PHBI Pharmagreen Announces Another Milestone Completed Towards the Acquisition of Long Valley Farms
CARSON CITY, NV, Jan. 20, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Pharmagreen Biotech, Inc., (OTCQB: PHBI) (“Pharmagreen” or the “Company”), is pleased to announce that it completed another significant milestone towards the acquisition of Long Valley Farms. The Company made another payment to Long Valley Farms and the use of proceeds went towards final payment for the 12 acres of land, which Pharmagreen intends to acquire. With this payment to the third party lender, this installment note on the property will be fully paid out leaving the property free and clear.
Pharmagreen is continuing with the business development with Long Valley Farms while it completes its fundraising for the acquisition. The first tranche of funds Pharamagreen provided in December of 2021 was used for the renewal of the Cannabis cultivation license with the California authorities, securing its spot under the legacy cultivation licensing scheme. This was an important step to complete as changes are looming in California as it relates to Cannabis licenses. Being licensed under the legacy Cannabis licensing guarantees the licensees a grandfathered status as the new licensing system is implemented.
The acquisition of Long Valley Farms is a strategic component of Pharmagreen’s strategy to convert the revenue potential of its proven proprietary cannabis tissue culture technology, Chibafreen, into realized revenue. As part of its vertical growth strategy, Long Valley Farms initiated the pre-development phase for the IoT greenhouse construction, starting with commencing the process for engineering work and permits required prior to construction along with applying for nursery, distribution, non-volatile extraction, and retail Cannabis licenses with the regulatory bodies in the state of California.
Mr. Styles of Long Valley Farms stated, “We are excited for both parties as we move forward into the 2022 season and the continuation of our legacy licensed operations and acquisition!”
“We are moving ahead with business development with IoT Greenhouse planning and vertical expansion by applying for additional Cannabis Licenses, while funding the critical milestones with all payments going towards the acquisition price. This strategy is a win for all parties,” stated Peter Wojcik, CEO of Pharmagreen.
Learn more about Pharmagreen’s strategy to leverage its proprietary cannabis tissue technology, Chibafreen, in a recent series of management updates from Pharmagreen CEO, Peter Wojcik.
Pharmagreen Crowdfunding Campaign on DealMaker
Pharmagreen has launched a crowdfunding campaign on DealMaker where investors can purchase shares offered through a Regulation A offering qualified on September 24, 2021. Details including offering memorandum are available on this site.
Visit update.pharmagren.ca for additional information on PHBI's current business development.
To watch the video on our current business developments please click here.
About Long Valley Farms LLC.
Long Valley Farms is a veganic cannabis farm located in the heart of the emerald triangle. The company was started to further the quality of California sun grown cannabis and is currently being operated with the latest technologies as a Veganic non-spray, no-till Cannabis farm. It is cultivating legacy and heritage strains for organically produced highest quality flower tops.
About Pharmagreen Biotech, Inc.
Pharmagreen Biotech, Inc. (OTCQB: PHBI) is in the business of providing the highest quality starter plantlets utilizing a proprietary tissue culture process, "Chibafreen", to licensed cannabis cultivators and to CBD / CBG hemp farmers. It also provides other value-added services including: plant species identification through DNA testing and certification, live storage of all plant strains using tissue culture, and low temperature storage proprietary technology. The Company is utilizing the best tissue cultured plantlets in its state-of-the-art greenhouse(s) for the highest quality flower tops production. For further information on the company, please visit www.pharmagreen.ca
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands; inability to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
The OTC Markets or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.