PHBI Pharmagreen Announces Affirmed MOU to Acquire Licensed California Cannabis Company
Carson City, Nevada--(Newsfile Corp. - January 6, 2022) - Pharmagreen Biotech, Inc., (OTCQB: PHBI), today announced an affirmed memorandum of understanding (MOU) to acquire Long Valley Farms LLC, a California-based cannabis company. The acquisition includes land, infrastructure, and a Cannabis cultivation license for the operation of a cannabis business in the State of California.
This acquisition is a strategic component of Pharmagreen's strategy to convert the revenue potential of its proven proprietary cannabis tissue culture technology, Chibafreen, into realized revenue. As part of its vertical growth strategy, Long Valley Farms will immediately commence applying for nursery, distribution, non-volatile extraction and retail Cannabis licenses with the regulatory bodies in the state of California.
Learn more about Pharmagreen's strategy to leverage its proprietary cannabis tissue technology, Chibafreen, in a recent series of management updates from Pharmagreen CEO, Peter Wojcik.
The MOU announced today is an addendum to the MOU executed on July 25, 2021 (previously announced in the news release on August 12, 2021). This addendum is an affirmation by the companies to the acquisition transaction and commits Pharmagreen to maintain the ongoing operational expenses for Long Valley, including applications for additional Cannabis licenses, as previously mentioned.
Ethan Styles has a degree in mechanical engineering, is a third generation Grand Master grower of legacy cannabis, from the heart of the emerald triangle, Humboldt/Mendocino Counties, California. He is the founder and CEO of Long Valley Farms LLC, with decades of Cannabis cultivation behind him. Ethan's grandfather, a biologist and a botanist, started cannabis research in 1955 after serving his country in the Marine Corps. He fought in WW2 and Korea and was awarded numerous medals including for his extremely rare act of bravery by shielding a grenade explosion to save his fellow men. Cannabis gave his grandfather relief from his severe injuries including PTSD. Ethan absorbed that multi-generational knowledge, expended it further over his long and successful Cannabis industry experience and legacy cultivation of premium Cannabis strains. This is part of Pharmagreen's brand building where we start with the best, tissue cultured starter plantlets, cultivate organically with the best IoT technologies and utilize organic proprietary press technology to develop one-of-a-kind all-inclusive Cannabinoids therapeutic Cannabis and Hemp formulations with "entourage effect".
"With our location right on the Humboldt/Mendocino line, we are in the epicenter of California cannabis. Being a third generation Grand Master cultivator and connoisseur, we have the history and the knowledge to be a top shelf global brand. Originally California cannabis accounted for 33.33% of the world's cannabis but with the evolving market and legalization California has lost parts of that market share. By becoming part of the Pharmagreen family we are strategically poised to reclaim some of those markets and become a household name globally. With our broad range of products and processes and Pharmagreen international relationships and marketing, we see a match made in heaven in god's country! This merger is way more than a business deal; this is a cementing of three generations' place in history," stated Ethan Styles, CEO of Long Valley Farms.
Additional comments from Ethan: "In the uncertainty of the emerging cannabis markets we are excited to join the Pharmagreen team to further our legacy in California cannabis and to continue producing high quality premium cannabis products for the future global market we see coming very soon!"
"I am very pleased and excited to be working with Ethan Styles as he continues his role as the CEO of Long Valley Farms now and post-acquisition. Ethan, a third generation Grand Master grower, brings a wealth of knowledge in Cannabis cultivation, zero cost organic fertilizer formulations as well as proprietary non-solvent based Cannabis processing technologies. He will also provide input to Pharmagreen to build its brand of Cannabis and CBD products that are organic, full spectrum and based on the 'Entourage effect'," concluded Mr. Wojcik.
Pharmagreen Crowdfunding Campaign On DealMaker
Pharmagreen has launched a crowdfunding campaign on DealMaker where investors can purchase shares offered through a Regulation A offering qualified on September 24, 2021. Details including offering memorandum are available on this site.
Visit update.pharmagren.ca for additional information on PHBI's current business development.
To watch the video on our current business developments please click here.
About Long Valley Farms LLC.
Long Valley Farms is a veganic cannabis farm located in the heart of the emerald triangle. The company, LVF, was started to further the quality of California sun grown cannabis and is currently being operated with latest technologies as a Veganic non spray no till Cannabis farm. Cultivating legacy and heritage strains for organically produced highest quality flower tops.
About Pharmagreen Biotech Inc.
Pharmagreen Biotech, Inc., is a publicly traded (OTCQB: PHBI) company. Pharmagreen Biotech Inc. is in the business of providing the highest quality starter plantlets utilizing a proprietary tissue culture process, "Chibafreen", to licensed cannabis cultivators and to CBD / CBG hemp farmers. It also provides other value-added services: plant species identification through DNA testing and certification; live storage of all plant strains using tissue culture and low temperature storage proprietary technology. Utilizing the best tissue cultured plantlets in its state of art greenhouse(s) for highest quality flower tops production. For further information on the company 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.
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