EnerDynamic Submits Application for Micro-Grow License to Grow Cannabis at Niagara Falls Facility
NIAGARA FALLS, ON / ACCESSWIRE / August 17, 2020 / EnerDynamic Hybrid Technologies Corp. (TSXV:EHT) (“EHT”) is pleased to announce the application for the license from Health Canada of EHT’s new Micro-Grow Cannabis facility at their Niagara Falls location has been submitted, as previously announced on September 24, 2019 and December 23, 2019.
The facility will serve two purposes: (1) to showcase EHT’s technology for building Micro-Grow units for customers to come and view the merits and characteristics thereof; and (2) to allow EHT to grow up to 600Kg of medical grade cannabis for sale to customers.
EHT anticipates the licence will take from between 90 to 120 days to receive. Revenues from the facility are anticipated to commence in the first quarter of 2021. According to the Canada Cannabis Spot Index (CCSI), the current average selling price of medical grade cannabis in the last week was $6.28/g ($6,280/kg). Based on EHT’s costing models, average production costs are forecast to be approximately $0.50 cents per gram, which is significantly lower than the industry average cost of $1.58 per gram. EHT expects to have lower average costs than the current industry average cost due to EHT’s superior ENERTEC Grow Room technology that maintains consistent temperature and humidity, and EHT’s ENERTEC Solar Panels and Alpha Outback Energy Off Grid technology.
EHT’s CEO, John Gamble, commented, “This has taken a few months longer than anticipated due to the COVID 19 shutdown but we are moving ahead and it is a very important step for our company; we are excited to be able to demonstrate the efficacy of our technology, including EHT’s patented systems in the grow unit. EHT’s systems, by creating a climate-controlled environment and having a low cost base given the walls and solar of the grow unit, significantly benefit cultivators and micro growers alike. EHT’s benefits by adding an additional vertical from which it can derive revenue.
About EnerDynamic Hybrid Technologies
EHT delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. EHT’s expertise includes the development of its ENERTEC module structures with full integration of smart energy solutions. Using a proprietary skin and foam core that is stronger than traditional wood or steel structural insulated panels, EHT provides exceptional thermal energy efficiency in modular homes, cold storage facilities, residential/commercial out buildings and emergency/temporary shelters. EHT works with its partners worldwide to erect the buildings on-site utilizing EHT staff and local crews. In addition to traditional support to established electrical networks, ENERTEC buildings excel where no electrical grid exists.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The statements herein that are not historical facts are forward‐looking statements. Forward-looking information relating to sales of the products (the “Opportunities”) involves risk, uncertainties and other factors that could cause actual events, results, performance, prospects, for the Opportunities to differ materially from those expressed or implied by such forward-looking information. Although EHT believes that the assumptions used in preparing the forward-looking information on the Opportunities outlined in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. EHT disclaims any intention or obligation to update or revise any forward-looking information, whether a result of new information, future events or otherwise, other than as required by applicable securities laws.
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