MORRISVILLE, N.C., May 21, 2018 /PRNewswire/ --
Alliance One International, Inc. (NYSE: AOI) today announced that
its Canadian Prince Edward
Island-based indirect subsidiary, Canada's Island Garden,
will undergo a significant expansion to support the growth of its
Canadian cannabis line. This state-of-the-art expansion will
increase Canada's Island Garden's
production capacity of medicinal cannabis, and recreational
cannabis as and when sales for the recreational adult market are
legalized.
Phase 1 of the expansion, which includes a 166,000-square-foot
greenhouse and 54,000-square-foot warehouse, is a $27 million (CAD$35M) investment. The warehouse is being
constructed to also accommodate Phase 2 of the expansion, which
would add an additional 90,000 square feet of greenhouse space.
Phase 1 will increase the facility's annual production capacity
from 1,200 kilograms to 18,000 kilograms and is expected to be
complete in spring 2019. Assuming completion of Phase 2,
Canada's Island Garden would have
a total annual production capacity in excess of 35,000
kilograms.
Both the Phase 1 and Phase 2 expansions are designed to feature
the latest technological advancements in horticulture and cannabis
production to allow for the production of a premium-quality and
sustainable product for consumers in Canada, optimized to create comprehensive
transparency and traceability, from plant to final product, while
also including security protections to maintain proper control of
the facility.
Canada's Island Garden also
unveiled a new FIGR brand, which reflects the scientific rigor and
decades of agronomic excellence for which it is known. Since the
acquisition of 75% of Canada's
Island Garden by Canadian Cultivated Products, a wholly owned
indirect subsidiary of Alliance One, the Canadian companies have
been working on a new naming and branding concept. Canadian
Cultivated Products will be rebranded to FIGR Cannabis,
Canada's Island Garden to FIGR
East and Goldleaf Pharm, a sister company in Simcoe, Ontario, to FIGR Norfolk.
FIGR products are intended become available to the public in
Canada as soon as sales in the
recreational adult market are legalized. Sales to medical patients
in Canada will remain under the
current branding of Canada's
Island Garden.
About Alliance One International, Inc.
Alliance One
International is an agricultural company that delivers value-added
products and services to businesses and customers, and is a trusted
provider of responsibly sourced, independently verified,
sustainable and traceable products and ingredients.
About Canada's Island
Garden
Based in Charlottetown, Prince Edward Island, Canada's Island Garden
is Prince Edward Island's only
federally licensed producer of cannabis. In January 2018, Canada's Island Garden announced a supply
agreement with the Province of Prince
Edward Island to provide a safe, high-quality supply of
cannabis to Islanders. For more information, visit
www.canadasislandgarden.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These statements are based on current expectations of
future events. Such statements include, but are not limited to,
statements about future plans, objectives, expectations and
intentions and other statements that are not historical facts. Such
statements are based on the current beliefs and expectations of
management and are subject to significant risks and
uncertainties. If underlying assumptions prove inaccurate or
known or unknown risks or uncertainties materialize, actual results
may differ materially from those currently anticipated expected or
projected. The following factors, among others, could cause actual
results to differ from those expressed or implied by the
forward-looking statements: the impact of regulation and litigation
and risks and uncertainties associated with the expansion of the
FIGR brand, including the risk of obtaining anticipated regulatory
approvals in Canada, as well as
the anticipation of enactment of Canadian legislation legalizing
the production and sale of cannabis for adult recreational use,
delays in the completion of the construction of the facilities,
including due to unforeseen conditions, such as adverse weather,
and unanticipated variations in design during the construction of
facilities that may affect ultimate annual production capacity.
Additional factors that could cause Alliance One's results to
differ materially from those expressed or implied by these
forward-looking statements can be found in Alliance One's most
recent Annual Report on Form 10-K and its Quarterly Report on Form
10-Q for the period ended December 31,
2017 and the other Alliance One filings with the Securities
and Exchange Commission (the "SEC") which are available at the
SEC's Internet site (http://www.sec.gov).
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SOURCE Alliance One International, Inc.