Benchmark Botanics Completes Acquisition of Additional Interest in 1139000 B.C. Ltd.
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2020) - Benchmark Botanics, Inc. (CSE: BBT) ("Benchmark" or the "Company").
Further to the Company's news release of August 11, 2020, Benchmark is pleased to announce that it has completed the share exchange transaction contemplated under the share exchange agreement (the "Agreement") with shareholders of 1139000 B.C. Ltd. ("1139") and acquired 5,199,000 Common shares of 1139 from the shareholders. Benchmark now owns 10,199,000 Common shares of 1139, which will represent a 51%, controlling interest in the issued and outstanding share capital of 1139. 1139 acquired a four-acre greenhouse facility in August of 2008 with assistance from Benchmark to develop the facility into a licensed medical cannabis cultivation operation in Pitt Meadows, BC.
As consideration for the 5,199,000 Common shares of 1139, Benchmark issued to the shareholders of 1139 an aggregate of 26,999,956 Benchmark common shares (the "Consideration Shares"). All Consideration Shares issued are subject to a statutory hold period expiring four months and one day after the closing of the transactions contemplated under the Agreement.
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.
For further information, please visit the Company's website at www.benchmarkbotanics.com or the Company's profile at www.sedar.com.
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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.
This news release contains forward-looking statements pertaining to various risks and uncertainties regarding future events. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the business and future objectives of the Company. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including risks related to: (i) the facility and Potanicals' operations; (ii) adverse market conditions; (iii) the ability of the Company to complete financings in the future; (iv) dependence on suppliers and skilled labour; (v) government regulation and compliance with The Cannabis Act and regulations thereunder; (vi) managing and maintaining growth; (vii) unfavourable publicity or consumer perception litigation; (viii) competition; and (ix) the completion of the transactions contemplated in the Agreement. Actual results could differ materially from those currently anticipated due to a number of factors and risks including the risk factors discussed in this news release and in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com and on the CSE website. These statements speak only as of the date of this news release. Except as required by law, the Company does not intend to update these forward-looking statements.
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