- Cannabis company, Citation Growth (CSE:CGRO) has started implementing its FSM technology and methodologies at its Apex facility in Las Vegas
- The company believes that these changes will triple the facility’s production, and reduce various other costs
- Citation Growth expects the facility’s full transformation to be complete by the end of summer
- The company’s first harvests under these new upgrades will also be available to market in late summer
- Citation Growth (CGRO) is currently steady and is trading at C$0.10 per share
Cannabis company, Citation Growth (CSE:CGRO) has started implementing FSM technology and methodologies at its Apex facility in Las Vegas.
The Full Spectrum Medicinal (FSM) growing technology and platform utilise the organic method of growing medical cannabis.
The methodologies increase the beneficial ingredients and remove negative secondary aspects of man-made chemical compounds. These include those found in herbicides, fungicides, and pesticides.
The FSM technology was developed by Professor Mandell, who worked with Professor Raphael Mechoulam on the research.
Citation Growth is in the process of introducing this growing technology and methodology to its North Las Vegas facility. So far, the company has changed 15 per cent of Apex’s lighting system to the full spectrum LED lighting system.
The net cost of installation will be offset by credit received for the previous outgoing lighting system. Citation Growth intends to fund the upgrades through its sale of its Celista assets. This sale is likely to complete in mid-June.
In addition to replacing the light system and introducing FSM technology, the company will also change over earth used in growing processes.
The combined impact of these upgrades could increase the facility’s production by as much as threefold.
The upgrades have also allowed Citation Growth to decrease overhead costs, by reducing staff by 50 per cent. Furthermore, the company expects it will significantly decrease ongoing power and supply costs.
Citation Growth expects to finish the replacement of the facility’s remaining lights by the end of summer. The company anticipates that the first harvests grown under the new upgrades will be available to market in late summer.
Citation Growth’s CEO, Erik Anderson, is happy with the company’s encouraging progress.
“We see the Apex facility as our launching pad to a new phase of growth for Citation and expect to be updating the market with our progress over the coming months. Our goal to be Operational Cashflow and EBITDA-positive by our fiscal year end, while seemingly difficult only a few short months ago, is now achievable.
“Our proprietary growing methodologies and technology will drive us towards our financial goals and overall success. We are moving forward, and we will be successful,” he said.
Citation Growth (CGRO) is currently steady and is trading at C$0.10 per share at 12:25pm EDT.