New Age Farm Inc (C:NF)
Shares Issued 77,877,259
Last Close 11/22/2016 $0.27
Wednesday November 23 2016 – News Release
Mr. Carman Parente reports
NEW AGE FARM COMPLETES ITS SECOND WASHINGTON STATE CANNABIS FACILITY WITH PRODUCTION SET TO BEGIN NEXT WEEK
New Age Farm Inc. has completed its 5,600-square-foot state-of-the-art greenhouse cannabis production facility at its green campus in Oroville, Wash., which is capable of growing, trimming, curing and storing product. New Age Farm’s on-site master growers (the “Master Growers”) advise that production at the newly completed facility is expected to begin November 30, 2016 for New Age Farm’s I-502 Tier 3 licensed tenant-grower. The Tier 3 license allows the tenant-grower to produce and process marijuana, producing up to 30,000 square feet of plant canopy in the facility compound. The Master Growers estimate that the initial harvest date will be approximately 90 days from the start of seed planting.
New Age Farm’s Master Growers have over 52 years’ combined experience in the cannabis industry, with a proven track record for quality and consistency in the production of cannabis under commercial growing conditions. The Master Growers are expert in the specific needs for light, nutrition and feeding of cannabis plants, and understand and establish the ideal growing conditions, methods and media to produce a successful crop. As a result of the Master Growers’ carefully designed planting and harvesting rotation program, tenant-growers can expect to harvest a continuous crop every 30 days after the initial 90 day planting.
New Age Farm’s newly completed expansion, when at full capacity, will allow the facility to significantly increase the tenant-growers’ cannabis production capabilities, and, is designed to increase total production capacity to approximately 1,600 pounds of flower per month. At current estimated average sale prices of marijuana in Washington of US$1,250 per pound, this volume of production would support approximately $24 million in flower sales per year.
In addition, the New Age Farm Master Growers are part of a well-established retail network that includes over 50 outlets and, as part of their commitment to the success of our tenant-growers, intend to facilitate introductions between New Age Farm’s tenant-growers and their retail network.
Mr. Carman Parente, President and CEO of New Age Farm, commented, “We are extremely pleased that our Master Growers and operations crew continue to meet and exceed expectations helping us achieve this truly significant milestone at our Washington State Green Campus facility that our growing company needs to attain our strategic goals. Our assembled team of experts truly do provide complete seed to sale advisory and performance services for our Green Campus tenant-growers.”