Sproutly Canada Inc. (SPR:CSE; SRUTF:OTCQB) announced in a news release that its dried cannabis flower production last quarter exceeded design capacity by 49.9% on average.
Total output for Q1 FY20, the period ended June 30, 2019, was 298 kilograms (298 kg) of the berry white strain, an indica-dominant hybrid. In comparison, design is for 199 kilograms, based on 2 pounds per light. Since April, Sproutly increased its harvest weight month over month.
"This increase in dry flower yield is evidence of the quality of our facility and the team at our Toronto Herbal Remedies cultivation facility and will allow the company to produce additional flower and trim in excess of our original projections," CEO Keith Dolo said in the release.
Sproutly began cultivating another sativa strain recently in Q2 FY20. By producing more than one strain, the grower can offer a greater variety of cannabis flowers and derivative products.
In other news, the cannabis firm completed all but one requirement for a cannabis sales license. The final step is passing a facility inspection by Health Canada, which it advised Sproutly will be scheduled in the near future.
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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Sproutly Canada. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Sproutly Canada. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Sproutly Canada, a company mentioned in this article.
