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PHBI Pharmagreen Announces Another Milestone Completed Towards the Acquisition of Long Valley Farms LLC
PHBI Pharmagreen Announces Another Milestone Completed Towards the Acquisition of Long Valley Farms LLC.
About this update from Pharmagreen Biotech Inc.
[{"type":"text","content":"\n CARSON CITY, NV, May 24, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire - Pharmagreen Biotech, Inc., (OTCQB: PHBI), (“Pharmagreen” or the “Company”), which provides the highest quality starter plantlets utilizing a proprietary tissue culture process, \"Chibafreen,\" to licensed cannabis cultivators and CBD / CBG hemp farmers, announces that it has completed another significant milestone in the business development with Long Valley Farms. Pharmagreen has advanced the next tranche of funds, whereby the use of proceeds is for the continuous application process for the LVF micro-business license and its nursery licenses in addition to the current cultivation license. PHBI anticipates having the permits in place within the following few months, depending on the regulator’s schedule. The significance of completing and receiving the licenses will allow for immediate revenues, primarily generated from the sales of live rosin and biomass to other cannabis manufacturers, distributors, and retailers. The micro-business permissions allow for vertical sales channels up to and including retail direct from the farm, thereby capturing 100% of the revenue minus the taxes owed. The live rosin production and sales are estimated to bring in up to $18K per day in gross revenues alongside minimal capital expenditures. Existing infrastructure and equipment are in place. With Long Valley Farms’ (LVF) non-spray and vegan certifications, proprietary proven process for live rosin production, and biomass in stock, the Company has the technology, know-how, and supply to manufacture a highly desirable organic live rosin product.  Pharmagreen has advanced the third tranche of funds to LVF to ensure that vertical business growth is successfully implemented, since being a cultivator alone in the Cannabis industry is no longer a viable enterprise. Cultivators in California are getting about 10% of the industry dollar. Having the ability to sell as a distributor to manufacturers and retailers, including direct to retail products beyond just flower tops, is much more profitable. The retail price per gram has remained relatively stable; what has shifted is how that revenue is distrusted among licensed industry players. “Being vertically integrated is the answer to being a successful and profitable company in the cannabis...