Vancouver, British Columbia (FSCwire) – New Age Farm Inc. (CSE:NF) (OTC:NWGFF) (FSE:ONF) (www.newagefarminc.com) (“New Age Farm” or the “Company”)
is pleased to announce that its tenant-grower has begun harvesting its first crop at the Oroville facility. The tenant-grower and the master growers have reported that harvesting is actively underway, having begun last week. The harvesting operation has ramped up over the past week and is now operating at full capacity and the operators expect that this first crop will be completely harvested by the end of the month. Once harvested, plants are moved to New Age Farm’s drying facility to be dried in a climate controlled environment. Drying may take from 7 to 10 days depending on the variety and moisture content of the plants. At the same time samples are taken for testing, and, after drying is completed, final weights are recorded and the plants move on to processing and packaging, to be ready for sale to the retail market. As the plants proceed through these steps, the Company will update stakeholders.
Carman Parente, President and CEO of New Age Farm, commented: “This is a milestone step for our tenant-grower; they have worked diligently to get this crop to harvest. We have worked alongside the tenant-grower assessing systems and protocols and as we near completion of this first harvest, we now have real-time data that will help us gauge facility preparedness and ongoing requirements and develop and determine best practices for crop planting in the future. We are pleased to have reached this final production stage and will bring further news to our stakeholders as the processes continue to unfold.”
About New Age Farm
New Age Farm is an agricultural services company offering unique turnkey growing infrastructure and services for licensed growers and processors of luxury marijuana crops at three agri-campuses in Washington State. New Age Farm’s facilities will offer in excess of 250,000 square feet of canopy growing space to tenant-growers once fully built out.
In November 2012, the Washington State Liquor and Cannabis Board (“WSLCB”) passed Initiative 502 (“I-502”) pursuant to a vote by the people of the State of Washington. I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for the growing, processing and selling of Washington State-regulated recreational marijuana products In compliance with state regulatory requirements,
New Age Farm’s facilities feature 24 hour security that enhances the safety and security of the community, our tenant-growers and their operations. All New Age Farm’s tenant-growers hold either Tier 2 or Tier 3 licenses allowing them to produce and / or process marijuana for sale at wholesale to marijuana processor licensees and to other marijuana producer licensees. A Tier 3 license allows for between ten thousand square feet and thirty thousand square feet of dedicated plant canopy while Tier 2 licensees can have up to ten thousand square feet of dedicated plant canopy. Revenue is generated on a base lease rate and the level of service that the tenant-grower requires for its production and / or its processing needs.
- By the end of 2016, Washington had over $1.1 billion in combined recreational and medical marijuana sales for the year, and in October, November and December, it surpassed Colorado in total monthly marijuana sales (cƒ Marijuana Business Daily).
- In 2016, Washington adult use sales increased by 95 percent from just one year earlier.
- Legal marijuana sales totals in Washington are nipping at the heels of alcohol sales.
New Age Farm is committed helping its tenant-growers achieve greater yield, higher quality and higher value flower from their crop and to building a reputation for providing what I-502 licensees need to achieve superior results. Year-round growing of crops maximizes the revenue potential for New Age Farm and its tenant growers.
.For further information about New Age Farm, please consult the Company’s profile on SEDAR at www.sedar.com.
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