Alliance Growers Corp. (CSE:ACG) (“Alliance Growers” or the “Company”) is pleased to announce that it has entered advanced negotiations for a significant strategic investment with a private licensed Jamaican cannabis company.
The private Jamaican company has established operations with production facilities with a Tier 2 Cultivator’s license (cultivate land with ganja for medical, scientific and therapeutic purposes) and a Tier 2 Processing license (process ganja for medical, scientific and medical purposes, including the manufacturing of ganja-based products). The company’s mission is to produce quality medicinal products in Jamaica that have the unique qualities of Jamaica’s holistic healing culture. The Jamaican company will be exporting cannabinoids and terpenoids through joint ventures with selective Canadian and European Licensed Distributers, and develop and brand world class cannabis flower, extracts, infused products for the growing international cannabis industry.
Alliance Growers expansion into Jamaica will be a strong strategic move for the following reasons:
- Provides further geographical diversification
- Anticipated lower cost setting than Canada
- Canopy Growth Corp. has a subsidiary in Jamaica which validates the potential of the country by one of the largest, most respected Cannabis companies in the world.
- Canada-based Timeless Herbal Care Limited announced it has secured a US$100-million deal to develop medical marijuana products in Jamaica for the international market.
- Export potential to Canada, Europe and Uruguay and other South American countries.
- With a population of approximately 2.8 million, there is also the potential for the local market due to high acceptance of usage among the population.
Alliance Growers has finalized its a new business partnership with WFS Pharmagreen Inc., 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.
Alliance Growers has entered into an exclusive agreement to acquire a late stage licensed producer applicant, Biocannatech, to become a licensed producer under Health Canada’s access to cannabis for medical purposes regulations (“ACMPR”) in Quebec. Alliance Growers will supply financing and resources to build out the medical marijuana facility 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.
Further, Alliance Growers has been negotiating to obtain other exclusive Canadian distribution agreements for certain proprietary products for support of the Cannabis growing industry in addition to possible partnerships with Licensed Producer Applicants at various stages in the Health Canada License process.
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On behalf of the board of directors of
ALLIANCE GROWERS CORP.
President and CEO
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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.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company’s ability to identify and complete additional suitable acquisitions to further the Company’s growth as well as risks associated with the medical marijuana industry in general, such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and regulated regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
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