VANCOUVER, British Columbia, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Agra Ventures Ltd. (“AGRA” or the “Company”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF), a growth-oriented and diversified company focused on the international cannabis industry, is pleased to announce that it has received the test results (the “Test Results”) from the four successful batches that comprise the recent crop of cannabis grown and harvested at its Delta greenhouse complex. The Company submitted five strain samples – Mimosa, Motor Breath, Purple Punch, Rogue Gelato and Thrive – to an independent, Ontario-based laboratory to test each one for THC content, CBD content and moisture level. For the Mimosa strain, as an example, the THC level was reported to be 21.17%, with accompanying CBD and moisture levels appropriate for the sample.
Subject to changing supply and demand dynamics in the market-based pricing environment, AGRA is in the process of determining which strains may be sold as dried bulk flower and which may be sold for use in extracts. These determinations are expected to be made in the near term and are also currently subject to ongoing negotiations with third parties. As previously announced, all crop sales will be made on a wholesale business-to-business basis to a Canadian licensed producer of cannabis until such a time that the Company is both in possession of a sales license from Health Canada and deems the retail sales channel to be part of its competitive strategy. The Company expects to provide an update on the sale of the crop, in whole or in part, at its earliest convenience, which may be subject to certain limitations for competitive or confidentiality reasons depending on each counterparty.
Master Growing Consultant
The Company is also pleased to announce that it has recently engaged Michael Chyczij as its Master Growing Consultant. Based in Vancouver, Mr. Chyczij has been engaged for an initial term of six months to assist AGRA with the development of Boundary Bay Cannabis products at the Delta greenhouse complex. Over his career to date, Michael has served several functions in the cannabis industry. He began experimenting with various cultivation methodologies and growing techniques 25 years ago. Mr. Chyczij’s YouTube channel, Green Grow Spaces, focuses on empowering medical patients with the tools required to cultivate cannabis and has over 20,000 subscribers with over 1.5 million views.
Michael was also instrumental in the developed of an in-depth education and training program for Canna Cabana – one of Canada’s leading retailers of recreational cannabis. From 2019-2021, he worked with Mount Royal University as an instructor and course developer, while also sitting on the advisory board for the faculty of Continuing Education, with a focus on commercial cannabis cultivation. With CannaReps, Mr. Chyczij has served as a Cannabis Sommelier instructor, as well as spearheaded the development of the “Living Soil at Home” cultivation course. Most recently, he consulted for Health Education and Research of Botanical Sciences Ltd., a medical cannabis producer with a 15-acre outdoor facility in Westmoreland, Jamaica.
ABOUT AGRA VENTURES
Agra Ventures Ltd. (“AGRA” or “the Company”) is a growth-oriented and diversified company focused on the international cannabis industry. The Company is dedicated to the cultivation, distribution and marketing of high-quality cannabis and cannabis-infused products worldwide. AGRA’s primary asset in Canada is Boundary Bay Cannabis located in Delta, BC, which is one of the largest cannabis greenhouse facilities focused on the cost-optimized cultivation of high-potency cannabis. Abroad, the Company’s wholly-owned subsidiary, Farmako GmbH, is focused on becoming Europe’s leading distributor of medical cannabis. Farmako currently has active product distribution operations in Germany and expects to commence active operations in the United Kingdom in 2021.
For more information about Agra Ventures, please visit agraventures.com and its profile page on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Nick Kuzyk, Investor Relations
E: ir@agraventures.com
T: (800) 783-6056
For French inquiries:
Maricom Inc.
Remy Scalabrini
E: rs@maricom.ca
T: (888) 585-MARI
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-looking Information Cautionary Statement
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 Agra Ventures 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.
