ANNOUNCES ACQUISITION OF LANDS FOR EXPANSION OF ITS MARIJUANA PRODUCTION FACILITY
Benchmark Botanics Inc. (BBT.C) announced that the Company has completed the acquisition of a 10 acre land parcel contiguous to the Company’s property that together comprises, in the total, 20 acres of land on which the Company’s facility is located. The acquisition was completed for a purchase price of $1,000,000 paid in cash pursuant to a Contract of Purchase and Sale dated November 30, 2017 as amended on December 15, 2017.
Benchmark, through its wholly-owned subsidiary Potanicals Green Growers Inc., is a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations (“ACMPR“). The Company operates a 12,700 square foot production facility in Peachland, British Columbia and is in the design stage of a Phase II expansion of an additional 50,000 square feet of growing area. The Company intends to utilize advanced cultivation methods in its cannabis facilities to address the significant opportunities in the medical marijuana market in Canada and overseas.