Alliance Growers completes Pharmagreen investment
2018-02-07 08:31 ET - News Release
Mr. Dennis Petke reports
ALLIANCE GROWERS COMPLETES STRATEGIC INVESTMENT IN PHARMAGREEN
Alliance Growers Corp. has completed the company's strategic $300,000 investment in Pharmagreen. The equity investment is a private placement in Pharmagreen for a total of $300,000 at a price of 25 cents per share.
Pharmagreen operations will be in British Columbia, Canada, with the construction of the cannabis botany centre as a wholly owned subsidiary of Pharmagreen. In the United States, Pharmagreen currently holds a 100-per-cent interest in Canna Companion Products Inc. Pharmagreen on behalf of BC Newco has commenced multiple applications for Health Canada licences with its consulting group Cannabis Compliance Inc. Alliance Growers as a strategic partner with Pharmagreen is investing $3-million for a 30-per-cent interest in the cannabis botany centre in Mission, B.C., having already made a deposit of $250,000.
The investment is important to Alliance Growers' growth and success for two reasons:
- Accelerates the development of the cannabis botany centre;
- Provides a profitable investment that has near-term liquidity.
About Alliance Growers Corp.
Alliance Growers is a diversified cannabis company driven by the company's four-pillar organization plan -- cannabis botany centre, strategic ACMPR (Access to Cannabis for Medical Purposes Regulations) investments, CBD oil supply and distribution, and research and development. Alliance Growers has finalized its new business partnership with WFS Pharmagreen Inc., to jointly develop and operate a 40,000-square-foot facility to be the first of its kind in Western Canada to house a DNA botany lab, extraction facility and tissue culture plantlet production facility to service the cannabis market and agriculture market in general.
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