March 21, 2017 – Vancouver, B.C. – Alliance Growers Corp. (CSE:ACG; FWB:1LA) is pleased to report that the Company is in negotiations to acquire a majority interest in BC Maramed Production Ltd. (“BCMM”) which has submitted an application to become a Licensed Producer of medical marijuana under Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”).
Alliance Growers currently holds a 50% interest in BCMM which owns a leasehold interest and equipment for an 11,000-square foot production facility in Kelowna, British Columbia.
BCMM, has received and has replied to the Department of Health Canada on ACMPR application, who require additional information for security clearance including:
- External and internal security measures
- Updated site survey and aerial photographs
- Further information on principal and proposed technical employees
- Details on record keeping and information handling procedures
Alliance Growers is negotiating with current owners of the other 50% of BCMM to secure majority ownership and take control of the Application Process. This includes appointing a replacement Responsible Person In Charge and engaging an external specialist to assist in the application process. The Company is confident that once it controls the application process, utilizing specialists with the expertise in the industry combined with the high commercial standards of the production facility, that the application will be in full compliance with Department of Health requirements for a full commercial ACMPR license.
“If we can agree on favourable terms to acquire a majority stake in BCMM and bring in our own management team, then we will be able to reach the approval for our ACMPR in a timely manner. In the process, we will be better able to update shareholders on our continued progress, ” said Dennis Petke, Alliance Growers’ President and CEO.
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About Alliance Growers
Alliance Growers Corp is a diversified cannabis company driven by the Company’s ‘Four Pillars’ Organization Plan – Cannabis Botany Centre, Strategic ACMPR Investments, CBD Oil Supply and Distribution, and Research and Development.
Alliance Growers has executed an agreement with Botanical Research In Motion International Inc., for a Canada Exclusive License to jointly develop and operate a 40,000 square foot facility to be the first of its kind in Western Canada to house a DNA Botany lab, extraction facility and Tissue Culture Plantlet Production facility to service the Cannabis market and agriculture market in general. The proposed Cannabis Botany Centre will grow Cannabis plantlets using proprietary tissue culture propagation, specifically the “Chibafreen Invitro Plant Production System”, which assures consistent composition and purity of each plantlet for the growers.
Further, Alliance Growers has been negotiating to obtain other exclusive Canadian distribution agreements for certain proprietary products for support of the Cannabis growing industry in addition to possible partnerships with Licensed Producer Applicants at various stages in the Health Canada License process. Additionally, the Company is investing in several cannabis industry participants, ranging from co-developing a Cannabis App for use by the cannabis industry and its markets, to negotiating business arrangements with several companies for the purchase and sale between the parties of live cannabis plants, tissue culture plantlets and other cannabis products and services.
For further information, please visit the Company’s corporate website at www.alliancegrowers.com or the Company’s profile at www.sedar.com.
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On behalf of the board of directors of
ALLIANCE GROWERS CORP.
President and CEO
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FORWARD LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. More particularly and without limitation, the news release contains forward-looking statements and information relating to Company’s corporate strategy. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company, including, without limitation, the Company’s ability to carry out its business plan. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company’s ability to identify and complete additional suitable acquisitions to further the Company’s growth as well as risks associated with the medical marijuana industry in general, such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and regulated regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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