New Age Farm Inc (C:NF)
Shares Issued 77,877,259
Last Close 11/7/2016 $0.10
Tuesday November 8 2016 – News Release
Mr. Carman Parente reports
NEW AGE FARM TO ENTER REVENUE PHASE WITH FIRST TENANT-GROWER MARIJUANA HARVEST UNDERWAY
One of New Age Farm Inc.’s licensed tenant growers is preparing to harvest the first full crop to be grown at its Washington state green campuses. All New Age Farm’s tenant growers hold Tier 2 or 3 producer and/or processor licences issued by the Washington State Liquor and Cannabis Board. Each Tier 3 licensee can grow up to 30,000 square feet of plant canopy and each Tier 2 licensee can grow up to 10,000 square feet of plant canopy. The current tenant harvesting is a Tier 2, production-only licensee. Crops have the potential to be harvested every 90 days and upon completion of the build outs currently under way, the company’s tenant-growers will have the capacity to harvest up to 40,000 square feet of plants every 90 days.
Carman Parente, president and chief executive officer of New Age Farm, commented: “This is a truly significant milestone for us; this first harvest will generate revenues that will help us move our strategic plan forward. The new facilities will allow us to increase planting, get more tenant-grower operations up and running and generate income that will increase shareholder value. These are exciting times for the company and our stakeholders.”
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