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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, Jan. 20, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Pharmagreen Biotech, Inc., (OTCQB: PHBI) (“Pharmagreen” or the “Company”), is pleased to announce that it completed another significant milestone towards the acquisition of Long Valley Farms. The Company made another payment to Long Valley Farms and the use of proceeds went towards final payment for the 12 acres of land, which Pharmagreen intends to acquire. With this payment to the third party lender, this installment note on the property will be fully paid out leaving the property free and clear. Pharmagreen is continuing with the business development with Long Valley Farms while it completes its fundraising for the acquisition. The first tranche of funds Pharamagreen provided in December of 2021 was used for the renewal of the Cannabis cultivation license with the California authorities, securing its spot under the legacy cultivation licensing scheme. This was an important step to complete as changes are looming in California as it relates to Cannabis licenses. Being licensed under the legacy Cannabis licensing guarantees the licensees a grandfathered status as the new licensing system is implemented. The acquisition of Long Valley Farms 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 initiated the pre-development phase for the IoT greenhouse construction, starting with commencing the process for engineering work and permits required prior to construction along with applying for nursery, distribution, non-volatile extraction, and retail Cannabis licenses with the regulatory bodies in the state of California. Mr. Styles of Long Valley Farms stated, “We are excited for both parties as we move forward into the 2022 season and the continuation of our legacy licensed operations and acquisition!” “We are moving ahead with business development with IoT Greenhouse planning and vertical expansion by applying for additional Cannabis Licenses, while funding the critical milestones with all payments going towards the acquisition price.  This strategy is a win for all parties,” stated Peter Wojcik, CEO of Pharmagre...