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SIMCOE, ON , May 14, 2019 /CNW/ - FIGR, Inc., a vertically-integrated legal Canadian cannabis company, today announced the commencement of an early works program at its Simcoe, Ontario , facility. The program comes in advance of the ground-breaking and construction activities planned for the 20-acre property—located adjacent to its current Ontario operation—purchased in August 2018 .
"This is a very important step for our Simcoe facility," said Harvey Carroll, President of FIGR, Inc. "By initiating the early works program, we maintain our construction timeline for the facility expansion, working toward the 2021 completion date."
The early works program mainly consists of earth excavation and tree site clearing to prepare the land for the more than 800,000 square foot facility expansion, which, when completed as anticipated, will accommodate additional growing space and processing facilities. The Ontario expansion, together with the company's nearly completed buildout of its Charlottetown, Prince Edward Island facility, will increase FIGR's total production capacity potential to more than 140,000 kg per year when completed. Additionally, FIGR's total footprint will grow to more than 1.1 million square feet upon completion of both facilities' buildouts.
About FIGR, Inc.
FIGR is a vertically
integrated legal cannabis company headquartered in Toronto, Ontario
, that operates under one sole purpose: to put character into
everything it does. FIGR cannabis is sourced from the company's two
licensed subsidiaries located in Charlottetown, Prince Edward
Island , and Simcoe, Ontario . FIGR is a wholly-owned indirect
subsidiary of Pyxus International, Inc. (PYX). For more information, visit www.figr.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These statements are based on current expectations of
future events. Such statements include, but are not limited to,
statements about future plans, objectives, expectations and
intentions and other statements that are not historical facts. Such
statements are based on the current beliefs and expectations of
management and are subject to significant risks and uncertainties.
If underlying assumptions prove inaccurate or known or unknown
risks or uncertainties materialize, actual results may differ
materially from those currently anticipated expected or projected.
The following factors, among others, could cause actual results to
differ from those expressed or implied by the forward-looking
statements: changes in laws and regulations or the interpretation
of laws and regulations, continued compliance with applicable
regulatory requirements and, uncertainties with respect to the
timing and extent of facilities expansions, including securing
necessary financing to fully fund the facilities expansions.
Additional factors that could cause results to differ materially
from those expressed or implied by forward-looking statements can
be found in the most recent Annual Report on Form 10-K of Pyxus
International, Inc. for the period ended March 31,
2018 and the other filings with the Securities and Exchange
Commission (the "SEC") which are available at the SEC's Internet
site (http://www.sec.gov).
SOURCE FIGR Inc.
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