GAIA Grow, a Canadian-Based Industrial Hemp Grower for Medical Purposes, Commences Trading on the TSX Venture Exchange - Video News Alert on Investmentpitch.com
GAIA Grow (TSXV: GAIA) is one of the latest new listings on the TSX Venture Exchange, following its Qualifying Transaction with Capital Pool Company "Spirit Bear Capital". Gaia Grow was created to focus on outdoor industrial hemp cultivation, which is expected to provide two revenue streams, by selling hemp that can be further processed for extracts and concentrates, and biomass used for industrial applications.
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On March 22, 2019, Gaia Grow acquired Gaia Bio, which became a wholly-owned subsidiary and the operational branch of Gaia. Gaia Bio, incorporated in Alberta, has a licence to cultivate and sell industrial hemp under the Cannabis Act and the Industrial Hemp Regulations and is also an applicant for a licence to cultivate cannabis for medical purposes under the Cannabis Act. Although it's applied for a license to cultivate cannabis, its primary focus is the cultivation and sale of hemp for Medical Purposes on its owned land, 80 acres in Lamont County, Alberta.
By setting up joint ventures with existing farmers, the company anticipates that it will become a major industrial hemp cultivator without extensive capital outlay for acquiring farmland and expensive farm equipment. This process will help provide existing canola farmers with new revenue-generating opportunities.
The company reported that seeds arrived in the second week of June and due to the wet spring weather, it was great conditions for seed germination. The process of fertilizing, seeding and rolling the expansive 1,494 acres in southern Alberta was spread over two weeks.
James Tworek, President, stated: "Gaia's 2019 crop is planted and off to a great start. We will continue to monitor progress and work with our farmers, contract harvesting team and agronomy team to optimize timing towards harvesting, currently estimated to be around the end of September/early October. In the meantime, Gaia's management team is working diligently to firm up contracts with our offtake partners to ensure a successful sale and extraction process of the harvest."
Prior to completion of the qualifying transaction, the company raised gross proceeds of $4.5 million from a non-brokered private placement of approximately 45.1 million shares priced at $0.10 per share. For more information, please visit the company's website www.gaiagrow.com, contact Frederick Pels, CEO, by email at firstname.lastname@example.org.
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