Pharmagreen Biotech Aims to Update Its Shareholders on Company Focus on CBD Hemp Industry
CARSON CITY, NV, Jan. 05, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Pharmagreen Biotech, Inc. (OTC: PHBI), a company specializing in the development of high quality tissue cultured starter plantlets, CBD oils, formulations and isolates from hemp plants announced today that we are changing our emphasis to targeting hemp and the CBD industry.
“After taking much time to carefully analyze our strategic options, we have decided that immediate business development in the hemp industry provides for much greater opportunities for Pharmagreen including our ability to operate within federal regulations without the restrictions currently imposed on the marijuana industry,” said Pharmagreen Biotech CEO Peter Wojcik. He went on to say, “Our plan in 2021 and going forward is to build out infrastructure within the US that will generate revenues working with hemp plants and CBD oils, formulations and isolate production.”
The company will provide additional details at a later date of its business plan to fund and roll out its hemp operations. The strict focus on the hemp industry only at this time, will allow the company to do interstate commerce with the entire US, as well as to do business with major banks. The company’s executive team with its extensive hemp industry knowledge has developed working relationships with hemp farmers and other operatives within the hemp industry in the US. The company believes in its business model to provide starter plantlets to farmers and offer a buyback program for their biomass to extract CBD and other non-THC cannabinoids to produce oils, and other derivatives including isolates of the highest quality, which will ultimately provide a competitive advantage starting with farmer, to extraction, to product development, through sales.
About Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.
WFS Pharmagreen Inc. is a wholly owned Canadian based subsidiary of Pharmagreen Biotech, Inc., a publicly traded (OTC PINKS: PHBI) company. WFS Pharmagreen Inc. is a tissue culture company that produces hemp plantlets through a proprietary tissue culture process. 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 hemp plantlets with high Cannabinoids content and with less than 0.3% THC and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various plant species. For further information on the company progress on the construction of a 63,000 square foot “Tissue Culture Biotech Complex” please visit www.pharmagreen.ca