CubicFarm Systems Corp. Announces FreshHub Validation Project Update

CubicFarm® Systems Corp. ("CubicFarms" or the "Company") (TSX: CUB), a leading agricultural technology company, announces the preliminary results from Phase II of its project to validate its larger FreshHub configuration. CubicFarms' FreshHub System are a configuration of 96 modules occupying one acre with the potential to replace 100 acres of outdoor growing space.

FreshHub Validation Project
CubicFarms has completed Phase II of its project for the commercial validation of its larger FreshHub configuration using CubicFarm Systems' patented technology. CubicFarms recently completed its first successful harvest from the FreshHub configuration prototype project with two machines at its research and development facility in Langley, BC.

Prior to conducting Phase II testing, CubicFarms was targeting a viable cultivation output weight of 32 kg per machine per day of lettuce, with a target of this output level achieving a 20% return on invested capital in order to validate commercial earnings by the end of Phase III. The recently completed harvest achieved a maximum weight of 40 kg per machine, per day equivalent for a specific test configuration. On the basis of the data collected from this phase, the Company believes that there are many process optimizations that can further increase output per machine, per day.