RECEIVES THE SECOND CULTIVATION LICENSE FROM HEALTH CANADA
Benchmark Botanics Inc.'s (BBT.C) Potanicals Green Growers Inc. has received its second cultivation licence, effective Nov. 29, 2019, from Health Canada for the company's joint venture greenhouse operations, located in Pitt Meadows, B.C.
Pitt Meadows Greenhouse site is now fully licensed by Health Canada to possess cannabis, obtain dried cannabis, fresh cannabis, cannabis plants or cannabis plant seeds by cultivating, propagating and harvesting cannabis; and to sell cannabis in accordance with subsection 11(5) of the Cannabis Regulations. This license allows the Company to immediately begin cultivating activities at its Pitt Meadows Greenhouse Operations.
Pitt Meadows Greenhouse Operations
Located on a 5-acre property in Pitt Meadows, BC, the Pitt Meadows Greenhouse Operation uses state-of-the-art security, monitoring and irrigation systems. This facility will enable Benchmark to expand its production capacity and increase operational efficiency. The project is a joint venture company between Benchmark Botanics and 1139000 BC Ltd. (see News Release on October 1, 2018) According to the Earn-In & Shareholders' Agreement, Benchmark Botanic will earn 25% interest upon receiving the license, and have the right to increase its ownership to 51%.
"The issuing of this new license from Health Canada represents another key accomplishment for Benchmark Botanics as we continue to execute on our projects and plans to be one of the leading producers of premium indoor-grown cannabis," said William Ying, Chief Executive Officer of Benchmark Botanics.
"On behalf of everyone at Benchmark Botanics, I would like to thank the community of Pitt Meadows for supporting us, our licensing and construction teams, the contractors, and the service providers that made this milestone possible," continued Mr. Ying.
Benchmark Botanics, through Potanicals, currently sells premium cannabis produced at the Company's Peachland Cannabis Complex in British Columbia, (BC) Benchmark has signed an agreement with the BC Liquor Distribution Branch (BCLDL), the sole, wholesale distributor of non-medical cannabis for the province that operates standalone, public retail stores and provide online sales. The increased supply from the second license can facilitate entry into additional markets for the Benchmark Botanics' brands.
About Benchmark Botanics Inc.
Benchmark is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical, pharmaceutical, and recreational markets in Canada. The Company's business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp throughout Asia, where it is legal to do so.
Benchmark is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company's global footprint.
Benchmark's 100% owned subsidiary, Potanicals Green Growers Inc. is a Health Canada licensed producer under the Cannabis Act and its regulations (formerly ACMPR). The Company is producing at its indoor Peachland Cannabis Complex and is constructing a Phase II expansion of an additional 10,000 square foot extraction facility there. Along with cultivation and production, the company's Peachland BC facility also provides propagation, cultivation, cloning, storage, research and development, genetic research, and is progressing towards CBD oil extraction and an EU-GMP certification.