PHBI Pharmagreen Announces Another Milestone Completed Towards the Acquisition of Long Valley Farms

CARSON CITY, NV, May 24, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire - Pharmagreen Biotech, Inc., (OTCQB: PHBI), (“Pharmagreen” or the “Company”), which provides the highest quality starter plantlets utilizing a proprietary tissue culture process, "Chibafreen," to licensed cannabis cultivators and CBD / CBG hemp farmers, announces that it has completed another significant milestone in the business development with Long Valley Farms. Pharmagreen has advanced the next tranche of funds, whereby the use of proceeds is for the continuous application process for the LVF micro-business license and its nursery licenses in addition to the current cultivation license. PHBI anticipates having the permits in place within the following few months, depending on the regulator’s schedule.

The significance of completing and receiving the licenses will allow for immediate revenues, primarily generated from the sales of live rosin and biomass to other cannabis manufacturers, distributors, and retailers. The micro-business permissions allow for vertical sales channels up to and including retail direct from the farm, thereby capturing 100% of the revenue minus the taxes owed.

The live rosin production and sales are estimated to bring in up to $18K per day in gross revenues alongside minimal capital expenditures. Existing infrastructure and equipment are in place. With Long Valley Farms’ (LVF) non-spray and vegan certifications, proprietary proven process for live rosin production, and biomass in stock, the Company has the technology, know-how, and supply to manufacture a highly desirable organic live rosin product.

Pharmagreen has advanced the third tranche of funds to LVF to ensure that vertical business growth is successfully implemented, since being a cultivator alone in the Cannabis industry is no longer a viable enterprise. Cultivators in California are getting about 10% of the industry dollar. Having the ability to sell as a distributor to manufacturers and retailers, including direct to retail products beyond just flower tops, is much more profitable. The retail price per gram has remained relatively stable; what has shifted is how that revenue is distrusted among licensed industry players.

“Being vertically integrated is the answer to being a successful and profitable company in the cannabis space. Pharmagreen teams are highly experienced in the Cannabis and agro-technology industries, capable of producing pharmaceutical-grade raw materials for whole plant therapeutics and beyond. We want to make sure our efforts increase the bottom line as much as possible and making these moves toward vertical integration is the key to that plan,” stated Peter Wojcik, CEO of Pharmagreen.

Visit update.pharmagren.ca for additional information on PHBI's current business development.

To watch the video on our recent business developments, please click here.

About Long Valley Farms LLC.

Long Valley Farms is a vegan 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 Vegan, non-spray, no-till Cannabis farm. It cultivates 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 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 proprietary low-temperature storage technology. The company utilizes 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 several 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; failure to compete with others who provide comparable products; the loss of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands; failure to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date made and are not guaranteed future performance. We undertake no obligation to update or revise any forward-looking statements publicly. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," and "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.

Contact Information: Current business development: Update.pharmagreen.ca Website: www.pharmagreen.ca Tel: (702) 803 9404 Email: info@pharmagreen.ca

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