Benchmark Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - April 16, 2021) - As previously announced on October 2, 2020, Benchmark Botanics', Inc. (CSE: BBT) ("Benchmark" or the "Company") wholly owned subsidiary, Potanicals Green Growers Inc. ("Potanicals"), received a notice that the United Food and Commercial Workers International Union, Local 1518 (the "Union"), applied for a certification to represent the employees of Potanicals' Peachland facility. The Company wishes to report that as of March 31, 2021, the employees at Potanicals' Peachland facility joined the Union and ratified their first collective agreement.
Highlights of the collective agreement include:
- An established, contract-backed grievance procedure for solving problems that arise in the workplace
- A new, clearer wage scale with progression based on the number of hours an employee works
- Five guaranteed paid sick days per year, so no one feels pressured to come to work sick
As previously announced on November 16, 2020, the Company suspended the growing and cultivation activities at Peachland to allow management the opportunity to evaluate its business strategy and review its strategic options. On March 18, 2021, the Company announced the appointment of Mr. Terry Wang as the Company's Interim Chief Executive Officer. As of the date of this press release, the growing and cultivation activities at Peachland remain suspended as the Company works to finalize its business plan.
Benchmark is a diversified multi-licensed cannabis producer in British Columbia targeting the medical and recreational markets in Canada.
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.
For more information about Benchmark, please refer to information available to the public under the Company's profile on SEDAR at www.sedar.com and the CSE website.
Chief Executive Officer
Benchmark Botanics Inc.
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/80662