Vancouver, British Columbia--(Newsfile Corp. - March 27, 2018) - Benchmark Botanics, Inc. (CSE: BBT) (OTC Pink: BHHKF) (FSE: BBW.F) ("Benchmark" or the "Company"). Since being granted the license to cultivate in October 2017, the Benchmark management team has been fine tuning the production approach and is ready to request the license to sell inspection planned in April 2018. In addition, Benchmark is very pleased to announce it has executed a purchase and sale contract for the purchase of a large greenhouse production center located in the lower mainland of British Columbia. In connection with the proposed purchase, the Company paid a $500,000 non-refundable deposit and anticipates completion of the purchase in June 2018. With this purchase and the global relationships that Benchmark has built, the team has rapidly positioned the company to become one of the major producers and exporters of Canadian cannabis flower and cannabis oil to the global market.
The purchase of this facility is expected to put Benchmark on the map as one of the large scale greenhouse marijuana producers in Canada. This is strategically advantageous as this greenhouse production center will be 100% owned by Benchmark as opposed to a joint venture, partnership, or partial acquisition. The purchase involves 8 acres of already-built greenhouse grow space. The production capacity anticipated from this space is estimated to be approximately 65,000 to 70,000 kgs per year.
"We are very excited to not only see our plants almost finished their first growth cycle in our original indoor growth building, but we are even more excited to put our global relationships to work with the volume of cannabis flower and oil that this greenhouse expansion is anticipated to produce" said Johnson Zhang, CEO of Benchmark.
About Benchmark
Benchmark is a publicly traded company based out of Vancouver, British Columbia positioned to provide financing, partnership opportunities and acquisition offers to licensed producers and ancillary businesses within the global cannabis industry. With the support of our global partners, we acquired our first subsidiary, Potanicals Green Growers Inc. in November 2017. Potanicals is an approved licensed producer of cannabis under the Access to Cannabis for Medical Purposes Regulations ("ACMPR") that is currently cultivating within a 12,700 square foot production facility.
For more information about Benchmark, refer to the Form 2A Listing Statement available to the public under the Company's profile on SEDAR at www.sedar.com and the CSE website.
ON BEHALF OF THE BOARD OF
BENCHMARK BOTANICS INC.
/s/ "Ping (Johnson) Zhang"
Ping (Johnson) Zhang
Chief Executive Officer
For further information contact:
Mr. Shawn Balaghi
Investor Relations
(604) 773 - 0242
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
Forward-Looking Statements
This news release contains forward-looking statements pertaining to various risks and uncertainties regarding future events. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the business and future objectives of the Company. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including related to: (i) the facility and Potanicals' operations; (ii) adverse market conditions; (iii) the ability of the Company to complete financings in the future; (iv) dependence on suppliers and skilled labour; (v) government regulation and compliance with the ACMPR; (vi) managing and maintaining growth; (vii) unfavourable publicity or consumer perception litigation; and (viii) competition. The Company is not currently producing medical marijuana. There is a risk that Potanicals' Producer's License will not be amended to permit the Company to sell medical marijuana produced at its facility. Actual results could differ materially from those currently anticipated due to a number of factors and risks including the risk factors discussed in this news release and in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com and on the CSE website. These statements speak only as of the date of this news release. Except as required by law, the Company does not intend to update these forward-looking statements.