Pharmagreen Provides Update on Funding and Acquisition Progress
Pharmagreen Biotech, Inc. (OTC PINKS: PHBI) announced its Regulation A offering received SEC qualification on September 24, 2021. The funds will support the acquisition of a California-based licensed cannabis company and the construction of a greenhouse on 12 acres. The acquisition aims to enable the company to apply for a cannabis nursery license for its Tissue Culture Starter Plantlet production. The company also plans to up-list to OTC QB, ensuring compliance with listing requirements. CEO Wojcik expressed optimism about rapid business development from this fundraising move.
- SEC qualification of Regulation A offering supports acquisition and greenhouse construction.
- Planned cannabis nursery license could expand production capabilities.
- Up-listing to OTC QB may enhance shareholder value and market presence.
- None.
CARSON CITY, NV, Sept. 29, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), is pleased to update its shareholders on the company's Regulation A offering and ongoing progress with the California acquisition previously announced in a news release published on August 12, 2021. The SEC’s notice of qualification with respect to the Reg A offering was issued on September 24, 2021. A portion of the proceeds from this offering will be used to complete the acquisition of the California based Cannabis Licensed Company and to construct state-of-the-art greenhouse on the 12 acres. Upon closing of the aforementioned acquisition, the Company intends to apply to the State of California for a Cannabis nursery license to enable it to develop its Tissue Culture Starter Plantlet production facility. The acquisition process is proceeding as planned and is on track for anticipated completion in Q4 2021 and a site visit planned upon funding in place to sign the definitive agreement.
As mentioned in previous news releases, now that the Reg-A has been qualified, the Company intends to continue its planned strategic trajectory for up-listing to the OTC QB. Pharmagreen has always filed its audited financial statements, has been and is in good standing with its current listing requirements, therefore the up listing is a beneficial process for the company and its shareholders.
Additionally, the company is in the process of updating its corporate material including its investor information page. When completed, the investors page will provide each individual investor the opportunity to review the company's business material and, for qualified investors, the ability to participate directly in the Reg A offering via the digital platform.
"I am pleased that we have been qualified for our Reg A tier 2 offering. We anticipate that this fund raising instrument will allow us to usher in the next phase of our rapid business development," concluded Mr. Wojcik.
About Pharmagreen Biotech Inc.
Pharmagreen Biotech, Inc., is a publicly traded (OTC PINKS: PHBI) company. Pharmagreen Biotech Inc. is in the business of providing the highest quality starter cannabis plantlets through its proprietary tissue culture process, "Chibafreen", to licensed growers and to CBD hemp farmers with its proprietary hemp strain "CBD Dana" for high CBD hemp farming. It also provides other value added services: plant species identification through DNA testing and certification; live storage of strains using tissue culture low temperature storage proprietary technology. Utilizing the best tissue cultured plantlets in its state of art greenhouse(s) for highest quality flower tops and biomass production. For further information on the company please visit www.pharmagreen.ca
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands; inability to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements. The OTC Markets or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.
Contact Information: www.pharmagreen.ca
Tel: (702) 803 9404
Email: info@pharmagreen.ca
FAQ
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