VANCOUVER, British Columbia, Feb. 09, 2022 (GLOBE NEWSWIRE) — Agra Ventures Ltd. (“AGRA” or the “Firm”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF), a growth-oriented and diversified firm targeted on the worldwide hashish trade, is happy to announce that it has recorded over $318,000 in income with an extra $173,000 below signed contract from the sale of dried hashish flower on a wholesale foundation over the two-month interval from December 7, 2021 to February 8, 2022. The document outcome for AGRA is the mixture of over 175 kilograms of hashish contracted below 4 separate transactions, together with below the beforehand introduced offtake settlement in addition to impartial of that settlement, for a median worth of in extra of $2.75 per gram.
The entire dried flower was grown, cultivated and processed on the Firm’s Boundary Bay facility in Delta, British Columbia. Utilizing its personal genetics, AGRA’s staff and a small variety of advisors with senior ranges of experience in hashish rising have labored collectively to provide a number of crops of fascinating strains in a number of batches during the last a number of months. Because of this, the Firm is receiving elevated curiosity for its dried flower from licensed producers of hashish throughout Canada.
The Firm additionally declares that it has entered right into a definitive share buy settlement (the “Buy Settlement”) with Twenty One Funding Holdings, Inc. (“Twenty One”), a privately held Delaware firm, and all shareholders of Twenty One (the “Promoting Shareholders”) to accumulate as much as 34% of the issued and excellent widespread shares of Twenty One (the “Acquisition”). Twenty One is the proprietor of a expertise platform supporting retailers and their clients with in-store and on-line hashish shopping for experiences in america.
The closing of the Acquisition befell on February 8, 2022 (the “Preliminary Closing”) as AGRA bought 500,000 newly issued widespread shares of Twenty One (the “Issued Shares”) straight from Twenty One and 500,000 widespread shares of Twenty One from the Promoting Shareholders (the “Transferred Shares”). Issued Shares and Transferred Shares had been bought to AGRA at a worth of $1.00 per Twenty One share. Because of the Preliminary Closing, AGRA holds 15.38% of the widespread shares of Twenty One.
Pursuant to the Buy Settlement, inside six months of the Preliminary Closing, AGRA will buy extra widespread shares of Twenty One (the “Extra Shares”) for the Buy Value for an mixture funding of at the very least $1,000,000 and as much as $1,500,000 (the “Second Closing”) at a worth of $1.00 per Twenty One share. One-half of the Extra Shares might be bought and issued by, and bought from, Twenty One and one-half of the Extra Shares might be bought and transferred by the Promoting Shareholders. Instantly subsequent to the Second Closing, AGRA will maintain between roughly 28.57% and 34.48% of the widespread shares of Twenty One.
“The final two months have thrilling for AGRA as a document quantity of income was recorded based mostly on rising prime quality hashish and promoting it on a wholesale foundation, according to our refocused aggressive technique. I’m grateful to our gifted and devoted employees on the Boundary Bay greenhouse for rising such fascinating crops and to our exterior companions for doing an important job to get the batches to the trade,” stated Elise Coppens, CEO of AGRA.
“I’m additionally excited for AGRA to accumulate a major a part of Twenty One and expertise that’s targeted on the US hashish retail sector. Our targets of producing income from the sale of hashish, positioning Farmako for fulfillment in Europe and discovering a approach into the US hashish market in a authorized approach and at an inexpensive price are all within the means of being achieved, which is a unbelievable method to begin 2022,” added Ms. Coppens.
About Agra Ventures Ltd.
Agra Ventures (CSE: AGRA) is a growth-oriented and diversified firm targeted on the worldwide hashish trade. 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 positioned in Delta, BC, which is among 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 changing into Europe’s main distributor of medical hashish. Farmako presently has energetic product distribution operations in Germany and is absolutely 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
T: (800) 783-6056
The CSE and Data Service Supplier haven’t reviewed and doesn’t settle for duty for the accuracy or adequacy of this launch.
Ahead-looking Data Cautionary Assertion
Aside from statements of historic truth this information launch comprises sure “forward-looking data” throughout the which means of relevant securities regulation. Ahead-looking data is ceaselessly characterised by phrases resembling “plan”, “anticipate”, “mission”, “intend”, “imagine”, “anticipate”, “estimate” and different comparable phrases or statements that sure occasions or circumstances “could” or “will” happen. Ahead-looking statements are based mostly on the opinions and estimates on the date the statements are made and are topic to quite a lot of dangers and uncertainties and different elements that might 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 data together with elements past the Firm’s management. There aren’t any assurances that the enterprise plans for Agra Ventures described on this information launch will come into impact on the phrases or timeframe described herein. The Firm undertakes no obligation to replace forward-looking data 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 data figuring out dangers and uncertainties that might have an effect on monetary outcomes is contained within the Firm’s filings with Canadian securities regulators which can be found at www.sedar.com.