REPEAT - AgraFlora Organics Awarded Health Canada Hemp Production License; To Immediately Stream High CBD Cultivars to Edible...
July 03 2019 - 8:30AM
AgraFlora Organics International Inc.
(“
AgraFlora” or the
“
Company”) (
CSE: AGRA) (Frankfurt:
PU31) (OTCPK: PUFXF), a growth oriented and diversified
international cannabis company, is pleased to announced that
further to its news release dated May 30, 2019, the Company has
been awarded a license from Health Canada, under the industrial
hemp regulations of the Cannabis Act (the “Industrial Hemp License”
or “IHL”) at its flagship 2.2 million square foot Delta Greenhouse
Complex.
The Company’s full-spectrum Industrial Hemp License equips
AgraFlora with the following immediate cultivation, propagation,
nursery and product formulation/manufacturing capabilities:
- Premium hemp seedling propagation for peer IHL
recipients; ° Crystalizing a pathway towards
consistent, near-term ancillary cash flows, while solidifying
AgraFlora’s position as a first-mover in cultivating superior
starter plants for the burgeoning North American hemp
industry; ° Proven ‘build-to-order’ propagation
model forecasted to produce 1,300,000 small/high density hemp
transplants per 28-42 day seedling turn;
- Establishment of a dedicated hemp propagation nursery within
existing greenhouse infrastructure;
- Streaming of high CBD hemp cultivars to AgraFlora’s downstream
functional food, topicals and cannabinoid-infused beverage asset
portfolio; ° The Edibles and Infusions
Corporation: functional food product development and
manufacturing; ° The Brewhouse: formulation and
production of CBD-infused beverages, including non-alcoholic beers
seltzers, ready-to-drink (“RTDs”) beverages
° Canutra Naturals/HowlBrands: manufacturing of a suite
of hemp oil/CBD-infused personal care and performance products
including: • Therapeutic relief
balms; • CBD-infused pain relief
creams and roll-ons; • Organic
cosmetics with anti-aging properties;
• Shampoos and conditioners; and,
• Sunscreens
- Planned commercial production of organic hemp seed oil for
distribution;
- High-CBD cultivar experimentation and proprietary CBD cultivar
development; ° Collection and storage of
high-value strains/seeds for re-sale initiatives;
- Specialized fibre production; ° Successful
recapture of hemp stalks to be processed into high margin,
specialized fibre products and building materials.
In conjunction with the Company’s reputable portfolio of
hemp/CBD-inspired brands, as well as its commitment to innovative
product development and industry research, the award of an
industrial hemp licence further bolsters AgraFlora’s mandate of
championing a corporate response to global demand for both hemp and
CBD derived products. AgraFlora will commence initial research and
development in July, 2019 beginning with the testing of Health
Canada approved varieties.
AgraFlora anticipates that once fully optimized, its planned
industrial hemp operations will provide ample feedstock inputs for
the Company’s unique portfolio of cannabinoid product formulation
and downstream assets; affording the Company the ability to capture
material cash flows throughout each link of the cannabis value
chain. The Company’s bellwether 2.2 million square foot Delta
Greenhouse Complex is slated to be one of the largest and most
advanced cannabis cultivation operations worldwide and will act as
a springboard for the continued integration of its upstream,
mid-stream, and downstream capabilities.
Mr. Brandon Boddy, Chairman and Chief Executive Officer of
AgraFlora stated: “The Canadian cannabis market is continually
evolving. With the second wave of cannabis legalization involving
edibles, beverages and topical products set to be effected in
October of this year, we anticipate the demand for CBD will
increase geometrically.
“One of AgraFlora’s corporate mandates is to ensure we can
respond to evolving legislation and maintain market adaptability
while maximizing revenues. We applied for the hemp license to
complement our core business model of producing low-cost, premium
cannabis and are of the opinion that leveraging existing greenhouse
infrastructure to pursue the cultivation and propagation of hemp
will provide the Company with a stream of stable, ancillary cash
flows.
“In collaboration with our experienced partners, the Houwelings
Group, we intend to aggressively begin researching and developing a
high CBD hemp cultivar, resulting in greater yield of CBD and
incrementally higher ROI per acre than the strains that are
currently available.”
All planned hemp cultivation at the Company’s Delta, BC facility
will utilize existing greenhouse infrastructure that is not
currently earmarked for propagation and/or cannabis business
initiatives. As a result, AgraFlora’s proposed hemp cultivation
activities will not impact current propagation and eventual
cannabis cultivation operations. Hemp cultivation will not
interfere with the planned cannabis cultivation activities at the
Delta Greenhouse Complex, nor will it reduce the cannabis
cultivation design capacity of the Company’s Delta, BC
facility.
Further to the Company’s news release dated April 29, 2019, the
Company has proceeded with the second issuance of 1,250,000 bonus
shares (the “Shares”) at a price of $0.425 per Share to Cornelius
Houwelings pursuant to a letter of intent dated May 22, 2018.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and
diversified company focused on the international cannabis industry.
It owns an indoor cultivation operation in London, ON and is a
joint venture partner in Propagation Service Canada and its
large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The
Company has a successful record of creating shareholder value and
is actively pursuing other opportunities within the cannabis
industry. For more information please visit: www.agraflora.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Brandon Boddy Chairman & CEOT: (604) 682-2928
For additional information:AgraFlora Organics International
Inc. Tim McNultyE: ir@agraflora.com T: (800) 783-6056 |
For French inquiries: Remy Scalabrini, Maricom Inc.E:
rs@maricom.ca T: (888) 585-MARI |
The CSE and Information Service Provider have
not reviewed and does not accept responsibility for the accuracy or
adequacy of this release.
Forward-looking Information Cautionary
Statement
Except for statements of historic fact, this
news release contains certain "forward-looking information" within
the meaning of applicable securities law. Forward-looking
information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements are
based on the opinions and estimates at the date the statements are
made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking statements
including, but not limited to delays or uncertainties with
regulatory approvals, including that of the CSE. There are
uncertainties inherent in forward-looking information, including
factors beyond the Company’s control. There are no assurances that
the business plans for AgraFlora Organics described in this news
release will come into effect on the terms or time frame described
herein. The Company undertakes no obligation to update
forward-looking information if circumstances or management's
estimates or opinions should change except as required by law. The
reader is cautioned not to place undue reliance on forward-looking
statements. Additional information identifying risks and
uncertainties that could affect financial results is contained in
the Company’s filings with Canadian securities regulators, which
are available at www.sedar.com.
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