09/23/2021 PAC ROOTS CANNABIS CORP. ANNOUNCES RESULTS OF FIELD INSPECTION OF OUR JOINT VENTURE IN ROCK CREEK, AND WHOLLY OWNED FACILITY IN KELOWNA, BC.
September 23, 2021
Pac Roots Cannabis Corp. (“Pac Roots” or the “Company”) (CSE: PACR) (OTCQB: PARCF) (FSE:4XM) further to our September 8th 2021 News Release, where Chris Farnworth, CEO stated “During the next two weeks, senior management will be visiting our joint ventures and facilities in central British Columbia, to ensure they are aligned with our core business focus”. Management conducted a field inspection of the second season of our Hemp CBD project during the week of September 13, 2021, which consisted of 15+ acres of cultivation which is projected to be harvested in late October. The first crop of 2020 is approximately 50% processed and is estimated to produce gross revenue of $1.3M to the joint venture. The balance of the 2020 crop is expected to be processed in the next six weeks. The total joint venture has an estimated $2.3M in top line revenue. Chris also stated, “We expect to plant, in excess of 100 acres of Hemp CBD in the 2nd Q of 2022.”
The Rock Creek joint venture consists of 100-acres Hemp CBD and was awarded an industrial hemp license by Health Canada. This permitted Pac Roots Cannabis Corp. to cultivate, sell, possess, and process industrial hemp. Pac Roots entered into a joint venture with Rock Creek, currently held 49% by Pac Roots and 51% by Rock Creek, with the goal to plant hemp CBD seedlings on 100-acres of prime arable land in British Columbia. Planting commenced in mid-June 2020, with approximately 130,000 premium hemp CBD plants placed systematically throughout the two 50-acre parcels.
Management also visited the Kelowna 20,000 square foot Cannabis Indoor Facility last week. Nearly two million dollars has been invested so far; the grow rooms and infrastructure are installed, as well as framing, electrical and the air conditioning completed. Covid-19 set us back approximately 12 months due to shortage of construction personnel and materials.
The revised cost estimate has increased around 30%, thus additional financing will be required to complete. In addition, changes in Health Canada requirements for security had to be taken into account, subsequently in 2021 clarification was distributed and revised drawings and quotations requested.
About PacRoots
PacRoots Cannabis is the future of genetics. By focusing on elite genetic development, the company expects to maximize the quality of its products, while keeping yields and profit margins high. Pac Roots has formed a strategic partnership with Phenome One, giving the Company complete access to one of the largest live genetic libraries in Canada composed of the finest cultivars. The Company will use these genetics to develop unique strains with various beneficial characteristics. The 350+ licensed live cultivars and over 1800 seed varieties are the result of a meticulous gene selection process, whereby Phenome One filters through as many as 600 individual plants to lock in a specific phenotype for a single strain. Tailored elite cultivars are then selected for indoor or outdoor cultivation based on various environmental, biological, medical and market driven factors. Visit www.pacroots.ca
ON BEHALF OF PAC ROOTS CANNABIS CORP.
(signed) “Chris Farnworth”
Chief Executive Officer
BM
