Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Monday 16 September, 2019

Winchester MD Ltd

CEO update for Spanish cultivation

RNS Number : 3607M
Winchester MD Limited
16 September 2019
 

 

Winchester MD: CEO update for Spanish cultivation

 

LONDON, UK 16 September 2019 - WINCHESTER MD LIMITED ("Winchester" or the "Company") is pleased to provide an update on its hemp cultivation operation in Spain.

 

The Company, with its JV partner has planted 230,000 hemp plants in June at its 20 Hectare cultivation facility using high quality EU certified seeds. Since this time Winchester has successfully:

 

-     Recruited and trained a 50 strong local workforce

-     Implemented a bespoke irrigation system to support the cultivation

-     Constructed and commissioned a dedicated 7000 sq ft drying facility with capacity to process 100,000KG of dried biomass within three weeks and which is adaptable to serve as an indoor grow facility in future.

 

The Company expects to harvest approximately 100,000 KG's of dried biomass ("Crop") in October 2019 and will monetize the Crop through various sales channels including the sale of bulk biomass, extraction and sale of distillate and isolate through wholesale and retail channels, and as an ingredient to the Company's three brands, The Goods, Eql and CDDrive, expected to launch in Q4 2019. The gross margin for each of these revenue channels vary greatly with the sale of bulk biomass representing the lowest gross margin and the use of distillate and isolate in Company owned brands representing the largest gross margin.

 

Faz Moshfeghi, CEO of Winchester MD commented: "Against considerable odds the Winchester cultivation team led by Simone Cerri have overcome all obstacles to produce a healthy and thriving crop and beaten all expectations to complete the dry facility in readiness for the imminent harvest of our first crop, that will be later used as our first indoor cultivation centre. This project has been acknowledged by local authorities to be the largest single successful hemp cultivation in the Cadiz region and firmly places Winchester amongst the top cultivators in Spain. We are excited to begin the next Chapter of our story as we begin discussions with extraction parties in Poland, Italy and Spain to produce crude  oil, isolate and THC free distillate."

 

 

For more information, contact:

Faz Moshfeghi

CEO

[email protected]

 

About Winchester MD Limited

Winchester MD is a vertically integrated European cannabis company based out of London, UK. The Company was founded in 2018 with an initial focus on CBD Wellness through a revenue producing online retail superstore platform HempElf www.hempelf.com. The Company offers a variety of CBD branded products through its on line superstore and continues to develop and market new products in the CBD Wellness category. In 2019 the Company has expanded into other verticals in the cannabis sector with the vision of becoming a global cannabis leader with cultivation, extraction, CBD wellness and research and development. 

 

This release has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. Therefore this release has not been subject to the procedures and controls which would apply if they were made or approved as a financial promotion by an authorised person. This release is not intended to be a financial promotion or offer to the public and the Company is not making an invitation to invest into the share capital of the Company.

 

Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

 

The Regulation Services Provider accepts no responsibility for the adequacy or accuracy of this release.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
NRASFLFFIFUSEFU

a d v e r t i s e m e n t