"Building off our solid Q3'22 results, we have completed a strong 2022 harvest. Not only have we seen meaningful growth in the biomass harvested, but initial potency testing has shown a significant increase in the milligrams of total THC in comparison to last year. These improvements are a testament to the strength of our team," said Christina Lake CEO Mark Aiken. "These higher quality inputs and our additional processing capabilities will allow us to create a wider variety of product offerings for our customers and will bolster our bottom line."
The Company harvested approximately 42,000 kg of dried biomass during its 2022 outdoor grow season. This represents an increase of approximately 11% from the 2021 outdoor grow season, which yielded 38,000 kg.
Initial testing has indicated a significant increase in average potency per plant, which will result in an increase in total milligrams of THC obtained through our extraction process. Management attributes this increase to changes made to the strain mix based on prior year learnings, as well as higher quality genetics. Utilizing higher quality inputs into production allows for significant cost savings through a reduction in staff handling times and downtime of equipment while producing higher quality output.
The Company continues to explore new product offerings for its customers based on an increase in high-quality dried flower and extracts.
The Company has successfully completed the acquisition of additional processing equipment for its processing facility from the funds related to the unsecured convertible debenture offering. The new processing equipment will allow the Company to significantly increase its production throughput and resolves previously identified processing constraints. Once fully operational, the Company will have the capacity to pivot to new products based on market demands and improve the monetization of inventory.
Further to the Company's press release dated December 12, 2022, with respect to the appointment of Milan Stefancik as Vice President of Sales and Marketing, the Company notes that the appointment remains subject to required mandatory security clearance by Health Canada and any required approvals of the Canadian Securities Exchange.
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Christina Lake Cannabis