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VANCOUVER, BC / ACCESSWIRE / August 31, 2020 / Pac Roots Cannabis Corp.(“PacRoots” or “Company”) (CSE: PACR), is pleased to provide an update on the 100-acre advertising hemp operation in British Columbia.
The 100-acre pacRoots and Rock Creek Farms joint venture began last May after receiving a hemp license from Health Canada on May 22, 2020.The operations team spent several weeks operating the fields and installing irrigation systems, before planting began in mid-June.
There are approximately 130,000 CBD hemp plants on the ground on two 50-acre plots. Seedlings were systematically planted in rows in the box after spending the first month in the greenhouse, ensuring optimal expansion and minimizing environmental influences at an early stage.
Figure 1 – Photo of farmers planting abundant outdoor hemp plants in Rock Creek, British Columbia (June 2020).
PacRoots and Rock Creek Farms implement classic hemp development techniques and custom design, rich local flooring. We optimize cultivation with these unique methods:
Our nutrients are the tradition formulated from raw salts to grow.
Systematic planting of stress-tested cultivars, young and resistant planted, measuring up to 18 inches, offering opportunities for expansion and endurance.
Row compaction and mowing for weed control, allowing for determined cultivation
Complex irrigation systems with direct source of nutrients and spring water to the plant site.
Hemp plantation is located in one of Canada’s most productive developing climates; the “Golden Mile” in the southern Okanagan Valley: also known as the Northern Napa Valley.
Harvesting is expected to begin on October 15, 2020 and projected yield will be 500,000 to 700,000 pounds of biomass.100% of the plantation product is a sales contract with a processor at a fair market value.
Figure 2 – Hemp factory at the end of August 2020
Four months have passed since registration with the ESC in early May 2020.We are proud to have a healthy harvest and remain optimistic about delivering a high-end, high-performance product to our customers. In early 2020, our goal was to become a source of revenue generation in 2020, as market appetite shifted to a monetary situation and learned the forecasts projected as essential for survival in this industry.
We are privileged to care about our strategic partners at Rock Creeks Farms, Phenome One and Speakeasy Cannabis Club, as a production situation in our first year of operation would not have been conceivable without the beneficial leasing of land, equipment, licenses, infrastructure and genetics., operational equipment, control and experience for the joint venture as a whole.
On July 7, 2020, a definitive investment agreement was announced between PacRoots (“the Company”) and Rock Creek Farms (“RCF”) in a 100-acre advertising hemp operation in Rock Creek, British Columbia
PacRoots’ contribution to the joint venture will be a total of $450,000 in capital, and RCF has contributed to the rental of two advertisements for more than one hundred acres of developmental space, consulting services, licensing and farming equipment, agricultural infrastructure and ad-related intellectual assets.hemp operations and patented biomass garage techniques.
The profits generated through the joint venture will first be distributed to PacRoots until their capital contributions have been repaid and then in accordance with the joint venture stake held through the parties.
Rock Creek is a well-established agricultural mecca located on the Golden Mile of British Columbia in the southern Okanagan Valley.It is famous for its ideal climatic conditions, honoring the culture of excellence of this region and a circle of family heritage that has been coming.there for more than 120 years.
In accordance with the Cannabis Act (Canada) Industrial Hemp Regulations, a commercial hemp license issued through Health Canada on May 22, 2020 for addresses related to the above areas.commercial hemp procedure until 15 March 2021.
ON BEHALF OF PAC ROOTS CANNABIS CORP.
(signed) “Patrick Elliott” Managing Director
For information, contact:
Pac Roots Cannabis Corp. www.pacroots.ca Phone: 604-609-6171
Certain statements contained in this press release constitute forward-looking data or statements (collectively, “forward-looking statements”), adding those known through the terms “anticipate,” “believe,” “plan,” “estimate,” “expect,” “” may “,” should “and similar expressions to the extent that they relate to the Company or its administration.Forward-looking statements are not old facts, but they reflect existing expectations related to long-term effects or events.The press release includes forward-looking statements. These forward-looking statements are based on existing expectations and estimates, points and assumptions and involve risks, uncertainties and other known and unknown points.
The company’s proposed joint venture statements with BC Co and its application for a commercial hemp license are all forward-looking information.
Forward-looking statements are not promises of long-term functionality and involve risks, uncertainties, and assumptions that are difficult to predict. Factors that may also cause actual effects to differ materially from those in the forward-looking statements come with the inability to discharge commercial hemp on time or at all, the continued availability of capital and financing, and business terms and situations. economy, market position or business, adding the effects of COVID-19. The forward-looking statements contained in this press release are expressly qualified through this cautionary statement. These statements deserve not to be construed as promises of functionality or long-term effects. Such statements involve known and unknown risks, uncertainties and other points that could possibly cause the actual effects, functionality or achievements to differ materially from those implied by such statements. Although such statements are based on conservative assumptions made by management, there can be no guarantee that the statements will prove to be accurate or that management’s expectations or estimates related to long-term developments, events or effects will materialize. The Company does not undertake the obligation to update or revise the prospective data to reflect new occasions or cases, as required by law. Readers deserve not to place undue reliance on the company’s forward-looking statements.
Neither the Canadian Securities Exchange (the “CSE”) nor its regulatory service supplier (as explained in the ESC policies) assumes duty for the relevance or accuracy of this release.
SOURCE: Pac Roots Cannabis Corp.
See the issue on accesswire.com: https://www.accesswire.com/603950/PacRoots-Update-on-the-100-Acres-JV-CBD-Hemp-Operation