ALCHEMIST PROVIDES UPDATE REGARDING BC GENETICS
November 21st, 2017, VANCOUVER, B.C. – ALCHEMIST MINING INC. (“Alchemist,” “AMS”) provides the following update regarding its proposed acquisition of Better Cannabis Genetics Corporation ("BC Genetics). As previously announced on August 14, 2017, Alchemist has entered into a non-binding letter of intent regarding such acquisition.
To update, Alchemist reports that BC Genetics has executed an amalgamation agreement with Cannabis Data Science ("CDS"), a private British Columbia company, which will increase BC Genetic's intellectual capital. This includes specialized technical knowledge required to do advanced genomic analysis, provide genetic strain verification and construct an interactive three-dimensional online display of the cannabis genome. Comprised of data points representing the exact genetic relationships of marijuana strains, BC Genetics anticipates that the 3-D display will provide the Canadian public, industry and regulators with a unique and accurate view of our national cannabis resource.
The resulting database will allow users to explore strains of interest using advanced and engaging search functions. Search examples include strains with specific inherited traits, strains credited to a specific retailer or breeder, or listed as “in inventory” in a specific geographic region, with shopping portals linked to the official retailer’s website. The cloud-hosted database will be scalable to serve cannabis markets worldwide.
Alchemist cautions that: (i) completion of the acquisition BC Genetics remains subject to conditions precedent, including but not limited to a formal acquisition agreement being formed as between Alchemist and BC Genetics, and Alchemist receiving all necessary prior approvals of the Canadian Securities Exchange, 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 6711502.1 provide further updates as they become available. There can be no assurance nor guarantees that Alchemist will be able to complete its acquisition of BC Genetics as disclosed, if at all.
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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 contains 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. Such statements are presented for the purpose of assisting Alchemist's shareholders in understanding its proposed acquisition of BC Genetics, and may not be appropriate for other purposes. Although management of Alchemist believes such statements are reasonable, it can give no assurance that they will prove to be correct. Forward-looking statements may not take into account the effect on Alchemist's operations occurring after such statements have been made. Alchemist disclaims any intention or obligation to revise or update such statements.Back to Past News