Pharmagreen Provides Update
Carson City, Nevada--(Newsfile Corp. - December 12, 2019) - Pharmagreen Biotech, Inc., (OTC Pink: PHBI), is pleased to provide a company development update. The company has secured significant credit facility to date and plans to use the funds to move forward with its projects development to build a state of the art all year round greenhouse and a tissue cultured starter plantlet production facility. The all year round greenhouse was added to the company's plans for a first build out as time to complete construction is less than six months and revenue producing within 3 months of operations. The greenhouse will allow the company to earn revenues while the tissue culture facility is under construction.
Due to the extremely long periods of time Health Canada takes to process and issue Cannabis licences, the company has been strategically focused on the supply of its high CBD hemp strain plantlets. This year's very successful "CBD Dana" hemp pilot project was conducted across Canada by Botanical Research In Motion Inc., (B.R.I.M.), one of Pharmagreen's strategic partners. The pilot project yielded great results and has proven and validated this strain to be a large producer of CBD biomass with CBD content reaching into double digits while the THC remaining very stable under 0.3% throughout the whole plant cycle. The research from this project is being submitted by B.R.I.M. to Health Canada for further review and for approval for the cultivar status. Changes to Health Canada's hemp regulations are coming sometime in 2020, but what the changes are remains to be seen. Until then, the current list of 50 plus strains on Health Canada's approved cultivar list are not worthwhile for CBD hemp farming as stated by the industry experts at the Canadian Hemp Trade Alliance trade show recently held in November, 2019. Getting "CBD Dana" hemp strain on the cultivar list will provide the Canadian Hemp farmers an opportunity to farm with high CBD hemp strain that's very well suited for the North American growing conditions.
With the passage of the 2018 Farm Bill in U.S., "CBD Dana" hemp strain is now classified as hemp because it meets the requirement of less than 0.3% of THC. The Farm Bill also does not place restrictions for any particular hemp strain that can be grown as long as the content is less than 0.3% THC. This Bill is very positive for the cultivation of hemp and for the production of its cannabinoids based products such as CBD. This makes the U.S. regulatory structure one of the friendliest to grow hemp for high, non-THC cannabinoids production. Combined super-efficient regulations and being the world's largest economy, U.S. has become a global player in less than a year in hemp production and CBD products development. In summer of 2019, the World Health Organization also stated that CBD should not be considered a controlled substance.
Pharmagreen, a Nevada based company, is monitoring the regulatory developments for hemp in Canada and at the same time identifying expansion opportunities in US.
About Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.
WFS Pharmagreen Inc. is a wholly owned Canadian based subsidiary of Pharmagreen Biotech, Inc., a publicly traded (OTC Pink: PHBI) company. WFS Pharmagreen Inc. is a tissue culture company that is becoming one of the largest producers of hemp plantlets through a proprietary tissue culture process with opportunity to become one of the largest players globally. Pharmagreen's mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same hemp plantlets with high Cannabinoids content and with less than 0.3% THC and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various plant species; For further information on the company progress on the construction of a 63,000 square foot "Tissue Culture Biotech Complex" 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.
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