Benchmark Botanics, through its wholly-owned subsidiary Potanicals Green Growers, a holder of federal licenses to cultivate and sell cannabis under the Cannabis Act, has received its third cultivation license from Health Canada for the Company's joint venture YATAI & BBT Biotech Ltd. indoor and outdoor operations located in Pitt Meadows, BC (near the Company's other joint venture 139000 BC Ltd, also in Pit Meadows)
"The site is now fully licensed by Health Canada to possess cannabis, obtain dried cannabis, fresh cannabis, cannabis plants or cannabis plant seeds by cultivating, propagating and harvesting cannabis; and to sell cannabis in accordance with subsection 11(5) of the Cannabis Regulations," the team with the company explains. "This license allows the Company to immediately begin cultivating and undertake R & D activities."
"YATAI & BBT Biotech is the result of the joint-venture agreement between Benchmark Botanics Inc and Zhejiang Yatai Pharmaceutical Co," they further explain. "On May 27, 2019, the companies signed a definitive investment cooperation agreement, whereby the parties agreed to set up a new joint venture company in Canada. The new company will have a share capital of $14 million CAD, of which Zhejiang Yatai will invest $7 million CAD cash, accounting for 50% of the new company's share capital; BBT was required to cause its wholly-owned subsidiary Potanicals Green Growers to use its existing Health Canada issued license to apply for a license for property acquired by the new company (the "Facility") for cannabis cultivation, processing, and sale thereon and in exchange BBT would receive 25% of the new company's share capital (with a cash equivalent of $3.5 million CAD); and Rippington Investment ("RI") w invest $3.5 million CAD, accounting for the remaining 25% of the new company's share capital."
YATAI & BBT Biotech Ltd. is expected to start establishing cultivating operations in compliance with Health Canada and other regulators' requirements and working toward its business objectives.
For more information:
Benchmark Botanics
Suite 105, 6111 London Road, Richmond, BC, Canada, V7E 3S3
+1-604-238-0005
[email protected]
benchmarkbotanics.com