Press Release -
YIELD GROWTH Enters Agreement to Purchase a 10 Acre Property with 2.5 Acres of Existing Greenhouses in Chilliwack, BC
VANCOUVER, British Columbia, March 13, 2019 (GLOBE NEWSWIRE) -- The Yield Growth Corp. (CSE:BOSS) (OTCQB:BOSQF) (Frankfurt:YG3) is pleased to announce its subsidiary, Yield Botanicals Inc., has entered an agreement with Vandenbosch Trading Company Ltd. to purchase a 10 acre property. The purchase includes over 2.5 acres (approximately 100,000 square feet) of well-equipped and automated greenhouses, currently operating as an orchid flower grow and essential oil extraction business. The total price for the land, buildings, greenhouses and equipment is $2.4 million. Yield Growth has available cash on hand to complete the purchase.
This strategic asset purchase will allow Yield Growth to grow plants and build out extraction facilities in the existing infrastructure, while providing plenty of room for future expansion. Owning a farm will give Yield Growth complete control of key proprietary ingredients for its products, including hemp root oil. The purchase will also empower Yield Growth's in-house research capabilities for growth and innovation.
"We are delighted that we are buying a property to house our extraction facilities as well as potential cultivation of industrial hemp and other plants with therapeutic benefits," says Penny Green, CEO of Yield Growth. "One of our initiatives will be to work with local farmers and scientists to develop hemp strains with heavy concentrations of cannabidiol (CBD) in parts of the hemp plant that are exempt from the Cannabis Act."
Yield Growth is planning to optimize the farm's current orchid growth and essential oil extraction to include new products. It plans to set up an additional extraction facility dedicated to hemp root oil-a key ingredient in Urban Juve products and in the cannabis topicals line launching in Oregon. Yield Growth will also apply to cultivate industrial hemp for the purpose of hemp root oil extraction, and carry out research and development to create cannabidiol from the parts of the hemp plant exempt from the Cannabis Act. The farm facilities also allow Yield Growth to grow herbs currently used in the Urban Juve product line, and extract essential oils on site, according to the Ayurveda philosophy.
Closing of the purchase is subject to a building inspection satisfactory to Yield Growth
