VANCOUVER, Dec. 13, 2018 /CNW/ - At the request of IIROC, AgraFlora Organics International Inc. (formerly PUF Ventures Inc.) ("AgraFlora Organics" or the "Company") (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), a growth oriented and diversified international cannabis company, is pleased to provide additional information to the news release earlier today announcing an agreement (the "Agreement") with Namaste Technologies Inc.'s ("Namaste") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) wholly-owned subsidiary, Cannmart Inc. ("Cannmart"), where Cannmart may purchase medical cannabis products from AgraFlora's Propagation Services Canada (PSC) greenhouse operations in Delta, BC, subject to approval of its cultivation and sales licenses by Health Canada.
Subject to the terms of the Agreement, Cannmart reserves the right of first refusal to purchase up to 10% of the total annual production from AgraFlora's large-scale Delta Greenhouse Complex, representing 25,000,000 grams, at a price of $4 per gram, or up to $100,000,000 per year with production costs estimated to be between 20-24 percent of total revenue.
When the 2,200,000 sq. ft. Delta Greenhouse Complex is fully operational in 2021, it is projected to have an annual capacity of 250,000,000 grams of high quality cannabis.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It has ownership in several cannabis companies including AAA Heidelberg and Propagation Services Canada in Canada and is actively pursuing other opportunities within the cannabis industry. AgraFlora Organics has an option to purchase 100% of AAA Heidelberg Inc., a licensed producer under the Access to Cannabis for Medical Purposes Regulations. For more information please visit: www.agraflora.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Derek Ivany President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
SOURCE AgraFlora Organics International Inc.
For further information: AgraFlora Organics International Inc., E: [email protected], T: (800) 783-6056