- PacRoots Cannabis updated investors following first successful hemp harvest derived from joint venture with Rock Creek Farms
- Initial harvest yielded 105,000 lbs of biomass of exceptional quality; yield was sold in its entirety to Speakeasy Cannabis Club
- Harvest was particularly remarkable given that it was produced despite region’s poor prevailing weather conditions
- Global CBD oil, consumer health market poised to grow to value of $123.2 billion by 2027
PacRoots Cannabis (CSE: PACR) (OTCQB: PACRF), a Canada-based cannabis company dedicated towards producing premium-quality strains and products by leveraging a genetics-focused approach, has recently updated its investors and stakeholders following the company’s first successful hemp harvest on its 100-acre site situated in British Columbia’s South Okanagan Valley (https://cnw.fm/TyTIx).
Following the award for an industrial hemp license by Health Canada on May 22, 2020, which permitted Pac Roots Cannabis Corp. to cultivate, sell, possess and process industrial hemp, the Company entered into a binding letter of intent with Rock Creek Farms to form a joint venture with the intent to plant hemp CBD seedlings on 100-acres of prime arable land in British Columbia (https://cnw.fm/YyTI2). Planting commenced in mid-June 2020, with approximately 130,000 premium hemp CBD plants placed systematically throughout the two 50-acre parcels comprising the site.
PacRoots revealed that its initial harvest had been a remarkable success, yielding a quality which was far higher than expected; the Company also announced that the entire biomass yield of over 105 thousand pounds is being processed and sold to Speakeasy Cannabis Club (CSE: EASY). Furthermore, PacRoots elaborated on its low-cost production capabilities, which the Company believes provides it with a decisive and sustainable competitive advantage while continuing to maintain healthy profit margins.
“We are very proud of our team and partners at Rock Creek Farms who have been committed to the vision and dedicated to achieving success […] PacRoots and our partners are thrilled to build on this success as we launch into 2021 with various exciting projects,” said PacRoots Cannabis President and CEO Patrick Elliott in reference to the harvest.
The Company also highlighted the remarkable nature of the harvest, given that it had come amid less-than-ideal meteorological conditions. British Columbia’s spring season in 2020 was decidedly atypical, with a wet spring and a cold harvest, while the fall ended earlier than usual with freezing temperatures and snow. PacRoots and Rock Creek Farms were able to limit the frost exposure and damage to their hemp crop through a series of measures, including staggered planting and harvest, system controls, several varieties of genetics and a strong personnel crew, all of which in combination enabled the joint venture to recover far more biomass than would have been expected.
“2020 has thrown many things at us, the latest was snow and freezing weather that broke all records in the area dating back to 1886 when they began keeping records in Rock Creek,” remarked the joint venture’s operation advisor Marc Green. “We feel fortunate to have recovered most of the biomass from the 100-acres while most of our peer group failed to recover any significant yield.”
Going forward into 2021, the PacRoots Cannabis – Rock Creek Farms joint venture anticipates a strong planting season, seeking to build upon the lessons learned over the prior season. With the global CBD oil and CBD consumer health market set to grow to a market value of $123.2 billion by 2027 (https://cnw.fm/31sPE). PacRoots Cannabis Corp. seems well poised to benefit from the explosive growth in demand for their product.
For more information, 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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