Pyxus' Indirect Subsidiary Figr Enters Ontario Cannabis Market
MORRISVILLE, N.C., Dec. 5, 2019 /PRNewswire/ -- Pyxus International, Inc. (NYSE: PYX), a global value-added agricultural company, is pleased to announce its wholly-owned indirect subsidiary Figr Brands, Inc. has entered Ontario, Canada's legal cannabis market. Figr's cannabis products are now available for sale online through the province's Ontario Cannabis Store (OCS), as well as at various retail locations.
"The entrance into Ontario marks yet another significant milestone for Figr as it continues to expand its footprint across Canada," said Pyxus President, CEO and Chairman Pieter Sikkel. "Ontario is the most populated province in Canada with more than 14 million residents, all of whom now have the opportunity to purchase Figr's high-quality, fully traceable cannabis products."
Figr's entrance into Ontario follows the November approval by Health Canada of the company's license amendment for its Charlottetown, Prince Edward Island, facility. The amendment permitted the facility to operate in an additional 210,000 square feet, resulting in an expected run rate of up to approximately 28,000 kilograms of product per year. Upon completion and licensing of the full Prince Edward Island expansion project, Figr expects the facility's production capacity to be up to approximately 43,000 kilograms annually.
"The additional capacity available at Figr's Prince Edward Island facility was a key factor in its ability to expand into Ontario," Sikkel added. "Figr has built and maintains strong relationships with retailers by ensuring a consistent supply of high-quality product, and they look forward to continuing to build those relationships as they expand across the country."
With the addition of Ontario, Figr's products are now available in four Canadian provinces: Nova Scotia, Prince Edward Island, New Brunswick and Ontario.
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.
About Figr
Figr Brands, Inc. 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, 2019 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.
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