Sproutly Canada Inc. (SPR:CSE;SRUTF:OTCQB), in a news release, provided a corporate update.
Recent accomplishments include acquisition of the exclusive rights in specific jurisdictions to Infusion Biosciences' APP technology, which allows for the recovery of water-soluble cannabinoids and oils from the plant. Sproutly is currently developing brand and partnership strategies for that technology.
The company completed two successful harvests of "high-quality, small-batch" cannabis, a product for which it is working on a brand strategy, at its state-of-the-art Toronto Herbal Remedies (THR) production facility.
The company noted the "results from the harvest were much better than the company's internal production expectations. The company is hoping to achieve the same production results across all 12 of THR's flowering rooms in its full-scale production; in the event that this is achieved, the total production capacity at THR will increase materially." "This is an important milestone for the company as it looks to ramp up production and shift into sales and extraction as licensing is granted," the release noted.
Sproutly expects to introduce plants into an additional 10 grow rooms in the next few weeks. It noted it is on track to meet its 2019 production targets.
The firm is now licensed to sell cannabis in Canada to other licensed producers and has the appropriate license amendments in place to use the remaining 16,600 square feet of its Toronto facility for growing and cultivating plants. Expansion of Sproutly's license from Health Canada to produce cannabis oil is pending.
"Sproutly continues to make substantial progress towards its goal of becoming a global cannabis beverage and edibles company," the company noted.
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