April. Experion's top shelf cannabis is distributed under its brand, Citizen Stash, which is actively sold in five provinces and two territories across Canada and has experienced strong consumer demand.
Several licensed processing rooms were also approved by the Health Canada amendment now doubling the Company's processing capabilities including post-harvest activities, packaging and labeling, as well as, improving operational efficiencies by enabling a number of these production activities to run in parallel. The increased processing space further enhances Experion's ability to develop and manufacture value-added products such as pre-rolls; ultimately, facilitating the diversification and expansion of its product offerings. The increased capacity also positions the Company to undertake strategic partner relationships and contract manufacturing opportunities including the production of cannabis concentrates like shatter, rosin and kief.
"The approval of this license amendment is a very exciting milestone for Experion," commented Mr. Jarrett Malnarick, CEO of Experion Holdings. "We now have the required space to further our business plan and continue to drive the Company to profitability. As demand for our Citizen Stash branded products continues to grow, coupled with our business model to process and distribute quality cannabis products across Canada, it became clear that additional cultivation and processing space was needed to effectively capitalize on this market opportunity. Now with our strategic grow and supply partners coming online and our newly licensed space, we have the capacity to process hundreds of kilograms of flower per month, launch pre-rolls quickly and offer other value-added products. With cannabis recently identified as an "essential service" in a number of provinces, we remain confident in the future of our Company in these unprecedented times."