CARSON CITY, NV, Dec. 19, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI) (“Company”) is pleased to announce that with the passing of the 2018 Farm Bill by Congress legalizing the production of hemp, a form of cannabis with THC levels below .3%, conjunctively increased the U.S. market size for “CBD Dana” hemp tissue culture plantlets. Cannabidiol, or CBD, is a compound found in cannabis that is popping up all over the U.S. market. Currently, CBD generates $418 million in sales, with expectations to increase to $1.6 billion by 2021, according to Brightfield Group.
Pharmagreen’s Cannabis Biotech Complex, in the construction phase and slated for completion in Q1 of 2020, is focused on the production of cannabis tissue culture starter plantlets. At the forefront of its offerings is “CBD Dana”, a unique strain designed and optimized to provide the burgeoning CBD hemp farming sector with the highest quality 100% germ free, disease free, all female hemp starter plantlets.
CBD Dana’s unique hemp properties with low THC (less than 0.3%) and significantly higher CBD content of 14% (per plant), compared to Industrial hemp strains, which contain around 1% CBD, makes it an ideal strain for CBD biomass farming and CBD oil extraction. With the higher CBD content per plant, this strain has the potential of increasing the yield of CBD per acre by up to 1,400% times that of 1% strain, leading to significantly higher return per acre farmed.
Pharmagreen CEO, Peter Wojcik, stated, “We are pleased to report extensive research has been completed with respect to “CBD Dana” strain by our R & D strategic partner, Botanical Research In Motion Inc. At this point, CBD Dana is very suitable for CBD hemp farming and with the expected passage of the 2018 Farm Bill into law, making CBD hemp farming legal, reaffirms the company’s strategy for its focus on hemp strains research and development.”
Dr. Fawzia Afreen, Head of Research and Development for Botanical Research In Motion Inc., commented on her research, “After the successful development of the Initiation and Multiplication protocols of our proprietary in-house variety CBD Dana, recent R&D has successfully resulted in plantlets with healthy roots in less time. This is a major achievement for future mass production of the disease-clean, healthy, all genetically the same, CBD Dana tissue cultured plantlets.”
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 Pink: PHBI) company. WFS Pharmagreen Inc. is a cannabis company positioning itself to become the largest producer of cannabis plantlets through a proprietary tissue culture process. 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 square foot "Cannabis Biotech Complex" please visit www.pharmagreen.ca.
About Botanical Research In Motion Inc. (B.R.I.M. Inc.)
B.R.I.M. is a privately held research and development company focused on the cannabis industry. Developer of “Chibafreen” invitro plant micro propagation proprietary technology for the production of tissue cultured plantlets in the Pharmagreen’s Cannabis Botany Center. The company has also been developing for the last three years tissue culture protocols for variety of cannabis strains. In particular it has developed a hemp strain with a high CBD, very low THC content, “CBD Dana”, for the medical cannabis market and industrial scale CBD hemp production. Pharmagreen Biotech Inc. is the exclusive licensed supplier of “CBD Dana” plantlets.
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.