Pyxus Announces Expansion Update on its Indirect Subsidiary Figr’s Prince Edward Island Facility
MORRISVILLE, N.C., Nov. 7, 2019 /PRNewswire/ -- Pyxus International, Inc. (NYSE: PYX), a global value-added agricultural company, is pleased to announce its wholly-owned indirect subsidiary, Figr, has received approval on a license amendment from Health Canada for its facility in Charlottetown, Prince Edward Island. The amendment, which was approved on November 6, permits the facility to operate an additional 210,000 square feet, with approximately 46,000 square feet for processing and other activities and 164,000 square feet for growing. Figr’s current total licensed square footage in Prince Edward Island is approximately 234,000 square feet.
“The amendment marks the official completion of phase one of the facility’s expansion, increasing its run rate up to approximately 28,000 kilograms per year,” said Pyxus President, CEO and Chairman Pieter Sikkel. “The added capacity supports the execution of Figr’s strategy to increase its presence across Canada as it continues to provide high-quality legal cannabis products to consumers.”
As a result of the additional square footage coming online, Figr will be able to expand production of its pre-existing product lines -- pre-rolls, flowers, and oils -- as well as launch innovative, new, products to meet consumer demand.
The second and final phase of the expansion is also nearing completion, and upon receiving a separate license amendment from Health Canada, the facility’s run rate is anticipated to increase to up to approximately 43,000 kilograms annually and its footprint will total 332,000 square feet, including 10,000 square feet of processing/other space and 88,000 square feet of growing space.
About Pyxus International Inc.
Pyxus International Inc. (NYSE:PYX) is a global agricultural company with 145 years’ experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people’s lives, so that together we can grow a better world—Pyxus International, its subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients. For more information, visit www.pyxus.com.
Figr is a vertically integrated legal cannabis company headquartered in Toronto, Ontario, that operates under one sole purpose: to put character into everything it does. Figr cannabis is sourced from the company’s two licensed subsidiaries located in Charlottetown, Prince Edward Island, and Simcoe, Ontario. Figr is a wholly owned indirect subsidiary of Pyxus International, Inc. (NYSE: PYX). For more information, visit www.figr.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about future operating results, plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results may differ materially from those currently anticipated expected or projected. The following factors, among others, could cause actual results to differ from those expressed or implied by the forward-looking statements: changes in laws and regulations or the interpretation of laws and regulations, continued compliance with applicable regulatory requirements, uncertainties with respect to achieving anticipated run rates in expanded facilities, uncertainties with respect to the timing and extent of geographic marketing expansion, and uncertainties regarding the timing of completion of, and licensing of, further facilities expansions. Additional factors that could cause results to differ materially from those expressed or implied by forward-looking statements can be found in Pyxus’s most recent Annual Report on Form 10-K for the period ended March 31, 2018 and its other filings with the Securities and Exchange Commission (the “SEC”) which are available at the SEC’s Internet site ( http://www.sec.gov ).
SOURCE Pyxus International, Inc.