AgraFlora Provides Guidance Regarding Timing of Cultivation License Award
Vancouver, British Columbia / June 4th, 2019 – AgraFlora Organics International Inc. (“AgraFlora” or the “Company”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), a growth oriented and diversified international cannabis company, is pleased to announce that its Joint Venture entity, Propagation Services Canada (“PSC”), continues to achieve material progress with regards to the retrofit and licensing of its flagship 2,200,000 square foot Delta Greenhouse Complex.
After a careful review of its anticipated final preparations and submissions, including its Affirmation of Readiness and Video Evidence Package (the “Evidence Package”), the Company anticipates, based on recent standard timelines for review and award and assuming no major required amendments or augmentations, the award of a cultivation licence from Health Canada by the fourth quarter of 2019.
Chris Brocklesby of PSC commented, “We are largely complete on grow room build-out and we are now turning our attention to wrapping up security details while we await structure and supplies to complete the post harvest area. We are pleased with the rapid progress that we are making and feel confident that we will achieve the timelines and milestones noted below.”
Additionally, AgraFlora reaffirms that the aforementioned Evidence Package will be finalized during the third quarter of 2019 and anticipates submission to Health Canada shortly thereafter. Upon extensive deliberations with PSC and its industry consultants, the Company’s internal forecasts indicate that the inaugural harvest at the flagship Delta Greenhouse Complex is scheduled for the first quarter of 2020.
AgraFlora also announces that all prerequisite cultivation infrastructure has landed on-site in Delta, BC and has been secured prior to installation. Post-harvest equipment and supplies are en-route from Europe by way of airfreight and sea vessel and are anticipated to arrive within the required timeline for a Q4 harvest.
The retrofit for all applicable grow rooms located at the Delta Greenhouse Complex are complete and the Company reports that the installation of CCTV systems, as well as advanced perimeter and post harvest access controls will be completed by the second week of July.
Brandon Boddy, Chairman and CEO of AgraFlora stated, “With two significant off-take agreements already in place, one with Namaste representing 25,000,000 grams per annum and another with ICC International Cannabis Corp representing up to 100,000,000 grams over a 5 year period, we are eager to finalize the retrofit of the Delta Greenhouse Complex – an outstanding facility with an estimated ~$190,000,000 replacement value, with 2.2 million square feet under glass.”
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Service Canada and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry. For more information please visit: www.agraflora.com.
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Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for AgraFlora Organics described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.