Orchard Heights Growers licensed tenant has harvested proof of concept crop in advance of delivering high quality products to the Washington State adult-use market
VANCOUVER, BC / ACCESSWIRE / November 6th, 2018 / Weekend Unlimited Inc. ("Weekend" or the "Company") (CSE: YOLO – FSE: 0OS1) announces the harvest details related to the licensed tenant of Orchard Heights Growers, a Weekend Unlimited brand and property in Wenatchee, Washington.
"Orchard Heights' licensed tenant, a pesticide free commercial cannabis Tier 3 producer / processor, conducted its first four days of harvest from October 30th to November 2nd, which produced over 1 ton of high quality, solar powered cannabis material, currently being dried," noted Mr. Cody Corrubia, Weekend Unlimited Inc. President and CEO.
Harvest Highlights and Forward-Looking Production and Revenue Estimates:
- Over the four days 4,000 pounds of bulk raw cannabis material was harvested from 10,000 sqft. of canopy
- The material harvested is expected to produce over 50,000 grams of premium concentrate, 250,000 pre-rolls, or a combination of the two with premium concentrate infused pre-rolls*
- Utilizing 1,408 plants and 10,000 sqft. of canopy it is anticipated that this proof of concept harvest will generate approximately $500,000 USD in revenue**
Assumptions and risks in respect to the forward-looking statements above:
*4000 lbs dries to 700 lbs with a yield of 18%, which equals 57,078 grams of concentrate. 700 lbs at 453 grams per pound will yield 317,100 1 g pre-rolls.
**Revenue estimate based upon average market prices of $10 per gram for live resin concentrate and $2 per gram for pre-rolls.
Risk of mold or other contamination in the flower would result in only concentrate being produced. In such a case, the amount produced may be less than projected.
"As a proof of concept crop, the 4,000 lbs of wet material harvested will be used to produce concentrates and pre-rolls. A quantity of the best product will be frozen and reserved for the launch of a premium Live Resin brand this winter," added Mr. Corrubia.
The Orchard Heights property is being positioned as a B2B solution for independent growers looking for choice genetics, farming guidance, and processing and distribution solutions.
To serve this market, Orchard Heights is developing infrastructure, including a nursery with tissue culture technology and robotic automation, enabling the current operation to produce in excess of 2 million plants per year, which corresponds to over 10 million sqft. of canopy. The development of the infrastructure noted is underway and will be completed within six months at a cost of approximately $1 million USD.
With the expected consolidation and continued growth of a $1.3 Billion USD (https://www.tre.wa.gov/portfolio-item/washington-state-marijuana-revenues-and-health/) market in Washington State, Orchard Heights will have a primary focus on the B2B clone and nursery business, looking to capitalize on its agricultural systems and efficiency to be the leader in commercial commodity cannabis production.
For further information, please contact:
Telephone: 1 (236) 317-2812 - Toll free 1(888) 556-YOLO (9656)
E-mail: [email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Weekend Unlimited Inc.