Vancouver, British Columbia--(Newsfile Corp. - October 11, 2019) - Benchmark Botanics, Inc. (CSE: BBT) ("Benchmark" or the "Company") a licensed producer of cannabis for the medical and adult-use recreational markets, announces its intention to cooperate with Vission Technology Inc. to develop Smart Farm Total Solution for optimizing production efficiency.
Benchmark Botanics and Vission Technology have signed a non-binding letter of intent to jointly develop a "Smart Farming System Platform" for the cannabis industry, working in collaboration to create a comprehensive farm-based solution from cultivation to sales.
"Since inception, Benchmark has been growing its experience in the cannabis industry while actively seeking technological support in all areas of operations including farm modification and expansion, cultivation, production, processing, and sales. We will be directly involved in our project with Vission Technology, working together to develop a comprehensive solution suited for the cannabis industry supply chain, contributing to the growth of the industry," says Mr. Haifeng (Leo) Liu, President of Benchmark. "I am excited by this cross-sector cooperation and its growth potential."
According to the LOI, the two parties will cooperate in four areas:
Market research: Through a pilot farm project, comprehensively track all aspects of the industry chain, accurately locate the needs and weaknesses of the cannabis industry.
Technology R&D: Study the advanced facilities and technologies used in the industry and develop software products that meet the industry's needs.
Platform integration: Develop a "Smart Farming System Platform" to fully achieve the integration, automation, digitization and environmental protection of cannabis production from seed to sale.
Social responsibility: Comply with regulations and assist with the establishment and improvement of the social responsibility system.
Following completion, the platform will be applied to solve problems of information asymmetry in the modern cannabis industry caused by factors such as environment, circulation and government policies, which can result in economic loss. Through technological means, the solution enables cannabis businesses to achieve production efficiency and transparency using system-wide tracking and real-time data monitoring.
About Vission Technology Inc.
Vission Technology Inc is a Canadian technology company engaged in the development, production and sales of system integration, IT consulting and Big Data. The company is committed to developing an industry-leading solution that integrates GIS, BIM and AIOT into one single platform. Its founding team has a vast amount of industry experience in spatial data management and analysis, IT solutions, ERP system, AI management, Big Data processing, and many more.
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 and the EU. The Company's business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp throughout Asia.
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. is a Health Canada licensed producer under the Cannabis Act and its regulations (formerly ACMPR). 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 is working with a partner to build a second facility, a 4-acre Pitt Meadows Greenhouse Operations in BC.
ON BEHALF OF THE BOARD OF
BENCHMARK BOTANICS INC.
/s/ "William Ying"
Chief Executive Officer
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
FORWARD LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. More particularly and without limitation, the news release contains forward-looking statements and information relating to Company's corporate strategy. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company, including, without limitation, the Company's ability to carry out its business plan. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve risks and uncertainties. Actual results could differ materially from those currently anticipated due to several factors and risks. These include, but are not limited to, the Company's ability to identify and complete additional suitable acquisitions to further the Company's growth as well as risks associated with the medical marijuana industry in general, such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and regulated regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48706