PROVIDES UPDATE ON PROGRESS & DEVELOPMENT OF CANNABIS BOTANY CENTRE
Alliance Growers Corp. (ACG.C) provided a progress report on the development of the Cannabis Botany Centre. In a news release dated December 30, 2017, Alliance Growers announced that it has entered into a binding Letter of Intent with WFS Pharmagreen Inc., and its proposed subsidiary BC New Co, to create a strategic relationship, together with equity participation by Alliance and Pharmagreen, whereby Alliance will acquire a 30% equity interest in Pharmagreen’s subsidiary BC New Co. The execution of this LOI initiated the development of the Cannabis Botany Centre that Alliance and Pharmagreen have been working on for the past year.
Pharmagreen principals have purchased the land required to build the Cannabis Botany Centre East of Mission, BC. The Land will be leased initially to BC New Co. with an option to purchase at or near cost. BC New Co will build and operate the Cannabis Botany Centre to permit the growth and sale of tissue culture plantlets, and storage of strains and nursery plants to wholesale, retail and medical markets.
The development of the Cannabis Botany Centre has been progressing quickly on several key fronts and Alliance Growers is pleased to provide the following updates:
- The Fraser Valley Regional District, Electoral Area G, for Deroche has approved the land use on Bell Road, site of the Cannabis Botany Centre for cannabis production and cannabis related business.
- Company management has commenced discussions with FORTIS BC to bring natural gas to the location. This will benefit the surrounding community
- The hydrological engineering assessment report for the site to be completed this week
- The Cannabis Botany Centre is poised to supply up to 300,000 plantlets per month to cultivators once built and operating at full capacity.
- There are numerous expansion capabilities with 25 acres of available land.
Commenting on the development progress of the Cannabis Botany Centre, Dennis Petke, Alliance Growers’ President and CEO, said “Now that Alliance is capitalized, we will be working closely with Pharmagreen to accelerate the development of the Cannabis Botany Centre. The path to approval for an ACMPR license will be expeditious. The development of the Cannabis Botany Centre is consistent with Alliance Growers business plan to be in partnership with a range of cannabis sector business opportunities including strategic investments in ACMPR licensed cannabis producers. Alliance Growers has already acquired interests in two ACMPR applicants, notably Biocannatech, whereby Alliance recently acquired 100% ownership of this late-stage Quebec ACMPR applicant; and Canwe, a private company based in Ontario that has applied for its ACMPR license and is currently in the review and security clearance stage. Alliance continues to negotiate further acquisitions in the grow space in Canada and Australia.
We look forward to announcing new strategic and complementary acquisitions as we move forward. It is an exciting time of progress in the cannabis industry and Alliance is building a diversified global cannabis company that is focused on where the market is going, not where the market is today.”