Vancouver, British Columbia, Canada – June 15, 2018: Benchmark Botanics Inc. (CSE: BBT / OTC Pink: BBHKF / FSE: BBW) (the “Company” or “Benchmark”) provides an update to the previously announced extension to the contract of purchase and sale for a greenhouse production center located in the lower mainland region of British Columbia. The Company has not made the additional $500,000 non-refundable deposit that was due today in order to extend the completion date from June 1 to July 16, 2018. The Company is seeking to negotiate with the vendor regarding an extension of the completion date, however there is no assurance that it will successfully secure an extension on terms acceptable to the Company or at all and in the interim the original $500,000 non-refundable deposit has been transferred to the vendor.
Benchmark Botanics, Inc. is: “Cannabis Redefined”.
Benchmark is a publicly traded company based out of Vancouver, British Columbia that is positioned to provide financing, partnership and acquisition opportunities to licensed producers and ancillary businesses within the global cannabis industry.
In November 2017, the Company acquired its first subsidiary, Potanicals Green Growers Inc. Potanicals Green Growers possesses a Health Canada license to cultivate cannabis and is an Access to Cannabis for Medical Purposes (ACMPR) Licensed Producer. In its first phase of operations, Potanicals is currently cultivating in its 12,700 square foot PHASE I indoor production facility.
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This news release contains forward-looking statements pertaining to various risks and uncertainties regarding future events. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the business and future objectives of the Company, including the timing of completion of the closing of the purchase and sale of the greenhouse facility, if at all. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including related to: (i) the facility and Potanicals’ operations; (ii) adverse market conditions; (iii) the ability of the Company to complete financings in the future; (iv) dependence on suppliers and skilled labour; (v) government regulation and compliance with the ACMPR; (vi) managing and maintaining growth; (vii) unfavourable publicity or consumer perception litigation; (viii) competition; (ix) Benchmark may not be able to secure an extension to the completion date for the contract for the purchase of the greenhouse on terms acceptable to Benchmark or at all; and (x) Benchmark will lose all of its original $500,000 non-refundable deposit if it does not complete the purchase of the greenhouse, face a claim for damages and the agreement to purchase the greenhouse may be terminated by the vendor. There is a risk that Potanicals’ Producer’s License will not be amended to permit the Company to sell medical marijuana produced at its facility. Actual results could differ materially from those currently anticipated due to a number of factors and risks including the risk factors discussed in this news release and in the Company’s disclosure documents, which can be found under the Company’s profile on www.sedar.com and on the CSE website. These statements speak only as of the date of this news release. Except as required by law, the Company does not intend to update these forward-looking statements.