Benchmark Announces Financial Support from Current Shareholder
Vancouver, British Columbia--(Newsfile Corp. - March 18, 2021) - Benchmark Botanics, Inc. (CSE: BBT) (FSE: BBW) ("Benchmark" or the "Company") is pleased to announce that a current shareholder has injected $100,000 into the Company by way of a loan in order to assist the Company with its liquidity issues (see March 9, 2021 press release). A group of shareholders is committed to working with the Company in order to determine follow-on investments required to achieve Benchmark's long-term strategic goals. The Company has determined that a new CEO would be beneficial in leading Benchmark to the next stage of its growth. To that end, effective immediately, Mr. William Ying has resigned as the Company's Chief Executive Officer and board of director. The Company wishes to thank Mr. Ying for his contributions during Benchmark's start-up stage, and wishes him the best in his future endeavors. Mr. Ying has agreed to assist the Company in order to ensure a smooth transition.
Mr. Terry Wang has been appointed as the Company's Interim Chief Executive Officer as the Board engages in a process to identify a permanent CEO. Mr. Wang holds a Bachelor's degree in Economics and Mathematics from the University of Toronto, and brings significant entrepreneurial and general management experience to the Company.
Benchmark is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical 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 has been producing at its indoor Peachland, BC Cannabis Complex. Along with cultivation and production, the Company's Peachland BC facility also provided propagation, cultivation, cloning, storage, and research and development including genetic enhancements.
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, received its second cultivation license, effective November 29, 2019, from Health Canada for the Pitt Meadows greenhouse.
If you would like to be added to Benchmark's news distribution list, please sign up at Investor Relations email@example.com
BENCHMARK BOTANICS INC.
Interim 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. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77715