Alliance Growers Corp. (CSE:ACG) is pleased to report that further to its News Release dated April 19, 2018 wherein it was disclosed that the Company executed an exclusive agreement to acquire BiocannaTech Inc. to become a licensed producer under Health Canada’s access to cannabis for medical purposes regulations (“ACMPR”) in Quebec, the Company has issued the first tranche of shares to satisfy the agreement terms and close the acquisition of BiocannaTech.
“BiocannaTech is now fully under the Alliance Growers’ umbrella, advancing the Alliance business model and creating value for our shareholders. We have great confidence in obtaining this license in a timely manner due to the existing team in Quebec and because we have access to some of the top grow talent in Canada as well as the best application process team”, commented Dennis Petke, President and CEO of Alliance Growers Corp. “Given the advanced stage of the BiocannaTech application and the political motivation by Quebec and the Federal Government to make sure Quebec gets its fair share of ACMPR licenses, we expect approval by as early as mid-October. Alliance is fortunate to have financing commitments that coincide with our Capex needs over the next four months and beyond. A huge bonus for Alliance, once we are granted an ACMPR license, we will be able to extend that license to other Alliance grow facilities in other provinces with an application process that takes only two or three months to complete. This acquisition is significant in that it assists Alliance in accelerating future licenses in addition to fortifying the balance sheet and feeding the income statement.”
Closing of the acquisition occurred on April 25, 2018, five business days after the fully executed agreement was completed, and as such, the Company has issued 1,369,491 shares at a deemed price of $0.295 per share.
Alliance will provide financing and resources to build out BiocannaTech’s medical marijuana facility in the town of Mount Royal, Quebec, in preparation for the inspection required to obtain a growing license. Once Health Canada is satisfied with a successful crop, Alliance Growers will be granted its distribution license. This acquisition allows the Company an opportunity to become a licensed producer in the Province of Quebec and gain an in-road to provide tissue culture plantlets to all licensed producers in Quebec.
About Alliance Growers Corp.
Alliance is a diversified cannabis company driven by the Company’s ‘Four Pillars’ Organization Plan — Cannabis Biotech Complex, Strategic ACMPR Investments, CBD Oil Supply and Distribution, and Research and Technology.
Alliance is working with WFS Pharmagreen Inc. advancing a new business partnership, to jointly develop and operate a 40,000-square foot facility to be the first of its kind in Western Canada to house a DNA Botany lab, extraction facility and Tissue Culture Plantlet Production facility to service the Cannabis market and agriculture market in general. The proposed Cannabis Botany Centre will grow Cannabis plantlets using proprietary tissue culture propagation, specifically the “Chibafreen Invitro Plant Production System”, which assures consistent composition and purity of each plantlet for the growers.
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FORWARD LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. More particularly and without limitation, the news release contains forward-looking statements and information relating to Company’s corporate strategy. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company, including, without limitation, the Company’s ability to carry out its business plan. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
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