Benchmark Botanics Announces Cannabis Supply Agreement with British Columbia
Vancouver, British Columbia--(Newsfile Corp. - September 26, 2019) - Benchmark Botanics, Inc. (CSE: BBT) (FSE: BBW) (OTC Pink: BHHKF) ("Benchmark" or the "Company") a licensed producer of cannabis for the medical and adult-use recreational markets, is pleased to announce that its wholly-owned subsidiary, Potanicals Green Growers Inc. ("Potanicals"), has signed a Licensed Producer Supply Agreement for Non-Medical Cannabis with the Province of British Columbia.
In British Columbia (BC), Benchmark has signed an agreement with the BC Liquor Distribution Branch (BCLDB), the sole, wholesale distributor of non-medical cannabis for the province that will operate standalone, public retail stores and provide online sales.
Commenting on the signing of the cannabis supply agreement, William Ying, Benchmark's CEO, stated, "We are extremely pleased to have achieved another major milestone and to further evolve the overall growth of the organization. Benchmark is very proud to have the credentials and capabilities to offer British Columbians safe, high-quality products. We are excited to work with partners that now includes the Province of British Columbia to help ensure the success of new adult-use recreational cannabis markets."
In addition to our bulk sale license received in August 2018, in July 2019 Benchmark received notification from Health Canada that it had been granted a sales license for the following activities related to sale of cannabis:
- a license for sale for medical purposes
- a license for standard processing authorizing the sales of cannabis plants, cannabis plants seeds, fresh cannabis and dried cannabis products
Benchmark now has the ability to sell into provincial recreational supply chains and make direct online sales to medical cannabis clients.
Benchmark, through Potanicals, acquired its original Cultivation License in October 2017 under the Access to Cannabis for Medical Purposes Regulations.
About Benchmark Botanics Inc.
Benchmark Botanics is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical, pharmaceutical, and recreational markets in Canada and the EU. The Company's business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp throughout Asia.
Benchmark Botanics is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company's global footprint.
Benchmark Botanics' 100% owned subsidiary, Potanicals Green Growers Inc. is a Health Canada licensed producer under the Cannabis Act and its regulations (formerly ACMPR). The Company is producing at its indoor Peachland Cannabis Complex and is constructing a Phase II expansion of an additional 10,000 square foot facility there. Along with cultivation and production, the company's Peachland BC facility also provides propagation, cultivation, cloning, storage, research and development, genetics and is progressing towards CBD oil extraction and an EU-GMP certification.
As part of its expansion strategy the company is building its second facility, a 4-acre Pitt Meadows Greenhouse Operations in BC.
ON BEHALF OF THE BOARD OF
BENCHMARK BOTANICS INC.
/s/ "William Ying"
Chief Executive Officer
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content 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 several 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.
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