Vancouver, British Columbia--(Newsfile Corp. - January 26, 2018) - Alliance Growers (CSE: ACG) (FSE: 1LA) has finalized the terms and conditions to acquire 100% of a late stage cannabis licensed producer applicant. Quebec based Biocannatech is a late stage applicant under Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR).
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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.
Under the terms of the transaction, Alliance Growers will pay $600,000 and 7,400,000 shares valued at a deemed price of $1.00 per share, in stages upon satisfaction of certain conditions.
Quebec represents approximately 20% of Canada's population, and the Province is anxious to develop a base of skilled licensed producers to provide a self-sustaining supply of both recreational and medical cannabis for Quebec residents.
Dennis Petke, President and CEO, stated: "Quebec's ACMPR licenses are currently underrepresented relative to other provinces in Canada. Management of Alliance Growers believes it is advantageous to capitalize on the mandate to increase the number of ACMPR licensed companies in Quebec. We are pleased to have now entered the grow space in Quebec as we negotiate additional license applicants in this province. In addition to growing, we look forward to becoming a preferred tissue cultured plantlet supplier to the Quebec ACMPR community. Today's announcement supports Alliance Growers mandate to build a diversified global cannabis company that will be focused on where the market is going, not where the market is today. Alliance Growers is concentrating on two primary streams in the cannabis space which are the most sustainable and that are here to stay; the grow stream and the medical CBD Oil stream."
The initial Biocannatech facility is configured at 10,000 sq. ft. and is attached to a 120,000-sq. ft. warehouse to provide for phased expansion. Biocannatech will have the capacity to produce up to 1,000 kilograms per year initially, and be able increase that output in subsequent phases of expansion.
Alliance Growers has finalized its a new business partnership with WFS Pharmagreen Inc.The companies will 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 also 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 more information please visit the company's website www.alliancegrowers.com, contact Dennis Petke, President and CEO, at 778-331-4266, or email [email protected]
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