Wholly-owned Subsidiary, Sangre Agrotech, Begins Construction of State-of-the-Art Cannabis Genomic Scientific Research Facility
TUCSON, AZ / ACCESSWIRE / July 27, 2017 / WEED, Inc. (OTC PINK: BUDZ) (the "Company," or " WEED"), a current alternative reporting public company, announced today their acquisition of property in La Veta, CO., as stated in our last press release for development of its Cannabis genomic research facility, The Sangre Bioscience Center. La Veta, located in southern Colorado's Spanish Peaks region, is the new home for Sangre AT, LLC (dba "Sangre AgroTech"), the Company's wholly-owned subsidiary. Sangre AgroTech has begun its 5-Year, $15+ million Cannabis Genomic Study to complete a global genomic classification of the Cannabis plant genus.
The site includes a 10,000+ sq. ft. building that will house the genomic research facility, a 4,000+ square foot building for plant product analytics and plant product extraction, a 3,500 sq. ft. corporate office center, and 25 RV slots with full water and electric, which the company plans to convert into a series of small research pods. This acquisition provides WEEDS' Sangre AgroTech with the opportunity to expand its research mission through the construction of additional research laboratories and cloning facilities.
Under the terms of the purchase agreement, WEED, Inc. paid $525,000 down, which included 25,000 shares of its common stock, and has immediate possession of the property. WEED, Inc. is obligated to pay an additional $400,000 in cash and issue an additional 75,000 shares of its common stock over the next 2 years in order to pay the entire purchase price. The company estimates it will take approximately $675,000 in order to convert the existing 10,000 Sq. Ft. main lab building into the facilities necessary for Sangre AgroTech to conduct its research, Plus over $1,000,000 in Security & ground buildout, an additional $1 million + in scientific equipment, ordered for plant production and product extraction. The company hopes to complete these renovations by Q1 2018. Equipment is scheduled for Q2 2018 delivery. The company will need to raise additional funds in order to pay the remainder of the purchase price, as well as to complete the planned renovations and scientific equipment purchases.
Doug Brgoch, the Mayor of La Veta, CO, said, "I cannot tell you how happy I am to have Sangre AgroTech join our community. The locating of the company to La Veta, I believe, will mean a great boost for the town's economy and financial stability for our municipal government. The local school district will benefit through increased taxes, and Huerfano County will also feel a positive impact. This enterprise is exactly what I hoped would come to our town. I can't wait to see what evolves."
Mary Williams, Sangre AgroTech's Vice President of Operations, stated, "All of us at Sangre AgroTech are thrilled to join the La Veta business community. We are excited to continue the work we've begun on sequencing and annotation of the Cannabis genome as we develop new therapies for chronic pain, epilepsy, cancer, PTSD, chronic head injury, and Crohn's disease, among others. Sangre Bioscience Center looks forward to being a good neighbor to our friends in La Veta and making a positive impact on our town."
Glenn E. Martin, CEO of WEED, Inc., stated, "The purchase of the Le Veta property is an important step to allow Sangre AgroTech to have a state-of-the-art facility to conduct its Cannabis genomic research and is a building block for WEED's larger, global strategy of creating a vertically-integrated cannabis business. WEED is also happy to be a part of the greater La Veta community and plans to make a positive impact in the surrounding area and the State of Colorado in the years to come."
About WEED, Inc.
WEED, Inc. (OTC PINK: BUDZ) is a USA-based alternative reporting public company. WEED Inc. is a multi-national, multi-faceted, vertically-integrated world class Cannabis organization. WEED is structured as a holding company doing business through its divisions, wholly-owned subsidiaries, and strategically placed collaborative partners to achieve and promote our global brand. WEED is dedicated to its global goals and outreach across the full spectrum of the Cannabis industry to find treatments and medical cures utilizing the Cannabaceae plant family. WEED does not grow, harvest, produce, or sell any substance in violation of US Federal law under The Federal Controlled Substances Act, and meets all standards of international law for WEED, Inc. subsidiaries in foreign locations. For additional information about WEED, Inc., please visit www.Marijuana-Farms.com.
About Sangre AT, LLC
Sangre AT, LLC (dba "Sangre AgroTech") is a wholly-owned subsidiary of WEED, Inc. and is a plant genomic research and breeding company comprised of top-echelon scientists with extensive expertise in genomic sequencing, genetics-based breeding, plant tissue culture, and plant biochemistry, utilizing the most advanced sequencing and analytical technologies and proprietary bioinformatics data systems available. Sangre AgroTech's world-respected team provides decades of expertise and innovation in the fields of genetics, plant biology, plant pathology, phytoecology, and sustainable and environmentally sound agricultural practices. Using annotated genomic data and newly generated phenotypic data, Sangre AgroTech will identify and isolate regions of the genome related to growth, synthesis of desired molecules, drought and pest resistance. This complex data set will be utilized in a breeding program to generate and establish new hybrid cultivars which exemplify the traits desired by the medical community.
For additional information about Sangre AgroTech, please visit www.sangreagrotech.com.
Forward-Looking Statements:
This release contains forward-looking statements. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects," "anticipates," "intends," "estimates," "plans," "potential," "possible," "probable," "believes," "seeks," "may," "will," "should," "could," or the negative of such terms or other similar expressions. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company's business, including that we have a limited operating history and very limited funds, are dependent upon key personnel whose loss may adversely impact our business, some of our potential business activities, while believed to be compliant with applicable state law, may be illegal under federal law because they violate the Federal Controlled Substances Act, and we may be subject to the risks related to the cost, delays, and uncertainties associated with potential future scientific research, product development, clinical trials and the regulatory approval process. We may not be able to enter into binding agreements related to the subject matter of this press release on terms favorable to us or at all. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.
For more information, contact:
Glenn E. Martin at (520) 818-8582
or [email protected]
SOURCE: WEED, Inc.