Yahoo Finance AgraFlora Organics Commences High Quality CBD Cultivation at Binbrook Farm
VANCOUVER, British Columbia, June 26, 2020 (GLOBE NEWSWIRE) -- AgraFlora Organics International Inc. (“AgraFlora” or the “Company”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF) is pleased to announce its wholly owned subsidiary Sustainable Growth Strategic Capital Corp. (“SGSC” or “the Company”), a federally licensed cannabis company based in the Greater Toronto Area (“GTA”) has entered into a cultivation partnership (the “Cultivation Partnership” or the “Agreement”) for hemp cultivation in Ontario. Pursuant to the Cultivation Partnership, SGSC has successfully planted fifty (50) acres of high-quality hemp at a farm in Brinbrook Ontario (the “Binbrook Farm”). The Company anticipates the Binbrook Farm will yield approximately 50,000 kilograms of high CBD hemp in fall 2020.
SGSC’s cultivation partner, MicroC45 Inc. has a proprietary post-harvest mechanical separation process that results in higher extraction value and ultimately a greater yield of major and minor cannabinoids when extracted. Based on the forecasted yields and the proprietary nature of MicroC45’s technology, the Company anticipates it will be able to create approximately 1,000 kgs of CBD isolate, CBD Distillate, and THC-Free Distillate inventory for sale to its current and future clients.
“Cultivation at Binbrook represents another milestone for this core-asset strategy,” stated Brandon Boddy, AgraFlora Executive Chairman and CEO. “With our expected high yielding CBD crop and the unique post-harvest methodology, we expect to be able to create a large volume of CBD inventory of the highest quality ready for our enterprise customers. By controlling the process from soil to oil we can ensure we are optimizing the economic value of the resulting distillate and isolate while managing costs throughout the value chain. We can look forward to a strong vertically integrated extraction model of high quality CBD crude, isolate, and distillate.”
Furthermore, the company announces it intends to complete a non-brokered private placement of up to 20,666,667 units of the company at a price of 7.5 cents per unit for gross proceeds of $2-million.
Each unit shall consist of one common share and one transferable share purchase warrant. Each warrant entitles the holder thereof to purchase one additional share of the company for a period of five years from closing at a price of 10 cents per share.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/945b2d64-3134-4786-b9e3-0a886af3b6d7
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a leading cannabis company building shareholder value through the development of revenue generating operating assets in the global cannabis industry. AgraFlora is focused primarily on the Canadian cannabis industry; the world’s most advanced and regulated legal cannabis market. Flagship Canadian assets include: Edibles & Infusions, a fully automated manufacturing facility in Winnipeg, MB for white-label and consumer branded edible production; Propagation Services Canada, a large-scale commercial greenhouse in Delta, BC focused on reshaping the Canadian flower market with high-potency, low cost cannabis flower, and AAA Heidelberg, a craft focused cannabis producer in London, ON. In addition, AgraFlora’s wholly owned subsidiary Farmako GmbH is scaling towards its goal of being Europe’s leading distributor of medical cannabis. Farmako currently has active distribution operations in Germany and expects to commence active operations in the United Kingdom in 2020. For more information please visit: https://agraflora.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
Brandon Boddy
Chairman & CEO
T: (604) 398-3147
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AgraFlora Organics International Inc. | Maricom Inc. | |
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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.
