Indigenous Bloom Hemp Corporation Announces Strategic Joint Venture to Accelerate Their Cannabis Product Operations
Vancouver, British Columbia--(Newsfile Corp. - April 29, 2022) - Indigenous Bloom Hemp Corp. (CSE: IBH) (The "company" or "Indigenous Bloom") is pleased to announce that it has entered into a strategic joint venture agreement with Dykstra Greenhouses ( "Dysktra") to accelerate its efforts to extract and package cannabis products. Under the terms of this alliance Dysktra and Indigenous Bloom will form a new corporation, named Bloom Cannabis, owned on a 50/50 basis by each party to execute the objectives of this strategic alliance.
Indigenous Bloom's CEO, Mr. Mark Roseborough, commented, "We are extremely excited to have entered into a joint venture agreement with Dykstra Greenhouses. This strategic alliance will provide us with the facilities, necessary licenses and the know-how to fast-track marketing and sale of Indigenous Bloom's products, thus bringing our company one step closer to revenue generation."
The agreement will commence on May 2nd, 2022, with a 5-year duration, followed by an additional 5-year automatic renewal, unless either party provides written notice of termination. Bloom Cannabis will be led by a management committee comprised of appointees by both Indigenous Bloom and Dysktra.
Furthermore, as per the terms of this agreement Dysktra will:
- Provide access to its cannabis biomass produced in accordance with applicable Health Canada and provincial rules;
- Provide access to its processing facility within Dykstra's secured and licensed cannabis operation in St. Catharines, Ontario, suitable and ready for the installation and operation of Bloom's hemp and cannabis biomass extraction equipment;
- Grant access to necessary licenses and permissions required for the extraction and sale of cannabis and hemp biomass;
- Operate the facility and the equipment for packaging, bottling and labelling of all end- products for marketing wholesale or retail; and
- Provide a capital contribution to Bloom Cannabis of $1,400,000 in the form of cash, cannabis license, or building for processing and packaging.
Indigenous Bloom will in return provide the following:
- necessary equipment and assembly, installation, training, and testing of the harvesting equipment;
- Capital contribution to Bloom Cannabis of $1,400,000 in form of cash, processing equipment, or IP for extraction/keif production.
About Dykstra Greenhouses
Dysktra is a federally licensed producer and processor of Cannabis products, located in St. Catharines, Ontario. Following receiving its federal sales license, the Company entered the provincial and territorial markets and is currently supplying several provinces and territories with cannabis products ranging from flower to CBD.
For more information visit Dysktra Greenhouses' website.
About Indigenous Bloom Hemp Corp.
Indigenous Bloom Hemp Corp. currently operates a large-scale industrial hemp farm in Southern Manitoba on approximately 347 acres of zoned farmland. The Company's primary focus is the processing and sale of hemp biomass, flower, and phytocannabinoid rich extracts derived from hemp biomass. Indigenous Bloom Hemp Corp.'s vision is to become a premium producer of CBD oils, distillate or isolate and produce health supplements, nutritional products, food and beauty products, and to market it initially in Canada and eventually globally.
Indigenous Bloom Hemp Corp. is a publicly traded company in Canada, on the Canadian Securities Exchange under the ticker IBH; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP0.
On behalf of the Board of Directors
"Lorne Mark Roseborough"
Chief Executive Officer
Further information about the Company is available under our profile on SEDAR at www.sedar.com, and on the CSE website at www.thecse.com.
Investor and Public Relations Contact
Indigenous Bloom Hemp Corp.
The CSE has not reviewed, nor approved or disapproved the content of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122067