Pharmagreen Signs LOI to Supply Crude CBD Oil Extracted from Certified Organically Grown Hemp Biomass
Pharmagreen Biotech, Inc. (OTC PINKS: PHBI) has signed a Letter of Intent with Advanced Bio-Oil Technologies Ltd. (ABOT) to supply hemp-derived CBD oils from organically grown hemp biomass. The agreement aims to complete a definitive arrangement by April 15, 2021. ABOT plans to raise up to $3 million for product development and establishment of a processing facility in Nevada, with $1.5 million allocated to each goal. Both companies seek to expand their relationship beyond the supply agreement, leveraging Pharmagreen's expertise in tissue culture and cultivation techniques.
- Pharmagreen signed a Letter of Intent with ABOT for CBD oil supply, indicating potential business growth.
- ABOT's plan to raise $3 million may enhance both companies' operational capabilities and funding for projects.
- No certainty the definitive agreement will be concluded by the specified date, raising potential risks.
- Forward-looking statements indicate risks such as market acceptance challenges and technology failures.
CARSON CITY, NV, Feb. 16, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), is pleased to announce that it has signed a Letter of Intent to supply hemp derived CBD oils extracted from organically grown hemp biomass with Advanced Bio-oil Technologies Ltd. (ABOT) based in Denver, Colorado.
PHBI and ABOT have commenced discussions under the Letter of Intent to begin the business development and to complete a definite on or before April 15, 2021 in the following areas:
● Pharmagreen will supply the raw CBD hemp oils for ABOT’s product development. Pharmagreen is moving ahead with its plans to set up an extraction facility in Nevada, U.S. and utilize its working relationship with its network of farmer(s) for the production of highest quality hemp oils from certified organically grown hemp biomass.
● ABOT has a qualified reg A offering from the SEC and to use this offering to raise up to
● PHBI and ABOT are interested to evolve its mutual relationship into further joint ventures. PHBI has extensive proven knowledge in the production of tissue culture starter plantlets, optimized cultivation techniques for growing large scale CBD hemp biomass as well as ability to produce any plant species plantlets using its proprietary tissue culture technologies. ABOT has developed a network of relationships globally for the manufacturing of products from botanical oils and sees the opportunity in working with PHBI to maximize the production of raw botanical biomass required.
Commenting on Pharmagreen’s progress, Peter Wojcik, President and CEO, stated, “We are very pleased to be building these long term supply relationships like with ABOT. With their access to a bank of 168,000 plant species for medications and other beneficial uses, we look forward to growing our relationship way beyond a supply agreement in the CBD hemp industry.”
ABOUT Advanced Bio-Oil Technologies Ltd. (ABOT)
Advanced Bio-Oil Technologies Limited (ABOT) is providing the various industries a platform to produce Bio-Oil at-will. ABOT is using biodegradable carbon molecule and innovative oil extraction methods in its process. This extraction method would be used to produce products for the bioenergy industry, the cosmetic or the pharmaceutical. This process is producing better Bio-Oils. ABOT is pleased to have collaborations with various groups in Uzbekistan, Greece, Canada and USA. ABOT’s platform for producing high-grade CBD Medical Bio-Oil will range from skincare products to specific medical targets. Our products which will contain Hemp derived CBD which will be marketed in North & South America and Europe.
About Pharmagreen Biotech, Inc.
Pharmagreen Biotech, Inc., is a publicly traded (OTC PINKS: PHBI) company. Pharmagreen is a company focused on the CBD hemp industry for the production and supply of starter plantlets through a proprietary tissue culture process with the opportunity to become one of the largest players globally. Pharmagreen’s mission is to advance the technology of tissue culture science and to provide the highest quality
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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