VANCOUVER, June 4, 2019 /CNW/ – AgraFlora Organics International Inc. (“AgraFlora” or the “Company“) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), a growth oriented and diversified international cannabis company, is pleased to announce that its Joint Venture entity, Propagation Services Canada (“PSC”), continues to achieve material progress with regards to the retrofit and licensing of its flagship 2,200,000 square foot Delta Greenhouse Complex.
After a careful review of its anticipated final preparations and submissions, including its Affirmation of Readiness and Video Evidence Package (the “Evidence Package”), the Company anticipates, based on recent standard timelines for review and award and assuming no major required amendments or augmentations, the award of a cultivation licence from Health Canada by the fourth quarter of 2019.
Chris Brocklesby of PSC commented, “We are largely complete on grow room build-out and we are now turning our attention to wrapping up security details while we await structure and supplies to complete the post harvest area. We are pleased with the rapid progress that we are making and feel confident that we will achieve the timelines and milestones noted below.”
With two significant off-take agreements already in place, one with Namaste representing 25,000,000 grams per annum and another with ICC International Cannabis Corp representing up to 100,000,000 grams over a 5 year period, we are eager to finalize the retrofit of the Delta Greenhouse Complex – an outstanding facility with an estimated ~$190,000,000 replacement value, with 2.2 million square feet under glass.Brandon Boddy, Chairman and CEO of AgraFlora
Additionally, AgraFlora reaffirms that the aforementioned Evidence Package will be finalized during the third quarter of 2019 and anticipates submission to Health Canada shortly thereafter. Upon extensive deliberations with PSC and its industry consultants, the Company’s internal forecasts indicate that the inaugural harvest at the flagship Delta Greenhouse Complex is scheduled for the first quarter of 2020.
AgraFlora also announces that all prerequisite cultivation infrastructure has landed on-site in Delta, BC and has been secured prior to installation. Post-harvest equipment and supplies are en-route from Europe by way of airfreight and sea vessel and are anticipated to arrive within the required timeline for a Q4 harvest.
The retrofit for all applicable grow rooms located at the Delta Greenhouse Complex are complete and the Company reports that the installation of CCTV systems, as well as advanced perimeter and post harvest access controls will be completed by the second week of July.
Brandon Boddy, Chairman and CEO of AgraFlora stated, “With two significant off-take agreements already in place, one with Namaste representing 25,000,000 grams per annum and another with ICC International Cannabis Corp representing up to 100,000,000 grams over a 5 year period, we are eager to finalize the retrofit of the Delta Greenhouse Complex – an outstanding facility with an estimated ~$190,000,000 replacement value, with 2.2 million square feet under glass.”
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.
FULL DISCLOSURE: Agraflora Organics is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Agraflora Organics on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.