/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
The Canadian cannabis company increases its footprint in Charlottetown, PEI with facility expansion
TORONTO, Nov. 7, 2019 /CNW/ – Figr Brands, Inc. (Figr), a vertically integrated legal cannabis company, is increasing its footprint on Prince Edward Island (PEI) after receiving Health Canada approval to operate within an additional 210,000 square feet of its facility, bringing the current operational footprint up to 234,000 square feet. The amendment for this phase of the company’s expansion project was approved on November 6, 2019, and included approval for 46,000 square feet for processing and other activities and 164,000 square feet for growing.
“We’re excited to receive our amendment approval from Health Canada and begin using the square footage added through phase one of our expansion project,” said Harvey Carroll, President of Figr. “We have been preparing for the approval of this amendment through the acceleration of our tissue culture program and began operating in the new square footage today. We expect the new run rate to be up to 28,000 kilograms per year.
“The added capacity will enhance our ability to supply product as we grow our presence across the Canadian marketplace,” added Carroll.
As a result of the additional square footage coming online, Figr will be able to expand production of its pre-existing product lines — pre-rolls, flowers, and oils — as well as launch new products to meet consumer demand.
The second and final phase of the Figr Prince Edward Island expansion is near completion, and upon receiving a separate license amendment, the facility’s run rate is anticipated to increase to more than 43,000 kilograms annually and its footprint will total 332,000 square feet, including 10,000 square feet of processing/other space and 88,000 square feet of growing space.
The expansion and investment in the facility will also create new jobs in Charlottetown, as the local operations are expected to grow from 75 to nearly 200 employees.
An official ribbon cutting ceremony will be held upon finalization of the full expansion.
About Figr Brands, 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. (NYSE: PYX). For more information, visit www.figr.com.
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the ability of Figr to immediately utilize the additional 165,000 square feet of its facility, the expected increase to the run rate of 28,000 kilograms annually, the expected completion of the second phase of the production facility expansion including the anticipated total footprint of 330,200 square feet, the receipt of an additional license amendment from Health Canada for such second phase of the production facility expansion and the expected run rate of more than 43,000 kilograms annually following the completion of the second phase of the production facility expansion and the receipt of an additional license amendment from Health Canada. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability of Figr to implement its business strategies; market demand; the ability to obtain all necessary regulatory licenses, permits and approvals on a timely and cost efficient basis; competition; crop failure; currency and interest rate fluctuations; assumptions concerning labour, construction, and other costs; uncertainties with respect to the timing and outcome of any construction projects; cultivation and the availability of required equipment for such activities; labour disputes; rising energy costs; and other risks. Although Figr has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described herein, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Readers are cautioned that the foregoing list is not exhaustive and readers should not place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements included in this news release are made as of the date of this news release and Figr does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Figr Brands, Inc.
For further information: Amber Ciolfe, NATIONAL Public Relations, E firstname.lastname@example.org, T +1 416-848-1384
The province has helped fuel entrepreneur Chelsey Lake’s business as a digital marketing strategist, designer and developer.
Lake is one of 10 recipients who received a $25,000 grant through P.E.I.’s Ignition Fund.
The money will enable the owner of Lake Designs and Strategies to offer small businesses scheduling and ticketing services for their websites.
“Successfully securing an Ignition Fund grant has been pivotal in propelling our business forward,” said Lake.
“Our booking software will enable small businesses to have an affordable, modern solution to appointment booking that will improve sales and decrease no shows. With the financial support from the Ignition Fund, we are better situated for success when we enter the market in the coming months.”
The other Ignition Fund recipients are Chow Time Pet Foods Inc., Innovation for Lawyers Inc., TopFeed Industries, Common Man Seafood & Microcannery, Van Kampen’s Greenhouses, Au Naturel Solutions, Scout, Camp Awesome and an animal health company for the enhanced management of livestock.
“The key to entrepreneurial success is the drive of the individual and the strength of their idea,” said Minister of Economic Growth, Tourism and Culture Matthew MacKay. “As a former entrepreneur myself, I recognize the importance of government supporting small businesses because that drive and those ideas represent the future of our provincial economy.”
This is the sixth year for the Ignition Fund, which supports entrepreneurs across the Island with start-up and expansion funding. To qualify, applicants must be start-up businesses and entrepreneurs who are committed to establishing and operating a new business in this province. The products or services must be innovative and have the potential to be sold outside of Prince Edward Island.
Since the Ignition Fund launched in 2014, the program has funded 58 companies.
Island businessman Chris LeClair adds to growing fat bike market with carbon frame offering
BROOKVALE, P.E.I. —
When Chris LeClair got into cycling in 2016, he was hooked. After spending the summer in the saddle, he tried the new winter trend – fat biking.
With extra-wide tires and metal frames, fat bikes roll easily over groomed trails all winter.
LeClair gave it a try and, like most who hop onto one, he enjoyed the fat bike experience. But he wished the bike was lighter.
“Let’s see if we can do a custom carbon,” he said. “It began as a hobby and a passion and it sort of turned into a business.”
And Quest Carbon Bikes was begun.
One year in, LeClair and mechanic Geoff Murray are under a tent at the Mark Arendz provincial park in Brookvale on Sunday. Several examples of LeClair’s dream come true are on display, on repair stands or out in the woods.
Even though the October day was overcast with a north wind to keep the air chilly, there was a line-up to try P.E.I.’s newest bike brand at the Quest demo day.
Patrick Cheverie usually rides a full-suspension 29er mountain bike but was pleasantly surprised with his first fat bike ride.
“Surprisingly competent for a rigid bike. Heaps of grip,” said Cheverie, after he hopped off a red Quest Tikaani.
Ian McGrath and Tammy Banfield were on the Island from Halifax for a day of mountain biking on Brookvale’s extensive trail system. McGrath was already a fan of his own fat bike, so Banfield took advantage of the demo to try a blue QUEST Saghari.
“It feels a lot like my bike. I’m surprised how maneuverable it was,” said Banfield.
“Everyone expects them to be like a monster truck,” said McGrath.
“It’s impressive how light they are considering how big they seem,” said Banfield.
Bikes range from $2,200 to $4,000, which is 35 to 40 per cent less than comparable bikes from larger brands.
But riders aren’t sacrificing quality.
One red Tikaani fat bike on demo had carbon wheels, disc brakes, studded tires and a Shimano Deore 1×10 drive train. Weighing in at 23 pounds, it sells for $2,999.
To date, LeClair has sold 10 bikes.
“We’re really just getting going,” said LeClair.
First, LeClair and business partner, Peter Wen, traveled to 10 factories in China to suss out the best supplier.
LeClair built up several prototypes and got feedback from local riders before settling on the best one.
Now, while frames are shipped from China, most of the components are purchased within Canada from Shimano, RaceFace and HLC.
Several Island workers and entrepreneurs are involved in the company so far. Two bike builders, a social media and marketing person, a designer and photographer have contributed to the Quest quest.
“Biking generally is referred to as soft adventure tourism and it’s growing,” said LeClair.
“The number of people who are coming off the road to try mountain biking and, increasingly, to try fat biking, it’s remarkable. P.E.I. is getting a reputation as a really, really popular destination. So, it kind of combines to make this a good launching pad.”
StandardAero has signed a new contract to maintain aircraft engines for Silver Airways and some of that work will be done in the Summerside.
The exclusive contract will result in Standard Aero servicing Silver Airways fleet of new ATR-600 regional turboprop engines. The Summerside facility will provide overhaul-level support.
The deal also means Silver Airways will benefit from access to Standard Aero’s North American network of services centre and mobile repair teams.
Steve Rossum, Chief Executive Officer of Silver Airways, welcomed the deal.
“We are most pleased to enter into a long-term cooperative engine maintenance partnership with StandardAero, a global world-class repair and overhaul provider that will ensure best-in-class operational performance.”
The service agreement will provide 15 years of work for the StandardAero team, added Roger Ross, president, airlines and fleets for StandardAero.
“We are excited to be part of Silver’s success story and look forward to meeting and exceeding the airline’s expectations for on-time support.”
Silver Airways’ main route hubs are centred in Florida’s Fort Lauderdale, Orlando and Tampa. The company services regional routes mostly in the southeastern U.S. and the Caribbean.
StandardAero employs almost 6,000 people around the world, a little more than 500 of whom work out of the company’s hub in Summerside’s Slemon Park.
For businessman Matt Eye, it’s about connecting with people.
His company, M.B. Eye Electrical of Charlottetown, operates under the slogan: “Innovative Electrical Solutions”.
Thanks to Island programs to help lower-income residents save money on their energy bills, Eye has lots of chances to connect with customers.
“If I were just a regular electrician wiring houses, putting in lights, plugs and oil furnace thermostats, I don’t feel like I would be where I am today,” he said. “I like a challenge. I get bored pretty easily.”
The P.E.I. government set up a new Winter Warming program in its 2017 energy plan to cover the costs of modest energy efficiency upgrades to homes or apartments owned or rented by qualifying islanders.
Under this program, certified tradespersons like Eye seal up homes with caulking and install energy-efficient products such as programmable thermostats and LED bulbs.
“I think the rebate and incentive programs for low-income households are huge. Here in P.E.I. there are a lot of people unemployed, there are a lot of people struggling. I have three kids myself, so I know what it takes to run a household,” said Eye, whose firm has used EfficiencyPEI rebates on heat pump installations for low-income households, in addition to providing solar energy and energy efficiency consulting.
“For the government to step up and help out in these situations is fantastic, because if someone is struggling to pay an oil bill, they can’t afford a ten thousand dollar retrofit to upgrade their system one hundred percent, but something like a heat pump gives them a great opportunity to save substantially with what they have,” he added.
Climate is a top-of-mind issue for many Canadians and energy efficiency is estimated by the International Energy Agency (IEA) to be 40 per cent of the solution to meeting the global Paris targets.