VANCOUVER, May 7, 2020 /CNW/ – Benchmark Botanics Inc. (CSE: BBT) (the “Company” or “Benchmark“), a holder of federal licenses to cultivate, process and sell cannabis under the Cannabis Act, is pleased to announce that it has signed a cooperative agreement with China Bast and Leaf Fibres Textile Association(CBLFTA) to research, develop and promote the products and commercial applications for the Cannabis Sativa (hemp) industry.
The cooperative agreement encompasses research projects, educational and promotional activities for all underlying patents, standards, technologies, and applications as well as industrial and consumer products. Benchmark will set up a reward program to encourage this development and to incentivize contributors.
China Bast and Leaf Fibres Textile Association (CBLFTA) is a national organization founded and registered with Ministry of Civil Affairs in 1988. Currently with 300 members, CBLFTA represents all entities involved in China’s hemp industry. Members include farmers, processors, manufacturers, researchers, entrepreneurs and marketers. The key functions of the CBLFTA are to liaise with governments and stakeholders to develop policies and standards; disseminate information, promote the use of industrial hemp and coordinate research and marketing activities.
“In addition to our core competence in medical and adult-use cannabis, Benchmark further recognizes the vast commercial value of hemp fibre and its byproducts . Partnering with an organization that represents China’s fibre industry and that understands all aspects of hemp product development, will provide Benchmark Botanics with significant advantage in China’s market.”, said William Ying, CEO of Benchmark Botanics. “I am pleased to foresee this cooperation paving the way for long-term success and fulfill Benchmark’s vision of setting the benchmarks for the industry.”
About Benchmark Botanics Inc.
Benchmark is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical, pharmaceutical, and recreational markets in Canada. The Company’s business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp throughout Asia, where it is legal to do so.
Benchmark is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company’s global footprint.
Benchmark’s 100% owned subsidiary, Potanicals Green Growers Inc. (“Potanicals) is a Health Canada licensed producer under the Cannabis Act and its regulations. The Company is producing at its indoor Peachland Cannabis Complex and is constructing a Phase II expansion of an additional 10,000 square foot extraction facility there. Along with cultivation and production, the company’s Peachland BC facility also provides propagation, cultivation, cloning, storage, research and development, genetics and is progressing towards CBD oil extraction and an EU-GMP certification.
As part of its expansion strategy the company, with a joint venture partner completed a second facility, a 4-acre Greenhouse Operation in Pitt Meadows, BC. The Company through Potanicals, has received its second cultivation license, effective November 29, 2019, from Health Canada for the Pitt Meadow greenhouse.
Benchmark has also acquired 51% of a company that holds a cannabis research and development licence issued from Health Canada under The Cannabis Act and its regulations.
ON BEHALF OF THE BOARD OF
BENCHMARK BOTANICS INC.
/s/ “William Ying”
Chief Executive Officer