Benchmark Botanics Receives Health Canada License Amendment for Its Peachland Complex and Commences Seed Nursery Operations
Vancouver, British Columbia--(Newsfile Corp. - May 27, 2020) - Benchmark Botanics Inc. (CSE: BBT) (the "Company" or "Benchmark"), federally licensed to cultivate, process and sell cannabis under the Cannabis Act, is pleased to announce that its 100% owned subsidiary, Potanicals Green Growers, Inc. ("Potanicals") has received Health Canada's approval for the licensing of an additional component of its cultivation site, a purpose-built seed nursery facility.
In accordance with the Cannabis Act and Regulations, Potanicals has immediately commenced developing cannabis seeds from a portfolio of high-end cultivars (more commonly known as genetics). Management believes that the combination of unique genetics and experienced cultivation techniques will create a long-term sustainable competitive advantage for the Company and provide resistance to overall price compression.
"Receiving this license amendment was a key element of our 2020 operating plan. We can ramp up our genetic research, development projects and seed propagation capacity for our own as well as other licensed producers," commented William Ying, CEO of Benchmark Botanics. "This added capability further strengthen Benchmark's position for our next wave of 2.0 product launches and will enable us to build up our proprietary strains collection," William added.
About Benchmark Botanics Inc.
Benchmark is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical, pharmaceutical and recreational markets in Canada. The Company's business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp throughout Asia, in countries where it is legal to do so.
Benchmark 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's 100% owned subsidiary, Potanicals Green Growers Inc. ("Potanicals) is a Health Canada licensed producer under the Cannabis Act and its regulations. The Company is producing at its indoor Peachland, BC Cannabis Complex and is constructing a Phase II expansion of an additional 10,000 square foot extraction facility there. Along with cultivation and production, the company's Peachland BC facility also provides propagation, cultivation, cloning, storage, research and development, genetic improvements and is progressing towards CBD oil extraction and an EU-GMP certification.
As part of its expansion strategy, the company and a joint venture partner completed a second facility, a 4-acre Greenhouse Operation in Pitt Meadows, BC. The Company, through Potanicals, has received its second cultivation license, effective November 29, 2019, from Health Canada for the Pitt Meadow greenhouse.
Benchmark has also acquired 51% of a company that holds a cannabis research and development licence issued from Health Canada under The Cannabis Act and its regulations.
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ON BEHALF OF THE BOARD OF
BENCHMARK BOTANICS INC.
/s/ "William Ying"
Chief Executive Officer
Tel: 604-238-0005 (ext. 101)
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
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