New Consumer Study of Atlantic Canadians Reveals Legal Recreational Cannabis Considered a Key Driver of Regional Economic Growth
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Canadian cannabis company FIGR, Inc. growing Charlottetown footprint to 325,000 square feet, supply to approximately 35,000 kg, and workforce to nearly 200
CHARLOTTETOWN , Feb. 21, 2019 /CNW/ - FIGR, Inc. today released the results of the first-ever Atlantic Canada -focused consumer study gauging the opinions, behaviours, and concerns of Atlantic Canadians towards cannabis business and culture since recreational cannabis was legalized in Canada on October 17, 2018.
While the Atlantic Canadian provinces were considered to be among the most pro-legalization in the country prior to October 17 1, residents of Canada's East Coast have only grown their support of legal recreational cannabis use since legalization day. The recent consumer study commissioned by the Canadian cannabis company, FIGR, Inc., reveals that 67% of Prince Edward Islanders and Nova Scotians feel recreational cannabis is more socially acceptable since legalization. They also believe that local, homegrown cannabis—and its role as an economic driver for the region—is important.
Grow a Strong Economy
Survey
respondents recognize cannabis as an opportunity to grow the
Atlantic Canadian economy, with more than half (53%) of
respondents saying the cannabis industry will have a positive
impact on the economy of Atlantic Canada . In addition, 57% of
Islanders and Nova Scotians feel the legal cannabis
industry will lead to economic opportunities for farmers in the
region.
" Atlantic Canada has a tremendous pool of local, talent-rich individuals with transferable skills that can directly apply to the cannabis industry," said Harvey Carroll, president, FIGR, Inc. "New employment opportunities drive the local economy and we're dedicated to contributing positively to the communities in which we operate. At FIGR, we're preparing to expand our workforce in Charlottetown from 30 to nearly 200, with a focus on attracting local talent—from farmers to quality assurance specialists to botanists and beyond."
Buy Local
According to the
recent survey, 74% of respondents indicated it is important to
buy Canadian-produced cannabis. Taking the 'buy local story' to the
next level, those Canadians living on Prince Edward Island and in
Nova Scotia indicated that hyper-local product was preferred
whenever possible, with three quarters (75%)
of respondents citing the importance
of buying cannabis that is locally produced in
Atlantic Canada as the first choice.
"We are thrilled with the initial local reaction to our product. We pride ourselves on knowing our customers and what they want, in large part because members of our team live and work right here in Atlantic Canada ," said Carroll. "Part of that is education. Studies like this continue to show there is demand for an authentic customer experience."
The Origin Story Matters
Beyond a
strong desire for locally grown cannabis, Atlantic
Canadian consumers are increasingly placing significant value
on the right to more detailed information and transparency
around the origins of their product from growing and
harvesting to processing. Nearly half (49%) of survey
respondents say it is important to know where their cannabis comes
from and 52% say it is important to know how the cannabis they
purchase is grown and processed.
"The survey results indicate Atlantic Canadians are seeking transparency. That added knowledge is reassuring on many levels," said Carroll.
Using the SENTRISM track-and-trace platform, consumers can enter a lot number located on their FIGR product at FIGR.com/quality to track in-depth, individualized product information.
"Within Canada , licensed producers are required to track the chain of custody of the cannabis they produce, reporting the data to Health Canada," explained Carroll. "SENTRI is utilized for this purpose, as well as its ability to share product-specific information, including where and when the cannabis plant used to create a product was harvested and how long the specific cannabis was cured."
The Experience Matters
Consumers are
depending on their regional in-store experience to
learn about, explore, and purchase their locally produced
cannabis. Survey respondents in both Prince Edward
Island and Nova Scotia cited a positive in-store
experience as a fundamental component in their cannabis
purchasing journey, with more than 81% of cannabis
purchasers saying their in-store experience has
been positive since legalization.
"Atlantic Canadians have embraced cannabis since legalization and have been patient as a brand new industry works to meet high consumer demand," said Carroll. "To help meet that demand, we have increased production in our first three months and extended shifts that allow us to complete packaging more quickly. As we increase our Charlottetown footprint from approximately 30,000 square feet to approximately 325,000 square feet, we will increase our production capacity from 1,200 kg to an estimated 35,000 kg."
About the Survey
FIGR, Inc.
commissioned an online survey of 406 Canadians within Prince Edward
Island and Nova Scotia . The survey was completed between
December 6 and December 17 , 2018, using Leger's online
panel. These data are being used to develop FIGR's
innovation pipeline and inform FIGR's plans for ongoing
education of Atlantic Canadians in the cannabis
category. The margin of error for this study was
+/- 4.9%, 19 times out of 20.
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—Canada's Island Garden,
in Charlottetown, Prince Edward Island ,
and Goldleaf Pharm, in 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 and workforce expansion.
Additional factors that could cause results to differ materially
from those expressed or implied by forward-looking statements can
be found in Pyxus's most recent Annual Report on Form 10-K for
the period ended March 31, 2018 and the other filings with the
United States Securities and Exchange Commission (the "SEC") which
are available at the SEC's Internet site (http://www.sec.gov).
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SOURCE FIGR Inc.
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