VANCOUVER, British Columbia, Dec. 16, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) (CSE:CLC) (FRANKFURT: CLB) is pleased to announce that it has appointed Gil Playford, an internationally accomplished senior corporate executive and entrepreneur in the mining and resource sectors, to its Board of Directors as well as to the Chairman position of CLC’s Audit and Finance Committee.
With diverse global experience, Mr. Playford has developed a strong business and financial background in leadership positions for public and private companies which consistently drove business growth and shareholder value. Mr. Playford joins the Company’s Board of Directors under the leadership of its Chairman Mervin Boychuk, a very successful entrepreneur in construction and waste management who was recently named to the Board of Directors earlier this year.
Christina Lake Cannabis, which cultivates cannabis outdoors for extraction as a licensed producer under the Cannabis Act, completed its inaugural grow season earlier in 2020 with total production exceeding original estimates by over 44% with approximately 32,500 kg / 71,650 lb of dried cannabis. In its December 11, 2020 press release, the Company detailed its plans to scale production upward in the following year through strategies to include potentially utilizing a greater portion of its 32-acre site, and potentially adjusting growing timelines to allow for two full crops of plants from select cannabis strains in a single season. By adding Mr. Playford to its Board of Directors, the Company anticipates it can benefit from Mr. Playford’s valuable insights in rapidly driving growth for production-centric enterprises.
Mr. Playford’s career began with Union Carbide Corp. (“Union Carbide”), one of the original “Nifty Fifty” stocks trading on Wall Street. He quickly ascended the ranks to hold multiple senior positions over a 25-year tenure to include Managing Director in Switzerland, Belgium, and Germany, Chairman and Chief Executive Officer for Union Carbide Canada, and Chief Financial Officer for Union Carbide in its New York office. After Union Carbide, Mr. Playford became Chairman and Chief Executive Officer of UCAR Carbon, a carbon and graphite company formed in a joint venture with Mitsubishi Corporation. UCAR Carbon was renamed “GrafTech” and taken public under Mr. Playford’s leadership as Chairman and CEO, with GrafTech presently trading on the New York Stock Exchange. Transitioning to mining, Mr. Playford founded LionOre Mining (“LionOre”), a producer of gold and nickel in Africa and Australia. Under Mr. Playford’s leadership in the Chief Executive Officer and Chairman roles of LionOre, the firm was sold to the Russian mining conglomerate Norilsk Nickel in an all-cash deal valued at CAD $6.8 billion, following a rival offer of CAD $6.2 billion from Xstrata PLC. Mr. Playford holds a Bachelor of Engineering from McGill University, and a Master of Business Administration from York University in Toronto.
“I am looking forward to joining CLC’s Board and becoming the Chairman of the Audit and Finance Committee because the Company has a significant cost competitive advantage as an outdoor cannabis producer with a superior location in British Columbia,” said Gil Playford regarding his recent appointment to the Company’s Board. “Whether producing industrial commodities, precious metals, or cannabis, operational expenses and consistent quality must be competitive to achieve industry-leading margins and sustainable sales growth. CLC’s ability to produce outdoor cannabis with substantially lower operating costs and capital investment than indoor growers could position the Company favourably to establish itself as a powerful player in this industry. I look forward to applying what I have learned from my years in corporate settings in executive management to my new capacities as a member of the Company’s Board and Chair of its Audit and Finance Committee. This is an exciting time as CLC plans for the 2021 growing season and lays out strategic plans for near-term growth.”
About Christina Lake Cannabis Corp.
Christina Lake Cannabis Corp. is a licensed producer of cannabis under the Cannabis Act. It has secured a standard cultivation licence and corresponding processing/sales amendment from Health Canada (March 2020 and August 2020, respectively) as well as a research and development licence (early 2020). CLC’s facility consists of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction. CLC also owns a 99-acre plot of land adjoining its principal 32-acre site, which enables the Company to grow at a much larger scale. CLC cultivates cannabis using strains specifically developed for outdoor cultivation and in its inaugural harvest year produced 32,500 kg (71,650 lb) from its existing facility before developing an adjacent 99-acre expansion property, which will ultimately bring its annual cultivation footprint to over 4.35 million square feet or over 88,000 kg (194,007 lb) of low-cost, high-quality, sun-grown cannabis.
On behalf of Christina Lake Cannabis Corp.:
Joel Dumaresq, CEO and Director
For more information about CLC, please visit: www.christinalakecannabis.com
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements.” The use of any of the words “anticipate,” “continue,” “estimate,” “expect,” “may,” “will,” “would,” “project,” “should,” “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.
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