- Pac Roots expecting to close deal in September for acquisition of several parcels of land with no zoning restrictions, located in prestigious Fraser Valley
- Company’s new indoor facility and 100-acre Hemp JV project in Rock Creek, B.C., with preliminary results suggesting successful fall harvest, make this ideal time to acquire land in Fraser Valley
- Future development of elite CBD and THC strains and company’s overall hemp and cannabis infrastructure have tremendous potential thanks to company’s strategic genetic licensing partner, Phenome One
The Fraser Valley Regional District is one of the most productive and intensively farmed areas of Canada, with high-quality soil, favorable climate, water, and a local market of 2.5 million people. Agriculture in this region yields an annual economic value of more than $3 billion.
Pac Roots Cannabis (CSE: PACR) and its shareholders will own and control 250 acres of this land thanks to a share purchase agreement that was initiated in July with 1088070 BC. LTD. In accordance with the agreement, Pac Roots will soon acquire all issued and outstanding shares of 1088 (http://cnw.fm/9xnlW).
Following a 51-day due diligence period, the closing date for the transaction is scheduled for September 4, 2020. According to Pac Roots President and CEO Patrick Elliott, the addition of such a significant parcel of land is highly promising for the company.
“This land has no zoning restrictions and is not situated within the agricultural land reserve, which provides for infinite development possibilities,” Elliott stated. “The addition of such a substantial package of land to our portfolio is a major step for Pac Roots. We are pleased to have the opportunity to add significant acreage with an acquisitional cost base of $9,600 per acre.”
The Fraser Valley region of British Columbia is widely known as an agricultural and industrial hub for the province. The region generates the most significant annual farm income of any regional district in British Columbia. Despite rapid population growth in the region, agriculture has flourished and remains an essential part of the region’s economy.
The closing of this deal will be another addition to a significant pipeline of development projects for Pac Roots. A new indoor facility in the late stages of permitting and a 60% interest in a 100-acre Hemp JV project in Rock Creek, B.C. make this the ideal time to acquire the land in Fraser Valley.
Pac Roots is in the process of completing its 20,000 square foot cultivation facility in Lake Country, British Columbia. The facility is expected to feature approximately 7,600 square feet of cultivation space that will enable the company to cycle through an elite line of high-grade cultivars.
A joint venture between Pac Roots and Rock Creek Farms enabled the planting of premium CBD hemp seedlings in a 100-acre growing space located in the famous “Golden Mile,” with preliminary results suggesting a successful harvest in fall 2020 (http://cnw.fm/yKcID).
“Between the Fraser Valley and Rock Creek, B.C., which both rank at the top of the charts for outdoor agricultural producing regions in the Country, Pac Roots is extremely well positioned for production and future development of hemp and cannabis infrastructure,” said Chad Clelland, a member of the company’s Board of Directors. “We are both privileged and proud to be involved in these exciting programs, which will undoubtedly add accretive value to our company and to our shareholders.”
Pac Roots is also well positioned for production and the future development of its hemp and cannabis infrastructure through its strategic genetic licensing partner, Phenome One.
Phenome One provides access to a large genetic library of suitable cultivars for the west coast outdoor climate which have been field tested over the past three years. This program has showcased some of the elite CBD and THC strains that thrive in the wetter, milder outdoor conditions. The strains generate unexpectedly high yields while demonstrating environmental resiliency.
According to Elliott, the lack of superior cannabis genetics, expertise and growing conditions have been plaguing the industry in producing a premium product for the market. With the partnership with Phenome One and the access to their extensive genetic library, Pac Roots is extremely well positioned to deliver the best in industry quality and throughput to the consumers with a pipeline of scalable development properties in the portfolio, he added.
For more information on Pac Roots Cannabis Corp., visit the company’s website at www.PacRoots.ca.
NOTE TO INVESTORS: The latest news and updates relating to PACR are available in the company’s newsroom at http://cnw.fm/PACR
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