Pharmagreen Biotech Inc. (OTCPK:PHBI) entered into memorandum of understanding to acquire Long Valley Farms LLC for $2.4 million on July 25, 2021. As part of consideration, Pharmagreen Biotech will pay a total purchase price of $2.4 million in cash and shares. The first tranche of funds Pharamagreen provided in December, 2021 was used for the renewal of the Cannabis cultivation license with the California authorities, securing its spot under the legacy cultivation licensing scheme. Ethan Styles as he continues his role as the Chief Executive Officer of Long Valley Farms now and post-acquisition.

Pharmagreen Biotech Inc. (OTCPK:PHBI) completed the acquisition of Long Valley Farms LLC on January 20, 2022. On January 20, 2022, Pharmagreen Biotech 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.