CARSON CITY, NV, Dec. 16, 2021 (GLOBE NEWSWIRE) — Pharmagreen Biotech, Inc., (OTC PINK: PHBI), today continued in the release of a series of management updates from CEO Peter Wojcik as the company begins to convert the revenue potential of its proprietary cannabis tissue culture technology into realized revenue. The update is included in its entirety below:
CEO Peter Wojcik Strategic Update
Today, I am pleased to share two imminent next steps that will be major milestones for Pharmagreen as we transition our proven intellectual property asset into a revenue generating operation.
Transparency is vital to building investor confidence. For a company engaged in the cannabis industry where rules and regulations between states and the Federal Government can be in conflict, transparency can be complicated and at the same time, even more important.
On November 4th of this year, we announced submitting an application to up-list Pharmagreen to the OTCQB Venture Market operated by OTC Markets Group. Our application process is nearing completion, and we expect to soon announce an OTCQB up-listing.
To achieve and maintain an OTCQB listing, companies are required to be current in their financial reporting, among other requirements. With more compliance and quality standards, the OTCQB provides investors improved transparency that can enhance trading decisions. Importantly, the OTCQB is recognized by the Securities and Exchange Commission as an “established public market” providing public information for analysis and value of securities. Pharmagreen has been current with audited statements since 2018.
On August 12th of this year, we announced entering into a memorandum of understanding (MOU) for the acquisition of a California based cannabis company to include property, infrastructure, and most importantly, license for the operation of a cannabis business in the State of California. Since entering into the MOU, conducting due diligence and negotiating terms, a final transaction structure is essentially now complete, and we anticipate a corresponding announcement imminently.
If you are learning about Pharmagreen for the first time in this shareholder update today, I encourage you to review my previous two updates in this ongoing series of updates:
Pharmagreen Taps Revenue Potential of Proprietary Cannabis Tissue Culture Technology Asset
Phramagreen Targets Making Its Chibafreen Propriety Technology A Cannabis Industry Standard
In addition to the two pending announcements previewed here today, we plan to continue publishing additional shareholder updates on a regular basis to keep investors abreast of our progress as we transition our proprietary tissue culture technology asset (Chibafreen) into a source of recurring revenue.
Please visit update.pharmagreen.ca for additional information on PHBI’s current business development.
About Pharmagreen Biotech Inc.
Pharmagreen Biotech, Inc., is a publicly traded (OTC PINK: PHBI) company. Pharmagreen Biotech Inc. is in the business of providing the highest quality starter plantlets utilizing a proprietary tissue culture process, “Chibafreen”, to licensed cannabis cultivators and to CBD / CBG hemp farmers. It also provides other value-added services: plant species identification through DNA testing and certification; live storage of all plant strains using tissue culture and low temperature storage proprietary technology. Utilizing the best tissue cultured plantlets in its state of art greenhouse(s) for highest quality flower tops production. For further information on the company please visit www.pharmagreen.ca
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company’s actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands; inability to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential,” and similar expressions may be used to identify forward-looking statements.
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