New Age Farm Inc (OTCMKTS:NWGFF) lost 18.21% and is trading at $0.183. Other stocks that lost are Aphria Inc Com (OTCMKTS:APHQF) that lost 6.31% and is currently trading at $3.84. Aurora Cannabis In Com (OTCMKTS:ACBFF) lost 3.67% to trade at $2.03. New Age Farm Inc. has once again reaffirmed it growth prospects in the lucrative cannabis industry with the completion of yet another state of the art cannabis greenhouse in Washington. The new 5,600 square foot greenhouse at the Washington Green Campus in Oroville will be used for growing, trimming, curing and storing the product.
A wave of positive news in the recent past has helped push New Farm stock up the charts in the market. The stock is currently trading at highs of $0.18 a share as it eyes its 52-week high of $0.27 a share. However, the stock came under immense pressure on Friday trading session having lost 18.21% in market value.
The opening of the new facility will bring to two, the properties that the company currently owns in Washington further affirming its growth prospects in the fast-growing industry. The company’s on-site grower, ‘Master Growers’ has already moved into the site and should begin production as of the end of the month.
Initial harvest, once seed planting is complete, is expected after 90 days. The tenant grower has already designed a harvesting program whereby the plant will be harvested every 30 days after the 90 days. While operating at full capacity, New Age Farm expects the new state of the art greenhouse, to significantly increase the tenant grower’s production capabilities.
New Age Farm Master Growers should be able to produce 1,600 pounds of flower per month ones harvesting begins. Given that Marijuana in Washington goes for $1,250 a pound, the company should be able to generate revenues of up to $24 million
The opening of the new facility comes just days after the company raised a total of $722,250 through a non-brokered private placement. With the placement, New Age Farm Inc. (OTCMKTS:NWGFF) is to issue 8,497,058 units with each one of them consisting of one common share valued at $0.085 a share.
Part of the proceeds from the offering is to be used as working capital with some being used to complete the Oroville Green Campus.
“I am extremely pleased that our shareholders are committed to the ongoing success of our company and allowing us the opportunity to continue executing and expanding our business model, “said President and CEO, Carman Parente.