Alliance Growers (CSE: $ACG) Announces Further Developments
VANCOUVER, British Columbia - April 4, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Alliance Growers Corp. (CSE: ACG) (FSE: 1LA) (WKN: A2DFYX) ("Alliance Growers" or the "Company") is pleased to report on the Company's sustainable and high margin revenue streams that are advancing over the next 12 months.
BiocannaTech Inc., Quebec
Alliance Growers has successfully completed all the due diligence set out in the binding agreement to acquire BiocannaTech Inc., Quebec and is currently in final stages of executing the closing Definitive Agreement documents, expected imminently.
BiocannaTech is a late stage applicant to become a licensed producer under Health Canada's access to cannabis for medical purposes regulations ("ACMPR") in Quebec. Alliance Growers is purchasing all the issued and outstanding shares of BiocannaTech and will supply financing and resources to build out the medical marijuana facility in its leased premises in the Town of Mount Royal, Quebec in preparation for the inspection required to obtain a growing license. Once Health Canada is satisfied with a successful crop, Alliance Growers will be granted its distribution license.
Cannabis Botany Centre
Further to the update provided on March 19, 2018, Engineers were recently added to the team to move the project forward. Design upgrades of the facility have been completed to include the increased handling of 10 Million plantlets per year from previous annual capacity of 3 Million.
Alliance Growers and Pharmagreen are jointly working to 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. The proposed Cannabis Botany Centre will grow Cannabis plantlets using proprietary tissue culture propagation, specifically the "Chibafreen Invitro Plant Production System", which assures consistent composition and purity of each plantlet for the growers.
Canwe Growers Inc.
Further to a news release dated February 22, 2018 announcing the closing of the final tranche of its subscription for 375,000 common shares (5% of the current capital of the company) of New Maple Holdings Ltd., Alliance Growers is very pleased with the growth of this investment and is currently considering additional investment. From the time Alliance Growers completed its first tranche of investment, there has been strategic work by the engineers to adjust the build-out plans to obtain the Access to Cannabis for Medical Purposes Regulations (the "ACMPR") license expeditiously.
New Maple Holdings Ltd. is the parent company and sole shareholder of New Maple Consulting Inc. and Canwe Growers Inc. ("Canwe"), which is a licensed producer applicant in the enhanced review stage under the ACMPR. Canwe submitted its application to produce and sell cannabis under the ACMPR in July 2017. In January 2018, Canwe received confirmation from Health Canada that it has completed the security clearance stage and that it has entered the final Review stage of the application process. In December 2017, Canwe obtained the necessary permits to begin ground works on its 22-acre site in south-western Ontario, and it expects to receive full site plan approval imminently from the local township. Canwe has retained an experienced project management firm to oversee the design and build of its planned state-of-the-art production facility and is projected to be licensed and operational by early 2019.
Jamaican Cannabis Company Investment
Further to a news release dated February 27th, 2018 whereby Alliance announced discussions with a private licensed Jamaican cannabis company for a significant strategic investment. Alliance Growers has commenced due diligence for the investment of this company which is planning for an IPO later this year.
The private Jamaican company has established operations with production facilities with a Tier 1 Cultivator's license (cultivate land with ganja for medical, scientific and therapeutic purposes) and a Tier 3 Processing license (process ganja for medical, scientific and medical purposes, including the manufacturing of ganja-based products). The company's mission is to produce quality medicinal products in Jamaica that have the unique qualities of Jamaica's holistic healing culture. The Jamaican company will be exporting cannabinoids and terpenoids through joint ventures with selective Canadian and European Licensed Distributers, and develop and brand world class cannabis flower, extracts, infused products for the growing international cannabis industry.
Commenting on the Company's progress, Alliance Growers President and CEO, Dennis Petke stated, "Alliance Growers continues to execute on its strategic plan to build a global cannabis company focused on where the cannabis industry is going, not where it is today. We are grateful for the diligent and mindful work of our team and the steadfast support of our many industry partners and shareholders. Alliance Growers is very excited for the future of our Company and the cannabis industry".
About Alliance Growers
Alliance Growers is a diversified cannabis company driven by the Company's 'Four Pillars' Organization Plan - Cannabis Botany Centre, Strategic ACMPR Investments, CBD Oil Supply and Distribution, and Research and Development.
Alliance Growers has finalized its a 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. The proposed Cannabis Botany Centre will grow Cannabis plantlets using proprietary tissue culture propagation, specifically the "Chibafreen Invitro Plant Production System", which assures consistent composition and purity of each plantlet for the growers.
Alliance Growers has entered into an exclusive agreement to acquire a late stage licensed producer applicant, Biocannatech, to become a licensed producer under Health Canada's access to cannabis for medical purposes regulations ("ACMPR") in Quebec. Alliance Growers will supply financing and resources to build out the medical marijuana facility in preparation for the inspection required to obtain a growing license. Once Health Canada is satisfied with a successful crop, Alliance Growers will be granted its distribution license. This acquisition allows the Company an opportunity to become a licensed producer in the Province of Quebec and gain an in-road to provide tissue culture plantlets to all licensed producers in Quebec.
Further, Alliance Growers has been negotiating to obtain other exclusive Canadian distribution agreements for certain proprietary products for support of the Cannabis growing industry in addition to possible partnerships with Licensed Producer Applicants at various stages in the Health Canada License process.
For further information, please visit the Company's website at www.alliancegrowers.com or the Company's profile at www.sedar.com.
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On behalf of the board of directors of
ALLIANCE GROWERS CORP.
President and CEO
For more information contact:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. More particularly and without limitation, the news release contains forward-looking statements and information relating to Company's corporate strategy. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company, including, without limitation, the Company's ability to carry out its business plan. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company's ability to identify and complete additional suitable acquisitions to further the Company's growth as well as risks associated with the medical marijuana industry in general, such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and regulated regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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