PRIMO Nutraceuticals Inc. Harvests 13,000 lbs of Dried Bio-mass from Oregon Hemp Farm
The dried bio-mass hemp is currently being stored at a local drying facility located near Eugene, Oregon.
VANCOUVER, British Columbia, Oct. 30, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) ("Primo" or the "Company") is pleased to announce that further to the Company news release dated October 1, 2019 the Company has completed a harvest totaling 13,000 lbs of dried bio-mass of hemp from the Oregon hemp farm. The dried bio-mass hemp is currently being stored at a local drying facility located near Eugene, Oregon. The value for the crop in its current state is estimated to be worth $200,000 - $300,000 USD. This will be added to the 28 kilo grams of crude oil currently in inventor from last year’s harvest.
The completion of the 2019 harvest season is a major milestone for the company and for the hemp farm in Oregon, as this is the first year hemp has been federally legal since the Farm Bill was passed. This year in Oregon alone there are nearly 63,000 acres registered growing hemp compared to the 11,500 acres growing hemp registered in 2018. This is a significant increase in the amount of hemp being grown, which solidifies the Primo strategy of providing drying facilities to the ever growing hemp market in Oregon. Primo plans to have its first drying facility built and in operation by the end of the first quarter of next year.
President, Andy Jagpal Comments:
“I am very proud and excited with the amount of dried hemp that was harvested as it surpassed our expectations by a few thousand pounds. During a time in the cannabis market where companies have spent tens of millions of dollars building out facilities and cultivation infrastructure and have little to show for it, we have two harvests under our belt and product in inventory ready for sale. Together with this year’s harvest and last year’s inventory we estimate our inventory alone to be worth between $400,000 and $500,000 USD.”
VP Sales & Distribution, Andy Dhaliwal Comments:
“The on-hand inventory and quality of the hemp as starting material is a major advantage in the current marketplace. While the revenue opportunities from the harvest are extremely promising, the hemp processing infrastructure supports the expansion of our in-house product lines, and increases our white-label offering to the USA market as well. Both of which are tremendous assets for the company.”
About Primo Nutraceuticals, Inc.
Primo Nutraceuticals Inc. ("Primo" or the "Company") provides strategic capital to the thriving cannabis cultivation sector through ownership and development of commercial real estate and farm friendly properties. Primo is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and cannabis related products in Canada and the United States. Primo provides fully built out turnkey facilities equipped with state-of-the-art growing infrastructure to cannabis growers and processors. In addition to the Company's flagship hemp project in Oregon State and the Greenhouse campus in Washington State, Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo's management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of “Primo” branded retail outlets - offering "Thrive," "Primo," and a selection of curated partner brands. The Company possesses proprietary formulas for cannabis edibles, topical, and tinctures. Primo is focused on building a strong presence in the hemp industry with the objective of extracting and selling cannabinoids (CBD) products in both Canada and the United States.
On behalf of the Board of Directors
PRIMO NUTRACEUTICALS INC.
Andy Jagpal, President and Director
To learn more about what this news means to the shareholders visit https://marketnewsfirst.com/primo-nutraceuticals, as well as on the company's site.
For further information, please contact Zoltan, IR Representative at: 604-722-0305 [email protected]. Or toll free at 1-877-517-7816.
http://primoceuticals.com/
https://twitter.com/prmonutra
www.thriveCBD.org
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ddc63988-72ec-4630-a25d-5d418ba2ea1b