Vancouver, British Columbia--(Newsfile Corp. - August 16, 2022) - Indigenous Bloom Hemp Corp (CSE: IBH) (The "Company" or "IBH"). Further to the Company's news release of April 29th, 2022 , regarding the Joint Venture with Dykstra Greenhouses, the Company is providing this news release to accurately reflect the final agreement between IBH and Dykstra Greenhouses.
The following reflects the content of the final agreement.
Indigenous Bloom is pleased to announce that it has entered into a joint venture agreement with Dykstra Greenhouses. Under the terms of the agreement, IBH will provide the equipment and expertise required for Dykstra to extract hemp biomass.
The agreement includes the basis upon which Dykstra will pay for the equipment by sharing the revenue on sales with IBH. This agreement commenced May 2, 2022, however the implementation will not commence until the later part of 2022.
Indigenous Bloom Hemp's CEO, Mr. Mark Roseborough commented," We are excited to sign this Joint Venture with Dykstra Greenhouses as the extraction-equipment supplier in the processing of Dykstra's hemp biomass. The equipment and expertise required to process and extract biomass is part of IBH's expertise."
Furthermore, as per the terms of the agreement Dykstra will provide;
Operation of the extraction facility site.
Extraction of hemp biomass to create product to be used in the creation of hemp distillate.
Indigenous Bloom Hemp Corp. will in return provide the following:
The necessary equipment, assembly, installation, training, and testing of the extraction equipment.
Hemp biomass to be supplied by a Federally Licensed supplier - Federowich Farms;
Industrial Hemp Biomass will be supplied by Federowich Farms, a federally licensed hemp farm in Ashville, Manitoba. Dykstra Greenhouses will receive supply from Federowich Farms, through its federal hemp license.
About Dykstra Greenhouses
Dykstra Greenhouses is a federally licensed producer of Industrial Hemp strains. They are located in St. Catharines, Ontario. Dykstra also holds a federal cannabis license with the ability to produce, process and sell cannabis products to a number of provinces and territories.
About Indigenous Bloom Hemp Corp.
Indigenous Bloom Hemp Corp. currently leases a large-scale industrial hemp farm in Southern Manitoba on approximately 200+ acres of zoned farmland. The Company's primary focus is the processing and sale of hemp biomass, flower and phytocannabinoid rich extracts derived from hemp biomass. Indigenous Bloom Hemp Corp.'s vision is to become a premium producer of CBD oils, distillate or isolate and produce health supplements, nutritional products, food and beauty products and to market initially in Canada and eventually globally.
Indigenous Bloom Hemp Corp. is a publicly traded company in Canada, on the Canadian Securities Exchange under the ticker IBH; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP0.
On behalf of the Board of Directors
"Lorne Mark Roseborough"
Chief Executive Officer
Investor and Public Relations Contact
Indigenous Bloom Hemp Corp.
The CSE has not reviewed, nor approved or disapproved the content of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134072