Lowell Farms Celebrates Its Highest Ever Quarterly Harvest Yields With the Release of Preliminary Harvest Report
Cultivation operations exceed expectations following completion of electrical, mechanical, and environmental upgrades
SALINAS, Calif., July 07, 2021 (GLOBE NEWSWIRE) -- Lowell Farms Inc. (CSE:LOWL; OTCQX:LOWLF), a vertically-integrated cannabis company with advanced production capabilities supporting every step of the supply chain, including cultivation, extraction, manufacturing, brand sales, marketing, and distribution, celebrated record harvest yields in the second quarter upon the release of its preliminary June harvest report.
The preliminary report, which you can find on the Investor Relations section of our website, estimates over 9,700 pounds of dry cannabis flower was harvested during the second quarter, an increase of more than 105 percent from Q1 2021. June alone netted 3,673 pounds of dry cannabis across three cultivation greenhouses, an increase of more than 18 percent from May. The second quarter saw 40 full turns, compared to 36 in the first quarter, and the average pounds-per-turn surged more than 80 percent quarter-over-quarter. The preliminary report includes estimates for several harvests that are still in the drying and curing phases, thus finished weights for those harvests have been estimated.
The performance can be attributed to upgrades made throughout Lowell Farms’ facilities, including those to the electrical, mechanical, and environmental systems, as well as a “clone dome” for the nursery that was brought online in Q1 2021, which allowed the cultivation team to propagate clones to scale with consistent quality and potencies. Additionally, the company employed an Argus Specialist to oversee the process of implementing the control system within its operation.
The portfolio of strains coming from the newly-improved cultivation facilities have consistently tested in the mid-to-high 20s for THC potency.
“With the upgrades and key additions we’ve made to our operation, we look forward to many more quarters of equal or greater success,” says Lowell Farms Inc. Co-Founder and Chief Executive Officer Mark Ainsworth. “This successful harvest is further proof that we have put the right team in place to oversee and manage our cultivation efforts, and our achievements at this level will be evident to both our retail partners and the customers that have made Lowell Farms’ brands top sellers in California.”
Moving forward, the company projects two to three new strains to come online every quarter, as new cultivars ensure an ever-evolving and diverse selection of products for consumers. Lowell Farms Inc. will expand its presence in Q3 2021 and beyond, as the company recently commissioned a first-of-its-kind cannabis processing facility in the Salinas Valley.
The 40,000-square-foot facility is capable of processing up to 800 pounds of cannabis flower daily. The new business unit called Lowell Farm Services (“LFS”) will also house one of the country’s first end-to-end, fully-automated pre-roll manufacturing lines.
ABOUT LOWELL FARMS INC.
Lowell Farms Inc. (CSE:LOWL; OTCQX:LOWLF) (the “Company”) is a California-based vertically-integrated cannabis company with advanced production capabilities supporting every step of the supply chain, including cultivation, extraction, manufacturing, brand sales, marketing, and distribution. Founded in 2014 as Indus Holdings, Inc, Lowell Farms grows artisan craft cannabis with a deep love and respect for the plant, and prides itself on using sustainable materials – from seed to sale – to produce an extensive portfolio of award-winning original and licensed brands, including Lowell Herb Co, Cypress Cannabis, MOON, and Kaizen Extracts, for licensed retailers statewide.
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