CARSON CITY, NV, July 26, 2018 (GLOBE NEWSWIRE) -- Pharmagreen Biotech, Inc. (f/k/a Air Transport Group Holdings, Inc.), (OTC PINKS: AITGD), a cannabis biotech company focused on producing cannabis starter plantlets through its proprietary tissue culture process is pleased to announce that its wholly owned Canadian subsidiary, WFS Pharmagreen Inc., is currently completing its pre-construction phase of its 62,000 square foot cannabis biotech complex. WFS Pharmagreen has filed for regulatory approval from Health Canada for the cannabis biotech complex. The facility will supply over ten million cannabis tissue culture starter plantlets on an annual basis, operating at full capacity. The company’s plan is reach over ninety percent of production capacity in the first year. Ten million starter plantlets produced at an average sale price of $8 US per plantlet would generate eighty million US dollars in annual gross revenues.
The company is working closely with its strategic investment partner, Alliance Growers Inc., publicly traded on the Canadian Stock Exchange under (CSE: ACG), and on the Frankfurt Stock exchange under the symbol (1LA). Alliance Growers has the opportunity to own up to 30% equity interest in Pharmagreen’s Cannabis Biotech Complex in Deroche, B.C., Canada. To date the funds invested by Alliance Growers have been put towards pre-construction phase of the project.
Alliance Growers business model integrates well with Pharmagreen’s business plan. Alliance Growers focus is on the development, acquisition of early stage cannabis grow companies and establishing retail stores via the acquisition of Spyder Vapes Inc. and/or other similar outlets across Canada. Pharmagreen Biotech will benefit from this relationship with supply contracts for its tissue culture plantlets and for the distribution and sale of Pharmagreen branded medical cannabis products.
CEO of Alliance, Dennis Petke stated,” When we were introduced to the Tissue Culture Plantlet business by Peter Wojcik, that changed everything for Alliance. Once we were fully educated on the technology and we fully embraced Mr. Wojcik’s vision, it was clear that the services to be made available through the cannabis biotech complex were going to be a significant improvement to the growing quality and improved bottom line for all growers who have access to such supply across Canada and internationally.”
Commenting on the relationship with Alliance Growers, Pharmagreen’s, President and CEO, Peter Wojcik, stated “Working with Dennis Petke, who is of the same vision and with a focused business strategy to get the cannabis biotech complex construction moving ahead with Pharmagreen and unilaterally looking to secure supply contracts and retail shelf space, this model works well.”
About Alliance Growers Corp.
Alliance Growers 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. For more information on Alliance Growers Inc. please visit www.alliancegrowers.com
About Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.
WFS Pharmagreen Inc. is a wholly owned Canadian based subsidiary of Pharmagreen Biotech, Inc., a publicly traded (OTC PINKS: AITGD) company. WFS Pharmagreen Inc. is a cannabis company that is becoming the largest producer of cannabis plantlets through a proprietary tissue culture process with opportunity to become one of the largest players globally. Pharmagreen’s mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same plantlets of cannabis and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various cannabis and horticulture plants; extraction of botanical oils mainly CBD oil, and to deliver laboratory based services to the North American Cannabis and agriculture sectors. For further information on the company progress on the construction of a 62,000 square foot “Cannabis Biotech Complex” please visit www.pharmagreen.ca
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands; inability to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
The OTC Markets or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.