Benchmark Botanics Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - March 9, 2021) - Benchmark Botanics Inc. (CSE: BBT) ("Benchmark" or the "Company"), a diversified multi-licensed cannabis producer, today announced that it is actively exploring various options to address the Company's financial liquidity issues, including increasing its sales from inventory, cutting operating costs, restructuring its operations, and undertaking an equity and/or debt financing. There is no assurance that such additional financing will be available on terms acceptable to the Company or at all. If the Company is unable to obtain the necessary additional financing, it will be required to reduce the scope of its operations and defer planned expansions. The Company will provide further updates on this matter as it develops.
Furthermore, the Company has granted an aggregate of 500,000 stock options to purchase common shares to a director and an officer of the Company. The stock options, granted March 5, 2021, have an exercise price of $0.095 per common share, being the closing market price for each common share on March 5, 2021. The stock options, granted in accordance with the Company's Stock Option Plan, have a term of 5 years and shall vest (i) one third on the grant date; (ii) one third on the date that is 12 months following the grant date; and (iii) one third on the date that is 24 months following the grant date.
About Benchmark Botanics Inc.
Benchmark is a diversified multi-licensed cannabis producer focused on a 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 related products throughout Asia and in countries where it is legal to do so. Benchmark is focused on producing high quality 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 (PGG) is a Health Canada licensed producer under the Cannabis Act. PGG's Peachland complex was constructed for propagation, cultivation, cloning, storage, research and development including genetic improvements, and was progressing towards CBD oil extraction. The Company and a joint venture partner acquired a second facility, a 4-acre Greenhouse Operation in Pitt Meadows, BC. The Company, through PGG, received its second cultivation license, effective November 29, 2019, from Health Canada for that Pitt Meadows greenhouse. For further information, please visit the Company's website at www.benchmarkbotanics.com or the Company's profile at www.sedar.com. If you would like to be added to Benchmark's news distribution list, please sign up at Investor Relations email@example.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76616