CARSON CITY, NV, April 19, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), announces that the signed letter of intent with Advanced Bio-oil Technologies Ltd. (ABOT), based in Denver, Colorado, as announced on February 16, 2021 has been extended by mutual agreement between the parties to June 30, 2021.
Pharmagreen to date has identified a number of opportunities for acquisition and further development of the assets for tissue culture starter plantlet production, extraction and product formulation. As stated in February 16, 2021 news release, Pharmagreen will provide the raw, crude Cannabiniod oils, grown by its network of local hemp farmers and the Cannabiniod product formulations will be developed as a joint venture with ABOT, Advanced Bio-Oil Technologies Ltd. The LOI extension provides Pharmagreen with the opportunity to more thoroughly investigate the large number of site prospects and to secure the necessary funding to secure the selected real estate assets.
Commenting on Pharmagreen’s progress, Peter Wojcik, President and CEO, stated, “We are moving ahead as planned with our financing plans for acquisition and biotech complex development. We look forward to providing regular updates as we progress.”
ABOUT Advanced Bio-Oil Technologies Ltd. (ABOT)
Advanced Bio-Oil Technologies Limited (ABOT) is providing the various industries a platform to produce Bio-Oil at-will. ABOT is using biodegradable carbon molecule and innovative oil extraction methods in its process. This extraction method would be used to produce products for the bioenergy industry, the cosmetic or the pharmaceutical. This process is producing better Bio-Oils. ABOT is pleased to have collaborations with various groups in Uzbekistan, Greece, Canada and USA. ABOT’s platform for producing high-grade CBD Medical Bio-Oil will range from skincare products to specific medical targets. Our products which will contain Hemp derived CBD which will be marketed in North & South America and Europe.
About Pharmagreen Biotech, Inc.
Pharmagreen Biotech, Inc., is a publicly traded (OTC PINKS: PHBI) company. Pharmagreen is a company focused on the CBD hemp industry for the production and supply of starter plantlets through a proprietary tissue culture process with the opportunity to become one of the largest players globally. Pharmagreens’ 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 to CBD hemp farmers and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using tissue cultures in low temperature storage for all plant species; 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 please visit www.pharmagreen.ca
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