Alchemist Holds Site Visit, Performs Due Diligence as BC Genetics Corporation Expands Operations
Vancouver, British Columbia (FSCwire) - ALCHEMIST MINING INC. (“AMS”) (the “Company”) is pleased to announce that Company directors have made a site visit to the facilities of Better Cannabis Genetics Corporation on Salt Spring Island. Due diligence into the operations and assets of BC Genetics continues pursuant to the terms of a non-binding Letter of Intent (LOI) signed between AMS and BC Genetics, as reported on August 14th, 2017.
BC Genetics currently conducts research and development at two facilities with a combined capacity of approximately 2400 plants. Negotiations are under way to operate on a third Salt Spring Island facility subject to an application for an additional 375 plants under Access to Cannabis for Medicinal Purposes Regulations (ACMPR).
According to BC Genetics director Timothy Harvey, “The addition of a new facility will expand our capacity to grow and test a vast array of medicinal strains. The tour included a site under consideration for expanded laboratory operations.”
Alchemist CEO David Gdanski stated, “What we aim to accomplish involves accelerated, targeted breeding through applied evolutionary genetics. We are also exploring systems to allow strains to be transparently tracked wherever those authentic genetics exist in the supply chain. Patients deserve certainty when seeking out marijuana varieties that faithfully match past experiences or specific therapeutic outcomes that respond to a personal endocannabinoid profile.”
Harvey continued, “The opportunities we’ve identified are designed to drive a cultural shift in the cannabis industry to better serve all parties: consumers, as well as breeders and producers who will be better equipped to market a premium and reliable product. As we finalize our arrangement with Alchemist Mining, we look forward to sharing details of our program to positively impact the industry as Canada approaches the anticipated legalization of recreational cannabis in 2018.”
Alchemist cautions that: (i) completion of the acquisition remains subject to conditions precedent, including but not limited to Alchemist receiving all necessary prior approvals of the CSE, and completing its due diligence review of BC Genetics; (ii) at this time, it does not plan to become a licensed producer itself under the ACMPR; and (iii) the requirements of Health Canada under the ACMPR are stringent and may apply to Alchemist's proposed business objectives following completion of the acquisition. Alchemist will provide further updates as they become available.
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On Behalf of the Board
Dave Gdanski, President/CEO
Alchemist Mining Inc.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements.
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Source: Alchemist Mining Incorporated (CSE:AMS)
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