Cannex US subsidiary second facility fully operational
The facility has harvested all of its 19 flowering rooms in the last 60 days and has achieved annualized yields in excess of 500 grams/ft², a benchmark set by the Company’s first 30,000 ft² cultivation facility located in Tumwater, Washington.The Elma facility is a highly‐automated and efficient 60,000 ft² building with 30,000 ft² of flowering canopy. The facility is owned by Fuller Hill Development Co. LLC, a subsidiary of Cannex. Operated by 7Point Holdings LLC, a Washington‐licensed recreational cannabis grower/processor, the building passed all approvals required to operate in late 2017. The initial harvests from all the facility’s 19 flowering cells produced a total of approximately 2,434 kilograms of dried cannabis flower and trim. Annualized, this represents a yield of over 500 grams/ft², which is a yield the Company believes is unmatched by any other public reporting cannabis company. The Elma facility was built to be one of the world’s most efficient indoor cannabis grows and is fully equipped with the latest in indoor cannabis technology including individualized HVAC units, auto‐watering systems, and proprietary lighting design arranging over 2,100 flowering lights. This technology results in significantly less operating expense, and therefore greater margins, than competing facilities. The Elma facility offers a tangible example of Cannex’s core commitment to achieving maximum operating efficiencies through innovative facility design.
“With this facility, Cannex continues to demonstrate its commitment to building the best cannabis facilities in the world,” said Leo Gontmakher, Director and COO of Cannex. “Bringing this additional efficient, high quality indoor capacity to the market represents an important milestone in our commitment to serving Washington’s medical patients and recreational consumers in the most efficient and cost effective way possible.”
About Cannex Capital Group
Cannex, through its wholly owned subsidiaries, provides a wide range of services including real estate, management, financial, branding and intellectual property to licensed cannabis business operators domestically and internationally. Cannex is focused on the premium indoor cultivation, extraction, manufacturing and branding of edible and derivative products, as well as retail operations. Cannex is undertaking expansion initiatives to support the acquisition and development of additional assets in legal medical and recreational cannabis markets. Based in Vancouver, B.C., Cannex is managed by a team of experienced industry and capital markets experts who are committed to aggressive, cost-effective growth.
For further information please contact:
Cannex Capital Holdings Inc.
Anthony Dutton, CEO