AgraFlora Organics Wholly Owned Subsidiary AAA Heidelberg Inc. to Acquire High Quality Cannabis Strains
VANCOUVER, Jan. 22, 2019 /CNW/ - AgraFlora Organics International Inc. (formerly PUF Ventures Inc.) (the "Company") (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), a growth oriented and diversified international cannabis company, is pleased to announce its wholly owned subsidiary, AAA Heidelberg Inc. is preparing to acquire a high-quality strain of cannabis to begin cultivation at its 8,800 square foot facility in London, Ontario.
"After receiving our license in October, we have been working to prepare the facility in London and identify the premiere stain for our first crop of high-quality boutique cannabis," said Chris Hornung, President of AAA Heidelberg Inc. "AAA is a boutique, small-batch, craft grower and our strategy is to produce high-quality cannabis with unique genetics demanding a premium price. Our team is in place, the facility is ready to go, and we are in the process of finalizing a distinct strain of high-quality cannabis. We are very excited to be procuring the seedlings to begin our first crop and look forward to a very productive year in 2019."
"With AAA Heidelberg and Propagation Services Canada both preparing for their first cannabis crops, AgraFlora will begin generating significant revenues in 2019," said Derek Ivany, President and CEO of AgraFlora Organics International Inc. "Our business in Canada is taking shape and we will soon have more than 250,000 square feet of growing area under cannabis production. We can now move our focus to the international markets where we have made considerable progress in Europe. We are also focusing on improving our extensive genetic library by adding unique cannabis genetics from Latin America. I have been in Colombia for a number of weeks sourcing exotic cannabis genetics/strains and will have more to announce in the near future."
AAA Heidelberg owns an 8,800 square foot indoor growing facility in London, Ontario. The facility has the most up-to-date growing and security technologies available and meets the highest level of pharmaceutical standards. It features a state-of-the-art HVAC system, a Surna Water Chilled Climate Control system and a security system that meets or exceeds all requirements demanded by Health Canada. These systems are backbone of the facility's automated control for the complete operations of the growing process.
This announcement follows the Health Canada grant of a cultivation license to AAA Heidelberg on October 15, 2018 and the acquisition of the remaining interest in AAA Heidelberg by AgraFlora on December 15, 2018.
In Delta, BC AgraFlora continues to work with its joint venture partners to convert an existing 2,200,000 square foot tomato greenhouse complex to cannabis production. The first phase of the retrofit is on schedule to complete 250,000 sq. ft. of flowering area by the summer of 2019. Propagation Services Canada intends on completing the total of 1,700,000 sq. ft. of flowering area by the end of 2019 and the final phase of the greenhouse retrofit is planned to include an additional 450,000 sq. ft. of flowering area scheduled for completion in the summer of 2020.
On January 7, 2019 the Company announced that management had initiated discussions regarding supply agreements and product development partnerships with several European Union based pharma companies. The discussions have advanced on both fronts and the management team will be travelling to Europe in early February to finalize potential agreements.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Service Canada and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry. 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: (778) 945-0348
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