CARSON CITY, NV, Jan. 16, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Pharmagreen Biotech, Inc., (OTC: PHBI), is pleased to announce today that it signed a memorandum of understanding with Here to Serve Holding Corp., (OTC:HTSC) to provide consulting services and supply ICF building material (Insulated Concrete Forms) for the construction of Pharmagreen’s 63,000 square foot facility, the Cannabis Biotech Complex.
The complex, which will take about 18 months to construct, makes use of cutting edge technologies in its engineering, water recycling and conservation techniques, as well as with its construction material resulting in a reduced carbon footprint and secure, uniquely advanced, eco-friendly and semi-automated tissue culture, clean-room laboratory, extraction, distillation and research facility.
ICF building material will provide vital solutions by reducing energy maintenance costs for the building by 50-70%. Furthermore, ICF blocks are mold resistant, temperature controlled and resistant to microbial forces, which is a number one requirement in the construction of a clean-room lab grade facility.
We project that this premier cannabis biotech complex will provide for the annual in-vitro production and supply of over 10 million cannabis tissue cultured plantlets and ready-to-grow starter crops for licensed commercial grow operations, micro-cultivators as well as orchard style high CBD hemp farms with its on field successfully grown proprietary CBD Dana hemp strain.
According to Cesar Herrera, President of Here To Serve Holding Corp, “We believe Pharmagreen’s biotech tissue culture complex will be the world’s first truly state-of-the-art cannabis facility. Here to Serve’s team of architects, engineers, ICF experts, and grow experts have planned a mold-resistant, fire-resistant, sound-proof, and durable facility. ICF built cultivation facilities can also withstand 300 mile per hour winds, protecting company assets in the event of a flood, hurricane or harsh weather conditions. We are proud to be working alongside Pharmagreen, and we applaud Pharmagreen’s vision of becoming one of the best producers of hemp and cannabis in the world. We believe Pharmagreen Biotech’s superior CBD Dana strain of hemp is going to turn hemp farming into a major profit producing industry.”
Commenting on the Pharmagreen’s cannabis biotech complex facility development, Peter Wojcik, President and CEO, stated, “We are building our complex to the highest standards in engineering and building materials and we believe utilizing ICF blocks for construction is the right choice. We look forward to working with Here to Serve Holding Corp. as we move forward with our development plans.”
About Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.
WFS Pharmagreen Inc. is a wholly owned Canadian-based subsidiary of Pharmagreen Biotech, Inc., a publicly traded (OTC PINKS: PHBI) company. WFS Pharmagreen Inc. is a cannabis company that is becoming a significant producer of cannabis plantlets through a proprietary tissue culture process with opportunity to become one of the largest players globally. Pharmagreen’s mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same plantlets of cannabis and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various cannabis and horticulture plants; extraction of botanical oils, mainly CBD oil, and to deliver laboratory-based services to the North American Cannabis and agriculture sectors. For further information on the company progress on the construction of a 63,000 square foot “Cannabis Biotech Complex” please visit www.pharmagreen.ca
Here to Serve Holding Corp. (OTC:HTSC) operates as an international distribution, consulting and sales organization that markets Insulated Concrete Forms (“ICF”) construction material as well as indoor growing technology. HTSC addresses the need for effective thermal insulation in the cannabis cultivation industry, the residential and commercial building industries, and the hotel industry. HTSC plans to play a vital role in the cannabis cultivation industry by reducing energy costs for the industry by 50-70%. Furthermore, ICF blocks are mold resistant, temperature controlled and resistant to microbial forces, which cost the cannabis industry millions of dollars in lost crops every year. HTSC’s vision is to provide the materials and consulting for cultivation facilities that will save the industry billions of dollars by replacing outdated growing methods that use steel and wood-based construction, which breeds mold, pathogens and microbial elements.
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company’s actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands; inability to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential,” and similar expressions may be used to identify forward-looking statements.
The OTC Markets or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.
Tel: (702) 803 9404
Here To Serve Holding Corp.
Tel: (702) 444 5015
Village Farms Opts to Receive $5.94 Million Cash Refund from Pure Sunfarms
Village Farms International, Inc. (“Village Farms“) (TSX: VFF; Nasdaq: VFF) today announced that it has opted to receive a $5.94 million cash refund from Pure Sunfarms Corp. (“Pure Sunfarms“) relating to an additional equity contribution that Village Farms made to Pure Sunfarms on November 19, 2019 (the “VF Additional Equity Contribution“).
As previously disclosed by Emerald Health Therapeutics, Inc. (“Emerald“), it has been disputing Village Farms’ ability to make the VF Additional Equity Contribution of $5.94 million, as well as the cancellation of 5,940,000 common shares of Pure Sunfarms placed in escrow pending payment by Emerald of its related $5.94 million equity contribution, following its failure to make its required equity contribution to Pure Sunfarms on November 1, 2019. In an effort to narrow the issues in dispute and accelerate the resolution of this shareholder dispute, Village Farms decided to unwind the VF Additional Equity Contribution, which has now been completed, with Pure Sunfarms providing Village Farms with the $5.94 million cash refund. The $5.94 million cash refund to Village Farms also eliminates the costs and delays involved in obtaining an independent appraisal of Pure Sunfarms that resulted from the VF Additional Equity Contribution.
Village Farms continues to seek the cancellation of 5,940,000 common shares of Pure Sunfarms that were placed in escrow pending payment by Emerald of its related equity contribution (the “Emerald Share Cancellation“), which was not made as required. It is Village Farms’ position that the Emerald Share Cancellation is expressly provided for in the applicable legal agreements.
“Due to the arbitration process related to the Emerald Share Cancellation taking significantly longer than originally anticipated, and with the resulting number of incremental shares for our $5.94 million equity contribution unknown, we decided to reduce the number of items in dispute in an effort to bring the matter to resolution sooner for Village Farms and its shareholders,” said Michael DeGiglio, CEO, Village Farms. “In addition, as a result of the $5.94 million cash refund to Village Farms, we anticipate that Pure Sunfarms may call for additional equity contributions by each of Village Farms and Emerald.”
If Village Farms is successful in the arbitration and Emerald’s escrowed shares are cancelled, Village Farms would own 53.5% of Pure Sunfarms and Emerald would own 46.5% effective as of November 19, 2019. Village Farms expects a decision from the arbitration panel during the second half of 2020.
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements may relate to Village Farms’ future outlook or financial position and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, litigation, projected production, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving Village Farms and Pure Sunfarms. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for Village Farms, Pure Sunfarms, the greenhouse vegetable industry or the cannabis and hemp industries are forward-looking statements. In some cases, forward-looking information can be identified by such terms as “outlook”, “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue”, “likely”, “schedule”, “objectives”, or the negative or grammatical variation thereof or other similar expressions concerning matters that are not historical facts.
Although the forward-looking statements contained in this press release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results or events will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond Village Farms’ control, that may cause Village Farms’ or the industry’s actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the factors contained in Village Farms’ filings with U.S. and Canadian securities regulators, including as detailed in Village Farms’ annual information form and management’s discussion and analysis for the year-ended December 31, 2018 and for the three and nine-month periods ended September 30, 2019.
When relying on forward-looking statements to make decisions, Village Farms cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future results, events, performance, achievements, prospects and opportunities. The forward-looking statements made in this press release only relate to events or information as of the date on which the statements are made in this press release. Except as required by law, Village Farms undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Village Farms International, Inc.
Canada House Wellness Group Announces Results of Annual General Meeting and Issuance of Stock Options
Canada House Wellness Group Inc. (CSE: CHV) (“Canada House” or the “Company“) is pleased to announce the results of the company’s Annual General Meeting of shareholders that was held in Fredericton, New Brunswick on Thursday, December 19, 2019, where two business items were presented and approved by the shareholders in attendance.
The Directors of the Company that were nominated at the meeting – Norman Betts, Chris Churchill-Smith, Shawn Graham, Gaetan Lussier, and Dennis Moir – were elected to hold office until the next Annual General Meeting of Shareholders, or until their successors are elected or appointed.
In addition, Ernst & Young LLP were appointed as auditors of the Company for the following year and the Directors were authorized to fix their remuneration.
The business summary presented at the Annual General Meeting is available on the Investor Centre section of Canada House’s website at https://canadahouse.ca.
The Company is also pleased to announce the immediate granting of 500,000 stock options to senior employees and advisors at an exercise price of $0.05 and with a term of 5-years. The grant was made in accordance with the Company’s stock option plan and the policies of the Canadian Securities Exchange.
SOURCE Canada House Wellness Group Inc.
Canopy Growth Revises Beverage Launch Timeline
Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED), (NYSE: CGC) submitted its final documentation for its beverage facility to Health Canada in late June 2019 and subsequently received the licence in late November 2019. In the seven weeks since receiving the licence, the Company has made meaningful progress towards scaling the production process for its cannabis beverages from lab scale to commercial scale.
Management remains very confident in the underlying beverage science and in its ability to scale production and deliver high quality, differentiated cannabis beverages to the market. However, the scaling process is not complete, and the Company is extending its to-market date while the internal teams complete the final steps.
“Canopy has had seven weeks to work with THC in the brand new beverage facility to scale processes and IP it has developed in the R&D environment,” said David Klein, CEO, Canopy Growth. “In order to deliver products that meet our customer’s high standards we are electing to revise the launch date while we work through the final details.”
Cannabis beverages have disruptive power and in time, may introduce new consumers to the cannabis category. Canopy does not believe this delay will have a material impact on its FY20 revenue.
The Company intends to provide an update with the release of its Q3 FY20 financial results.
Here’s to Future (Cannabis Category) Growth.
SOURCE Canopy Growth Corporation
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