VANCOUVER , Could 30, 2019 /CNW/ – AgraFlora Organics Worldwide Inc. (“AgraFlora” or the “Firm“) (CSE: AGRA) (PU31.F) (OTCPK: PUFXF), a development oriented and diversified worldwide cannabis firm, is happy to announce the Firm has utilized for licensing with Well being Canada underneath the Industrial Hemp Laws of the Hashish Act. The Firm anticipates that license approval may very well be granted within the third quarter of 2019, which can subsequently equip AgraFlora with the flexibility to seed, domesticate and harvest industrial hemp at its flagship 2.2 million sq. foot Delta, BC facility.
- Seedling growth;
- Cultivar experimentation; and
- Specialised fibre manufacturing
“We’re thrilled to achieve extra publicity to the burgeoning hemp and CBD marketplaces,” stated Brandon Boddy , Chairman and CEO of AgraFlora Organics Worldwide Ltd. “The cultivation of hemp is a pure accompaniment to our total cannabis technique, which can deliver materials synergies to our current cultivation operations. By the use of our current cultivation infrastructure on the Delta Greenhouse Advanced, we are going to proceed to leverage the huge skillset of the Houwelings Group. Moreover, AgraFlora’s Industrial Hemp License will permit for ample entry to low-cost, high-volume uncooked materials for the extraction of CBD, which has been more and more acknowledged for its therapeutic advantages throughout a variety of medical indications and wellness purposes.”
Together with AgraFlora’s rising portfolio of hemp-focused manufacturers and dedication to innovation product growth and trade analysis, the award of an Industrial Hemp License will additional bolster the Firm’s first mover benefit to champion a company response to world demand for each hemp and CBD merchandise.
AgraFlora anticipates that when totally optimized, its deliberate industrial hemp operations will present ample feedstock for its proposed acquisition of Natural Flower’s distinctive portfolio of product formulation and downstream THC/CBD belongings.
As beforehand introduced on Could 23, 2019 , Natural Flower Investments Group Inc. (CSE:SOW)(2K6.F)(QILFF) and Agraflora have entered right into a binding letter of intent, whereby Natural Flower shall promote and Agraflora shall buy 100 per cent of Natural Flower’s belongings, which embrace: the corporate’s 20-per-cent curiosity within the Delta greenhouse advanced, an array of home downstream/product formulation operations and the rights to a trans-European distribution community.
It’s anticipated that the sale worth for the belongings will probably be composed of 1.15 shares of AgraFlora for each issued and excellent share of Natural Flower on the time of closing, with the consideration shares to be distributed to the shareholders of the corporate. Closing of the proposed transaction stays topic to relevant company, securities and alternate approvals and/or filings, because the case could also be.
The two,200,000 sq. foot Delta Greenhouse Advanced is slated to be one of many largest and most superior cannabis cultivation operations worldwide and can act has a springboard for the continued integration of upstream, mid-stream, development and downstream capabilities.
The Firm additionally pronounces it has granted incentive inventory choices to buy a complete of three million widespread shares at an train worth of $0.39 per share for a interval of 5 years to sure administrators, officers and consultants, in accordance with the provisions of its inventory choice plan.
About AgraFlora Organics Worldwide Inc.
AgraFlora Organics Worldwide Inc. is a development oriented and diversified firm targeted on the worldwide cannabis trade. It owns an indoor cultivation operation in London, ON and is a three way partnership accomplice in Propagation Service Canada and its large-scale 2,200,000 sq. ft. greenhouse advanced in Delta, BC . The Firm has a profitable document of making shareholder worth and is actively pursuing different alternatives inside the cannabis trade. For extra info please go to: www.agraflora.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman & CEO
T: (604) 682-2928
The CSE and Info Service Supplier haven’t reviewed and doesn’t settle for accountability for the accuracy or adequacy of this launch.
Ahead-looking Info Cautionary Assertion
Apart from statements of historic truth, this information launch accommodates sure “forward-looking info” inside the that means of relevant securities legislation. Ahead-looking info is ceaselessly characterised by phrases akin to “plan”, “count on”, “mission”, “intend”, “imagine”, “anticipate”, “estimate” and different comparable phrases, or statements that sure occasions or circumstances “might” or “will” happen. Ahead-looking statements are based mostly on the opinions and estimates on the date the statements are made, and are topic to a wide range of dangers and uncertainties and different elements that would trigger precise occasions or outcomes to vary materially from these anticipated within the forward-looking statements together with, however not restricted to delays or uncertainties with regulatory approvals, together with that of the CSE. There are uncertainties inherent in forward-looking info, together with elements past the Firm’s management. There are not any assurances that the enterprise plans for AgraFlora Organics described on this information launch will come into impact on the phrases or timeframe described herein. The Firm undertakes no obligation to replace forward-looking info if circumstances or administration’s estimates or opinions ought to change besides as required by legislation. The reader is cautioned to not place undue reliance on forward-looking statements. Further info figuring out dangers and uncertainties that would have an effect on monetary outcomes is contained within the Firm’s filings with Canadian securities regulators, which can be found at www.sedar.com.
SOURCE AgraFlora Organics Worldwide Inc.
View authentic content material to obtain multimedia: http://www.newswire.ca/en/releases/archive/Could2019/30/c7093.html