Pharmagreen Biotech Inc (PHBI)

[Ownwallstreet]

Pharmagreen Provides Update on Funding and Acquisition Progress
Press Release | 09/29/2021
CARSON CITY, NV, Sept. 29, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), is pleased to update its shareholders on the company's Regulation A offering and ongoing progress with the California acquisition previously announced in a news release published on August 12, 2021. The SEC’s notice of qualification with respect to the Reg A offering was issued on September 24, 2021. A portion of the proceeds from this offering will be used to complete the acquisition of the California based Cannabis Licensed Company and to construct state-of-the-art greenhouse on the 12 acres. Upon closing of the aforementioned acquisition, the Company intends to apply to the State of California for a Cannabis nursery license to enable it to develop its Tissue Culture Starter Plantlet production facility. The acquisition process is proceeding as planned and is on track for anticipated completion in Q4 2021 and a site visit planned upon funding in place to sign the definitive agreement.

As mentioned in previous news releases, now that the Reg-A has been qualified, the Company intends to continue its planned strategic trajectory for up-listing to the OTC QB. Pharmagreen has always filed its audited financial statements, has been and is in good standing with its current listing requirements, therefore the up listing is a beneficial process for the company and its shareholders.

Additionally, the company is in the process of updating its corporate material including its investor information page. When completed, the investors page will provide each individual investor the opportunity to review the company's business material and, for qualified investors, the ability to participate directly in the Reg A offering via the digital platform.

"I am pleased that we have been qualified for our Reg A tier 2 offering. We anticipate that this fund raising instrument will allow us to usher in the next phase of our rapid business development," concluded Mr. Wojcik.