VANCOUVER, BC / ACCESSWIRE / August 31, 2020 / Pac Roots Cannabis Corp. ("PacRoots" or the "Company") (CSE:PACR), is pleased to provide an update on the 100-acre commercial hemp operation in British Columbia.
The PacRoots and Rock Creek Farms 100-acre premium hemp joint venture commenced in late May after receiving the hemp cultivation license from Health Canada on May 22nd, 2020. The operations team spent several weeks working the fields and installing irrigation systems, before planting began in mid June.
There are approximately 130,000 premium hemp CBD plants in the ground across two 50-acre parcels. Seedlings were planted systematically in rows in the field after spending the first month in greenhouses, ensuring optimal growth while minimizing environmental influences in the early stage.
Figure 1 - Photo of farmers planting young hearty hemp plants outdoors in Rock Creek, BC. (June 2020)
PacRoots and Rock Creek Farms deploy traditional and customized hemp farming techniques, while utilizing the rich native soil. We optimize cultivation through these unique methods:
- Our nutrients are custom formulated from raw salts for specific cultivars.
- Systematic planting of cultivars that are stress-tested, planted young and hardy, measuring up to 18 inches, providing maximum opportunity for growth and resilience.
- Row compaction and mowing for weed control, enabling a selected harvest
- Complex irrigation systems with direct nutrient and spring water delivery to each plant site.
The hemp plantation is located in one of the best outdoor growing climates in Canada; the 'Golden Mile' in the South Okanagan Valley: also dubbed the Napa Valley of the North.
Harvesting is expected to begin October 15th, 2020 and the projected yield will be 500,000 - 700,000 pounds of biomass. 100% of the product from the plantation is under sales contract with a processor at fair market value.
Figure 2 - Hemp plant in late August of 2020
It has been a busy 4 months since listing on the CSE in early May 2020. We are proud to have a healthy crop and remain bullish on delivering a premium high yielding product to our customer. In early 2020, we had a goal of becoming a revenue generator in 2020 as market appetite was evolving towards a cash flow scenario and realizing on projected forecasts as paramount to survival in this industry.
We are privileged to be involved with our strategic partners at Rock Creeks Farms, Phenome One and Speakeasy Cannabis Club as a production scenario in our first year of operation would not have been possible without the generous leasing of land, equipment, licenses, infrastructure, genetics, operations team, management and expertise to round off the joint venture.
On July 7th, 2020 the execution of a definitive Investment Agreement was announced between PacRoots ("the Company") and Rock Creek Farms ("RCF") on a 100-acre commercial hemp operation, in Rock Creek, British Columbia
PacRoots contribution to the joint venture will be an aggregate of $450,000 in capital, and RCF has contributed two commercial leases for over 100 acres of growing space, consulting services, cultivation licenses and equipment, agricultural infrastructure and intellectual property relating to commercial scale hemp operations and proprietary biomass storage techniques.
Profits generated from the joint venture will be distributed first to PacRoots until its capital contributions have been repaid and thereafter in accordance with the interests in the joint venture held by the parties.
Rock Creek is a well establish agricultural mecca situated in British Columbia's 'Golden Mile' in the South Okanagan Valley. It is celebrated for its ideal climate conditions, honouring this region's tradition of excellence and a family legacy that has grown here for more than 120 years.
In accordance with the Industrial Hemp Regulations of the Cannabis Act (Canada), an industrial hemp license from Health Canada was issued on May 22nd, 2020 for the addresses relating to the acreages noted above. The license allows the collective to cultivate, sell, import, export, possess and process industrial hemp until March 15th, 2021.
ON BEHALF OF PAC ROOTS CANNABIS CORP.
(signed) "Patrick Elliott"
Chief Executive Officer
For further information, please contact:
Pac Roots Cannabis Corp.
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Statements about the Company's joint venture plans with BC Co and its intended industrial hemp license application are all forward-looking information.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain an industrial hemp in a timely manner or at all, the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Pac Roots Cannabis Corp.