CARSON CITY, NV, Jan. 29, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Pharmagreen Biotech, Inc. (OTC PINKS:PHBI), is pleased to announce that its wholly owned Canadian Subsidiary, WFS Pharmagreen Inc., on January 25, 2019 executed an option agreement with Alliance Growers Inc. This option agreement provides Alliance Growers with an initial 10% equity interest in WFS Pharmagreen subsidiary 1155907 BC Ltd. for an investment of CDN $1,350,000 (received). The option also allows Alliance Growers to earn up to a maximum of 30% equity interest of 1155907 BC Ltd. by funding up to 30% of the final total construction costs of Deroche Biotech Complex. The Deroche Biotech Complex will be owned and operated by 1155097 BC Ltd.
Alliance Growers has been and continues to be a strategic partner in the development of the Biotech Complex at Deroche, B. C. The funds advanced by Alliance has allowed this project to move to the completion of the project design and engineering stage including permit application approval from municipal and regional districts.
The 63,000 sq. ft Deroche Cannabis Biotech Complex will be a state of the art laboratory tissue culture facility. This complex will serve as a model for future locations that Pharmagreen plans to build globally. With the recent passage of the farm bill in US, and the subsequent rapid growth of the “high CBD hemp” industry in the southern United States, Pharmagreen sees an opportunity to build additional facilities.
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: PHBI) 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 63,000 sq. ft “Cannabis Biotech Complex” please visit www.pharmagreen.ca
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