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Sunday, May 29, 2022

Eve & Co Inc (TSXV: EVE) (OTCMKTS: EEVVF) Holds a Lot of Cards

Eve & Co Inc (TSXV: EVE) (OTCMKTS: EEVVF) has been on the rise in recent weeks as pot stocks heat up across the board overcoming the slump that started in October when recreational cannabis was legalized in Canada.

Eve & Co Inc has been putting out some huge announcements in recent weeks including the release of its initial product line, new supply agreements with the Ontario Cannabis Retail Corporation and the Newfoundland and Labrador Liquor Corporation, authorization from Health Canada to use its recently constructed 100,000 sq. ft. second flowering room as a grow area as well as Major Expansion at Eve & Co’s proposed 780,000 square foot greenhouse expansion.

Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licenses under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s first female founded licensed producer of medicinal marijuana and received its cultivation license from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licenced 220,000 sq. ft. scalable greenhouse production facility located in Middlesex County, Ontario with 32 acres of adjacent land for future expansion. Eve & Co has commenced construction of an additional 780,000 sq. ft. proposed expansion, bringing Eve & Co’s total anticipated greenhouse capacity to 1,000,000 sq. ft.

Earlier this year Eve & Co completed private placements for combined aggregate gross proceeds of approximately $20.8 million. The Company also recently received an amended license from Health Canada under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR”) for the production of bottled cannabis oil. The amended licence authorizes the production of bottled cannabis oil. Shipping would commence after Health Canada provides authorization to sell cannabis oil.

On December 31 Eve & Co announced it has completed its first shipment of dried cannabis product. “Since receiving the amendment to our license to include additional sales on December 10th, 2018, we have initiated our first sales transactions and have completed delivery of approximately 162,000 grams of product. We will continue to focus on harvesting weekly, B2B sales of current and new inventory as well as fulfillment of our provincial and export agreements,” said Melinda Rombouts, President and Chief Executive Officer of Eve.

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In December Eve & Co released its initial product line which now available for purchase on the Cannabis NL website, which is operated by a division of the Newfoundland Labrador Liquor Corporation responsible for cannabis distribution across Newfoundland and Labrador.  The Company believes it is uniquely positioned among its peers to offer a selection of clones given its management’s prior experience in the non-cannabis greenhouse industry and related production and sale of high-quality plants. Drawing on this experience, the Company will be using a unique solution for clone shipping and packaging to ensure its offerings are competitive.

Recent highlights include:

Additional Provincial Supply Arrangements – The Company entered into supply agreements with the Ontario Cannabis Retail Corporation and the Newfoundland and Labrador Liquor Corporation with respect to the supply of adult-use cannabis.

Licensing Approvals – The Company received authorization from Health Canada to use its recently constructed 100,000 sq. ft. second flowering room as a grow area, and a packaging room as an operations area. The Company also received an amendment to its license under the Cannabis Act to commence sales of additional types of cannabis products, including fresh and dried cannabis, to provincially authorized retailers and distributors.

Eve & Co’s proposed 780,000 square foot greenhouse expansion continues to progress with the construction of the initial structure and foundation including stump post installation being completed. The building of the main structure can now continue through the winter months, weather permitting. The municipal drain was completed as required by the municipality and provides proper drainage capable of handling excessive levels of rainfall.  Construction is currently focused on irrigation infrastructure and the enclosure which is to house the large-scale boiler system.  The buildout will continue throughout the winter months, depending on weather conditions with the roof structure expected to be added early spring.  Completion of the expansion remains subject to the Company securing sufficient funding.

Eve & Co CEO Melinda Rombouts stated:

“We are very pleased with our progress in Q4 of 2018. We continue to harvest on a weekly basis, increase efficiencies and also received multiple approvals from Health Canada.  These have allowed us to more than double our production potential, add automated packaging capabilities and expand into additional sales markets.  Eve is well-positioned to develop sales in multiple markets including B2B, provincial and global medical cannabis markets and become a leader in large scale, efficient and economic production of cannabis in Canada. We continue to focus on our expansion, increasing efficiencies at our 220,000 sq. ft. facility and the development of partnerships in our female-focused brand, Eve.”

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Currently trading at a $57 million market valuation Eve & Co has $4.7 million in the treasury and has very little debt. Eve & Co is a really exciting Company; they are led by a team of agricultural experts including CEO Melinda Rombouts and they have a 220,000 sq. ft. scalable greenhouse production facility located in Middlesex County, Ontario with 32 acres of adjacent land for future expansion. Eve & Co recently broke ground on an additional 780,000 sq. ft. expansion, bringing Eve’s total anticipated greenhouse capacity to 1,000,000 sq. ft. While Eve & Co is quickly scaling up to become a major producer, the stock just went public in Canada on July 4 and is relatively unknown as of it. We will be updating on Eve & Co when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Eve & Co.

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Disclosure: we hold no position in Eve & Co either long or short and we have not been compensated for this article.

 

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