ALCHEMIST TO ACQUIRE 100% STAKE IN BC GENETICS CORPORATION
August 14th, 2017, VANCOUVER, B.C. – ALCHEMIST MINING (“AMS”) is pleased to announce the signing of a non-binding Letter of Intent (LOI) for the acquisition of a 100% stake in Better Cannabis Genetics Corporation (BC Genetics), a company specializing in the research and development of cannabis strains.
The terms of the intended agreement include the acquisition of an existing catalogue of cannabis varieties controlled by BC Genetics and all current and future intellectual property derived from those strains. BC Genetics will continue to develop cannabis strains on two Salt Spring Island facilities licensed by Health Canada for 2400 plants under non-expiring MMAR licenses that allow for cannabis research.
David Gdanski, Alchemist CEO, comments that “This acquisition positions Alchemist with a premium claim staked right in the heart of the commercial cannabis gene pool. We inherit an extensive genetic reservoir of proven elite strains.”
Gdanski added, “The BC Genetics breeding facilities were designed specifically for research and development. Our aim is to build Canada’s most comprehensive catalogue of proprietary cannabis varieties – a resource with tremendous upside potential.”
As for commercializing the Company’s IP, Gdanski continued “We aim to use tissue culture technology to preserve our most elite – and marketable – genetic lineages in the in vitro format, which is ideally suited for distribution in partnership with producers licensed under the ACMPR. We plan to license authentic, proprietary strains for a range of cannabis products. Our goal is to make Alchemist a genetic supply house for the industry to draw upon.”
BC Genetics has been led by Timothy Harvey of Salt Spring Island, BC, since 2009. Formerly a tissue culturist of mycological specimens, Harvey saw an opportunity to elevate quality with a coordinated breeding program within the medical cannabis community as early as 2007, when he apprenticed to the creator of the well-known sativa strain "The Purps". On Salt Spring since 2010, he has worked with Gulf Islands growers to collectively curate a pool of elite genetics that now forms the basis of the Alchemist LOI. He works closely with Albert Kasprowicz, BSc. on cannabis breeding and research.
“Our collection features standard classics as well as hundreds of carefully-documented hybrids, crosses and inbred lines that bring out the most interesting and sought-after expressions of what marijuana can be,” stated Harvey. “The Alchemist acquisition puts this priceless resource into a context that amplifies our power to continually improve our genetic stock and apply scientific best practices to document the resource, and finally to move towards distributing our genetics in an ideal format, through official channels as a valuable contribution the Canadian marijuana marketplace.”
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.
For further info on the Company, please email email@example.com.
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.Back to Past News