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PHARMAGREEN BIOTECH INC.

(PHBI)
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Pharmagreen Signs a LOI for Supply of CBD Dana Hemp Starter Plantlets

10/04/2019 | 09:00am EST

CARSON CITY, NV, Oct. 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), is pleased to announce that its Canadian subsidiary, WFS Pharmagreen Inc., has signed a Letter of Intent with Carpere Inc. for the supply of “CBD Dana” hemp starter plantlets for the 2020 farming season and beyond.

The Pharmagreen team is excited to work with Carpere to be their supplier of all female high CBD hemp starter plantlets to produce the highest quality high CBD flower tops as well as production of the CBD whole hemp oils and isolate. Carpere owns and manages farmland, on behalf of farmers, in excess of 100,000 acres throughout Canada. How fast we grow and how many plantlets we will supply will depend on how fast we can build our facilities to produce the starter plantlets.  To put it in perspective, if Carpere wanted to farm all 100,000 acres for high CBD hemp flower tops with planting 2,400 plantlets per acre (optimum number of plantlets per acre), we would need to supply 240,000,000 total plantlets. 

Pharmagreen is preparing to supply up to 250,000 “CBD Dana” starter plantlets for the 2020 outdoor hemp growing season in Canada while the Company continues with the development of its 63,000 sq ft Cannabis Biotech Complex and year-round Greenhouse in Deroche, BC, Canada. Upon completion of these facilities, Pharmagreen will be able to produce up to one million tissue cultured starter plantlets per month.  The company recently updated its development plan to include up to an acre in size, a high tech all year greenhouse to ensure 99.99% success rate of the starter plantlets for transport and transplant with its acclimatization techniques.

Our method and process of farming high CBD biomass (unpollinated all female flower tops) from tissue cultured starter plantlets with researched cultivation schedules makes it a very lucrative and efficient model of farming the biomass to produce highest quality CBD extracts for human and animal formulations.

Commenting on Pharmagreen’s progress, Peter Wojcik, President and CEO, stated, “We are very pleased to be building these long term supply relationships like Carpere. They are a very large industrial group and we look forward to growing our relationship way beyond a supply agreement in the CBD hemp industry.”   

About Carpere, Inc.

Founded in Canada, Carpere is a development and investment company. We are building an exciting portfolio of projects that span multiple industries and geographic locations throughout North America.

Key to our strategy is the creation of high-tech industrial parks situated in carefully selected communities. The goal is to take advantage of the location’s proximity to natural resources, infrastructure, research and innovation agencies as well as the talent within the community to attract new investment. Our primary focus is to accommodate industrial growth in agriculture, food and wellness, manufacturing, alternative energy and technology sectors with integrated commercial and residential uses to support our client’s needs. Each proposed park is guided by a long-term vision and will be developed in phases to meet market demand.

When our clients succeed, we succeed. Carpere will offer a broad suite of services and solutions to bring our client’s projects to life. Our land servicing, engineering, facilities construction, project management; property leasing and management services allow flexible options for property needs. We help our clients move from idea to execution through Carpere’s financing, operations, distribution and market access solutions. The combination of our market intelligence, land resources, trusted relationships, and leading edge technology presents an unparalleled advantage for our industrial park clients, investors and partners.

Generating long-term sustainable economic benefits for our clients and the communities in which we live is our difference. For further information visit https://carpere.ca/

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 cannabis company that is becoming the largest producer of cannabis plantlets through a proprietary tissue culture process with opportunity to become one of the largest players globally.  Pharmagreen’s 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 plantlets of cannabis and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using  low temperature storage for various cannabis and horticulture plants; extraction of botanical oils mainly CBD oil, and to deliver laboratory based services to the North American Cannabis and agriculture sectors.  For further information on the company progress on the construction of a 63,000 square foot “Cannabis Biotech Complex” 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. 

Contact Information:

www.pharmagreen.ca

Tel: (702) 803 9404

Email: info@pharmagreen.ca

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© GlobeNewswire 2019
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Financials (USD)
Sales 2020 - - -
Net income 2020 -2,44 M - -
Net Debt 2020 0,70 M - -
P/E ratio 2020 -2,69x
Yield 2020 -
Capitalization 8,44 M 8,44 M -
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 86,2%
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Managers and Directors
Peter Wojcik President, CEO, Secretary, Treasurer & Director
Terry Kwan Director, Chief Financial & Accounting Officer
Fawzia Afreen Chief Operations Officer
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