Christina Lake Cannabis is nearing the end of its third outdoor growing season; Provides culture… | New

VANCOUVER, British Columbia, Aug. 19, 2022 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) is pleased to announce that the Company is on track to successfully complete its third growing season with an expected healthy harvest of tetrahydrocannabinol (“THC”) rich cannabis plants. CLC’s proven ability to grow cannabis efficiently outdoors in its first two growing seasons has optimized its yields for profitable production to develop premium distilled oil with greater commercial value. One of the company’s main goals heading into the 2022 growing season was to increase the amount of tetrahydrocannabinol-rich oil extracted from dried biomass, which is largely dependent on the genetic makeup of a given strain. . SIC’s master growers believe that, based on the state of the 2022 crop, this target should be met.

CLC’s new President and CEO, Mark Aiken, said, “As a growing licensed outdoor producer in Canada, we recognize that maintaining this market position is highly dependent on our ability to innovate and to be a leader in the development of new methods to efficiently cultivate and extract cannabis on a large scale. Between the results-driven workflows, the geography in which our property is located, the brilliant genetic engineering of our Master Growers and the state-of-the-art equipment, I believe we are well on the way to realizing our vision of cultivation techniques. and optimized extraction. of THC-rich oil from our plants on a consistent basis.

2022 Culture Recap

• CLC began the process of transferring 25,000 plants from its on-site greenhouse to its 22-acre outdoor growing facility during the last week of May 2022.
• The spring season in the Christina Lake area of ​​British Columbia brought cooler than average temperatures, but quickly evolved into a consistently hot and dry summer, ideal for growing cannabis in an outdoor environment.
• In total, CLC is on track to cultivate a total of 41 exclusive and experimental cannabis strains.
  • Growing season results will be finalized around the fourth quarter of 2022, at which time the Company’s master growers will determine the allocation of these strains in future growing seasons, subject to prevailing and emerging market trends in the growing season. cannabis industry.
• The choice of genetics this year was based on data and learning from the two previous CLC crops.
• 24,000 25-gallon (95-liter) jars were used to contain the company’s top three (3) proven proprietary cannabis strains that have already seen successful commercial growth, as well as 38 experimental strains from its genetic library that are still in production. under observation to identify genetic formulations with benefits to include durability for outdoor growth and increased THC potency.
• CLC’s advanced drone technology has enabled the company’s master growers to monitor plant growth daily and quickly adapt to any growing challenges that may have required additional attention.
• SIC’s master growers used various cultivation techniques (i.e. adjusted feeding schedules) during the region’s temperature variations to ensure the plants remained healthy and continued to thrive. throughout the season.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5b8a81a7-cc22-4a77-b97e-67e4f65a3187

Next steps for the 2022 harvest season

• SIC plans to start its third harvest season in the first week of September 2022.
• The Company employed 40 additional experienced employees to execute and complete this phase.
• CLC’s master growers expect the harvest season to last around 6-7 weeks.

Final remarks

CLC Master Grower Nicco Dehaan commented, “Growing cannabis always has its challenges every year from which you learn and adapt. That said, the team and I are extremely pleased with the progress of our 2022 harvest. A common misconception is that our business is strictly driven by quantitative factors such as biomass volume. While it’s important to maximize the amount you can farm from each square meter of land, if your goal is to extract oil, there are other crucial considerations that will dictate how much you can extract and the concentration of oil. Associated THC. We are confident, based on our analysis and preliminary results from recently introduced strains, that we will achieve improved yields based on more milligrams of THC in the biomass. Now it’s time for us to execute the next phase.

Convertible Debenture Update

The Company also announces that following the March 15, 2022 press release, it has amended the terms of 12.4 additional convertible debentures issued on August 20, 2020 in the principal amount of $62,000 (the “Convertible Debentures”) .

The convertible debentures were to mature twenty-four (24) months from the date of issue (August 20, 2022) and bear interest at the rate of 12% per annum. Under the amended terms, the convertible debentures will mature forty-two (42) months from the date of issuance (February 20, 2024) and the holder of the debenture will have the option to convert the unpaid and accrued interest into shares of conversion at a price of $0.20 and, regardless of the conversion date, such holder will receive interest payable on the conversion shares equal to the amount of unpaid interest for the period from the date of issue (or the date of the last interest payment, if later) up to and including the maturity date, on a non-prorated basis. All other terms of the convertible debentures remain unchanged.

The modification of the convertible debenture will allow the Company to preserve its capital for operating activities.

About Christina Lake Cannabis Corp.

Christina Lake Cannabis is a licensed cannabis producer under the Cannabis Act. It has obtained a standard cultivation license and a corresponding processing modification from Health Canada (March 2020 and August 2020, respectively) as well as a research and development license (early 2020). The Christina Lake Cannabis 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 dedicated cultivation facility. processing and extraction. Christina Lake Cannabis also has 99 acres of land adjoining its main site. CLC focuses its production on creating high quality extracts and distillates for its B2B clientele with proprietary strains specifically developed for outdoor cultivation to improve the quality of the extraction.

On behalf of Christina Lake Cannabis Corp. :

“Mark Aiken”

Mark Aiken, CEO1

For more information about CLC, please visit: www.christinalakecannabis.com

Jamie Frawley

Investor Relations and Media Inquiries

jamie@clcannabis.com

416-268-9432

THE CANADIAN SECURITIES EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR SUITABILITY OF THIS RELEASE, NOR HAS NOR THE CSE’S REGULATORY SERVICE PROVIDER.

Forward-Looking Information: This press release contains certain statements that may be considered “forward-looking statements”. 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 forward-looking statements are based are reasonable, undue reliance should not be placed on forward-looking statements as the Company cannot guarantee that they will prove to be accurate. Because forward-looking statements address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. These statements speak only as of the date of this press 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 viewed under the Company’s profile on http://www.sedar.com.

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1 Mr. Aiken is the interim Chief Executive Officer of the Company and his appointment remains subject to the approval of Health Canada in accordance with the Cannabis law.

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