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Be the first with the news that moves the market- FinCanna Capital’s (CSE:CALI) subsidiary, Cultivation Technologies, has commenced cannabis extraction at its new facility
- The 5,200 sq ft site is purpose-built, and located in Palm Desert, California
- It features three-times the capacity of the company’s previous facility in Coachella, with an estimated output of roughly C$47 million
- FinCanna Capital’s (CALI) is down 7.14 per cent, with shares currently trading at 6.5 cents and a market cap of $6.45 million
FinCanna Capital’s (CSE:CALI) subsidiary, Cultivation Technologies, has commenced cannabis extraction at its new facility.
Cultivation Technologies (CTI) was the first state-approved Butane Hash Oil (BHO) producer in California. Until now, the company had been operating out of its interim facility in Coachella.
Its new 5,200 sq ft site in Palm Desert is purpose-built to maximise productivity and reduce operating costs. Designed for industrial scale manufacturing, the site will have an annual capacity worth approximately C$47 million.
The Palm Desert facility houses BHO extraction equipment, as well as sub-zero freezer storage for up to 10,000 pounds of biomass.
Andriyko Herchak, CEO of FinCanna Capital, said that the company is entering a new phase.
“The announcement of CTI, our first investee company, relaunching production at its new state-of-the-art Palm Desert facility ushers in a new era of positive financial performance for FinCanna.
“Led by an exceptional team in a facility purpose-built for rapid and cost-effective scalability we have every confidence in the future growth of CTI,” he said.
Over the last few years, FinCanna Capital has been the recipient of various awards, including the Emerald Cup, High Times, Kushstock Festival and Weedcon Wonderland.
Hank Casillas, COO of Cultivation Technologies, is looking forward to the company’s new era.
“Our new facility will enable us to deliver even more high quality and innovative products with improved efficiencies.
“We are excited to demonstrate our market strengths to our customers, the industry and our shareholders,” he said.
According to reports by Arcview Market Research and BDS Analytics, the Californian legal cannabis market was up 23 per cent in 2019 from the year before.
In 2019, Californian legal cannabis sales generated more than $4 billion, making it the largest regulated cannabis market in the world.
FinCanna Capital’s (CALI) is down 7.14 per cent, with shares currently trading for 6.5 cents at 2:58 pm EST.
