Alliance Growers Corp. (CSE: ACG; FWB: 1LA; WKN: A2DFYX) (“Alliance Growers” or the “Company”) is pleased to announce the completion of the Company’s strategic $300,000 investment in Pharmagreen. The equity investment is a private placement in Pharmagreen for a total of $300,000 at a price of $0.25/ share.
Pharmagreen operations will be in British Columbia, Canada, with the construction of the cannabis botany centre as a wholly owned subsidiary of Pharmagreen. In the United States, Pharmagreen currently holds a 100-per-cent interest in Canna Companion Products Inc. Pharmagreen on behalf of BC Newco has commenced multiple applications for Health Canada licences with its consulting group Cannabis Compliance Inc. Alliance Growers as a strategic partner with Pharmagreen is investing $3-million for a 30-per-cent interest in the cannabis botany centre in Mission, B.C., having already made a deposit of $250,000.
The investment is important to Alliance Growers’ growth and success for two reasons: * Accelerates the development of the cannabis botany centre;
* Provides a profitable investment that has near-term liquidity.
Commenting on the strategic investment in Pharmagreen, Dennis Petke, Alliance Growers’ president and chief executive officer, noted: “We are very fortunate to be able to strategically invest in Pharmagreen at such a discounted price to the anticipated opening public market price of $1/share. Finalizing the BC Newco investment of $3-million in the cannabis botany centre is the most significant milestone in the company’s business plan. Now that Alliance is capitalized, we will be working closely with Pharmagreen to accelerate the development of the cannabis botany centre. It represents the beginning of the execution of multiple initiatives that Alliance Growers has been developing over the last year. Alliance Growers has already acquired interests in two ACMPR applicants, notably Biocannatech, whereby Alliance recently acquired 100-percent ownership of this late-stage Quebec ACMPR applicant; and Canwe, a private company based in Ontario that has applied for its ACMPR licence and is currently in the review and security clearance stage. Alliance continues to negotiate further acquisitions in the grow space in Canada and Australia. The company will be executing on additional acquisitions of interests in ACMPR applicants, development of the Canna-App and finalization of its pharmaceutical grade CDB oil partnership with the Israeli Medical Cannabis Company. Alliance Growers intends to live long and prosper by building a global cannabis company for where the market is going.”
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