Agra Ventures Applauds Well being Canada’s Current Regulatory


VANCOUVER, British Columbia, April 07, 2022 (GLOBE NEWSWIRE) — Agra Ventures Ltd. (“AGRA” or the “Firm”) (CSE: AGRA) (OTC: AGFAF) (FRA: PU30), a growth-oriented and diversified firm targeted on the worldwide hashish business, applauds Well being Canada’s just lately introduced regulatory adjustments that can have the impact of streamlining the applying course of for hashish processors to deliver merchandise to market extra rapidly. On March 31, 2022, Well being Canada communicated that it might start granting all customary and micro-class processing license holders gross sales authorizations for dried and contemporary hashish merchandise through the preliminary licensing course of. Subsequently, licensees corresponding to AGRA will now not have to use for an modification to be able to promote to wholesalers. The deliberate enhancements to the licensing course of are scheduled to enter impact on April 19, 2022.

Current licences that don’t at present authorize the sale of dried and contemporary hashish merchandise will likely be reissued with amended situations inside the subsequent 90 days. As soon as a holder’s licence has been amended, and 60 days have handed after submitting a Notification of New Hashish Product for any dried or contemporary hashish product, the holder will have the ability to promote these merchandise into provincial markets, pending native approval. Nevertheless, an modification will nonetheless be required to be able to promote hashish extracts, hashish topicals and edible hashish merchandise. The adjustments are a part of the federal regulator’s ongoing efforts to enhance Canada’s hashish program primarily based on consultations with and suggestions from the business.

Administration Commentary

“The regulatory adjustments just lately introduced by Well being Canada are a welcome enchancment of the licensing course of for AGRA and your entire Canadian hashish business. Though we stay targeted on our business-to-business technique of rising nice hashish and promoting it in dried kind to different licensed producers in Canada, the adjustments give us optionality that we didn’t have earlier than, which I imagine provides worth to our group,” mentioned Elise Coppens, CEO of AGRA. “Our crew commends Well being Canada on its open-mindedness, applauds the end result of its course of and endorses the adjustments which have emerged and are deliberate to be in impact shortly,” added Ms. Coppens.

Extra Debenture Modification

Along with the just lately introduced settlement with holders of the Firm’s 10.00% Senior Unsecured Convertible Debentures (the “Debentures”) to amend the Debentures to increase the maturity date for an extra twelve months to March 12, 2023, the Firm has additional agreed to amend the relevant conversion worth of the Debentures to a worth per share equal to the quantity weighted common buying and selling worth of the Firm’s widespread shares on the CSE for the 5 buying and selling days previous to the relevant conversion date, topic to a minimal situation worth of $0.05.

About Agra Ventures Ltd.

Agra Ventures is a growth-oriented and diversified firm targeted on the worldwide hashish business. The corporate is devoted to the cultivation, distribution and advertising and marketing of high-quality hashish and cannabis-infused merchandise worldwide. Agra Ventures’ major asset in Canada is Boundary Bay Hashish situated in Delta, BC, which is likely one of the largest hashish greenhouse services targeted on the cost-optimized cultivation of high-potency hashish. Overseas, the corporate’s wholly owned subsidiary, Farmako GmbH, is concentrated on turning into Europe’s main distributor of medical hashish. Farmako at present has lively product distribution operations in Germany and is totally licensed in the UK.

For extra details about Agra Ventures, please go to www.agraventures.com and its profile web page on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Nick Kuzyk, Investor Relations
E: ir@agraventures.com
T: (800) 783-6056

The CSE and Info Service Supplier have not reviewed and does not settle for duty for the accuracy or adequacy of this launch.

Ahead-looking Info Cautionary Assertion

Besides for statements of historic reality this information launch accommodates sure “forward-looking info” inside the that means of relevant securities regulation. Ahead-looking info is often characterised by phrases such as “plan” “anticipate” “undertaking” “intend” “imagine” “anticipate” “estimate” and different comparable phrases or statements that sure occasions or situations “could” or “will” happen. Ahead-looking statements are primarily based on the opinions and estimates at the date the statements are made and are topic to quite a lot of dangers and uncertainties and different components that would trigger precise occasions or outcomes to vary materially from these anticipated within the forward-looking statements together with however not restricted to delays or uncertainties with regulatory approvals together with that of the CSE. There are uncertainties inherent in forward-looking info together with components past the Firm’s management. There aren’t any assurances that the enterprise plans for Agra Ventures described in this information launch will come into impact on the phrases or time-frame described herein. The Firm undertakes no obligation to replace forward-looking info if circumstances or administration’s estimates or opinions ought to change besides as required by regulation. The reader is cautioned to not place undue reliance on forward-looking statements. Extra info figuring out dangers and uncertainties that would have an effect on monetary outcomes is contained within the Firm’s filings with Canadian securities regulators which are accessible at www.sedar.com.

SOURCE: Agra Ventures Ltd.



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