Lowell Farms, Inc. (OTC:LYFF) (CSE: LOW) is a Trusted Cannabis Grower since its establishment in 2001. We strive to provide the highest quality cannabis products for customers. To achieve this, we grow organically, craft our own products, and do not compromise our integrity in any way. Our vision is to build a truly sustainable future through innovative and responsible cultivation and processing of cannabis.
Lowell Farms is an innovative company that is bringing the next generation of cannabis production to New York State. They are setting out to build the first industrial scale cannabis processing facility in New York State that can produce a range of cannabis products.
- A facility capable of processing 250,000 pounds of cannabis flowers per year for wholesale.
- Launched Lowell Farms Services, a new business unit that provides services to California farmers and processes intermediate products.
- Introduce additional variety and increase sales of our consumer brands
SALINAS, CA, June 29, 2021 (GLOBE NEWSWIRE) – Lowell Farms Inc. (Lowell Farms or the Company) (CSE:LOWL; OTCQX:LOWLF) announced the purchase of real estate and related assets and the start-up of a unique cannabis curing and processing facility in Monterey County, located near Lowell’s primary cannabis cultivation facility. The 40,000 square foot processing facility will dry, trim, sort and package up to 250,000 pounds of cannabis flowers per year. Located in the heart of the Salinas Valley, with several million square feet of plantations just a few miles away.
The new facility will process virtually all cannabis grown locally in Lowell in our existing cultivation facilities. In addition, Lowell is launching a new division called Lowell Farms Services (LFS), which will provide fee-based processing services to regional growers in the Salinas Valley, one of the largest and fastest growing cannabis regions in the country.
We order LFS to meet an urgent market need for which we see no other solution. Our goal is to serve California’s large and growing cannabis industry, not compete with it. Large-scale processing and automation are the missing elements that will enable California cannabis to dominate this exciting new field.
Lowell Farms President George Allen
Initially, the facility will consist of eight isolated drying cells with controlled environmental conditions, each capable of holding ~30,000 pounds of wet cannabis plant material per month. In the cutting area, a combination of machines and manual cutting, with a total of 70 flexible cutting stations, will produce up to 800 pounds of flowers per day. In addition, the future facility will house one of the first fully automated pre-roll production lines in the country, which will drive innovation in Lowell’s product line and offer an unparalleled level of choice to the industry’s most demanding customers.
The property and related assets were acquired from C Quadrant LLC for consideration consisting of $9.0 million in cash and 7,997,520 subordinate voting shares of the Company. As part of the transaction, Lowell entered into an agreement with affiliates of Viridescent Realty Trust, Inc. to finance the cash portion of the acquisition with a five-year fixed-rate term loan secured by the acquired assets.
George Allen, president of Lowell Farms, will make a presentation to conference attendees at VirtualInvestorConferences.com on Tuesday, June 29 at 4:30 p.m. EST. To register, go to https://bit.ly/34Tj6je.
ABOUT LOWELL FARMS INC.
Lowell Farms Inc. (CSE:LOWL; OTCQX:LOWLF) is a vertically integrated cannabis company based in California with state-of-the-art manufacturing facilities that support all stages of the supply chain, including cultivation, extraction, production, branded sales, marketing and distribution. Founded in 2014 as an indus holding, Lowell Farms grows artisanal cannabis with a deep love and respect for the plant. The company prides itself on using sustainable materials – from seed to sale – to produce an extensive portfolio of award-winning original and licensed brands, including Lowell Herb Co, Cypress Cannabis, MOON, and Kaizen Extracts, for licensed retail outlets across the state.
Original press release
For factual information about Lowell Farms, check out the company-sponsored investor dashboard.
Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013.
New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.