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PHBI Pharmagreen Announces Affirmed MOU to Acquire Licensed California Cannabis Company
PHBI Pharmagreen Announces Affirmed MOU to Acquire Licensed California Cannabis Company.
About this update from Pharmagreen Biotech Inc.
[{"type":"text","content":"Carson City, Nevada--(Newsfile Corp. - January 6, 2022) - Pharmagreen Biotech, Inc., (OTCQB: PHBI), today announced an affirmed memorandum of understanding (MOU) to acquire Long Valley Farms LLC, a California-based cannabis company. The acquisition includes land, infrastructure, and a Cannabis cultivation license for the operation of a cannabis business in the State of California.This acquisition is a strategic component of Pharmagreen's strategy to convert the revenue potential of its proven proprietary cannabis tissue culture technology, Chibafreen, into realized revenue. As part of its vertical growth strategy, Long Valley Farms will immediately commence applying for nursery, distribution, non-volatile extraction and retail Cannabis licenses with the regulatory bodies in the state of California.Learn more about Pharmagreen's strategy to leverage its proprietary cannabis tissue technology, Chibafreen, in a recent series of management updates from Pharmagreen CEO, Peter Wojcik.The MOU announced today is an addendum to the MOU executed on July 25, 2021 (previously announced in the news release on August 12, 2021). This addendum is an affirmation by the companies to the acquisition transaction and commits Pharmagreen to maintain the ongoing operational expenses for Long Valley, including applications for additional Cannabis licenses, as previously mentioned.Ethan Styles has a degree in mechanical engineering, is a third generation Grand Master grower of legacy cannabis, from the heart of the emerald triangle, Humboldt/Mendocino Counties, California. He is the founder and CEO of Long Valley Farms LLC, with decades of Cannabis cultivation behind him. Ethan's grandfather, a biologist and a botanist, started cannabis research in 1955 after serving his country in the Marine Corps. He fought in WW2 and Korea and was awarded numerous medals including for his extremely rare act of bravery by shielding a grenade explosion to save his fellow men. Cannabis gave his grandfather relief from his severe injuries including PTSD. Ethan absorbed that multi-generational knowledge, expended it further over his long and successful Cannabis industry experience and legacy cultivation of premium Cannabis strains. This is part of Pharmagreen's brand building where we start with the best, tissue cultured starter plantlets, cultivate organically with the b...