YIELD GROWTH Enters Agreement to Purchase a 10 Acre Property with 2.5 Acres of Existing Greenhouses in Chilliwack, BC
VANCOUVER, British Columbia, March 13, 2019 (GLOBE NEWSWIRE) -- The Yield Growth Corp. (CSE:BOSS) (OTCQB:BOSQF) (Frankfurt:YG3) is pleased to announce its subsidiary, Yield Botanicals Inc., has entered an agreement with Vandenbosch Trading Company Ltd. to purchase a 10 acre property. The purchase includes over 2.5 acres (approximately 100,000 square feet) of well-equipped and automated greenhouses, currently operating as an orchid flower grow and essential oil extraction business. The total price for the land, buildings, greenhouses and equipment is $2.4 million. Yield Growth has available cash on hand to complete the purchase.
This strategic asset purchase will allow Yield Growth to grow plants and build out extraction facilities in the existing infrastructure, while providing plenty of room for future expansion. Owning a farm will give Yield Growth complete control of key proprietary ingredients for its products, including hemp root oil. The purchase will also empower Yield Growth’s in-house research capabilities for growth and innovation.
We are delighted that we are buying a property to house our extraction facilities as well as potential cultivation of industrial hemp and other plants with therapeutic benefits,
says Penny Green, CEO of Yield Growth.
One of our initiatives will be to work with local farmers and scientists to develop hemp strains with heavy concentrations of cannabidiol (CBD) in parts of the hemp plant that are exempt from the Cannabis Act.
Yield Growth is planning to optimize the farm’s current orchid growth and essential oil extraction to include new products. It plans to set up an additional extraction facility dedicated to hemp root oil—a key ingredient in Urban Juve products and in the cannabis topicals line launching in Oregon. Yield Growth will also apply to cultivate industrial hemp for the purpose of hemp root oil extraction, and carry out research and development to create cannabidiol from the parts of the hemp plant exempt from the Cannabis Act. The farm facilities also allow Yield Growth to grow herbs currently used in the Urban Juve product line, and extract essential oils on site, according to the Ayurveda philosophy.
Closing of the purchase is subject to a building inspection satisfactory to Yield Growth.
The Yield Growth Corp. is disrupting the $4.2 trillion-dollar global wellness market with hemp and cannabis-infused products that connect ancient healing with modern science. It is a vertically-integrated asset company with the leadership, financial position, and science-backed formulas to capitalize on the cannabis revolution. The Yield Growth management team has deep experience with relevant global brands including Johnson & Johnson, Procter & Gamble, M·A·C Cosmetics, Skechers, Best Buy, Aritzia, Coca-Cola, and Pepsi Corporation. Yield Growth serves mainstream, luxury consumers who demand sophisticated wellness solutions. Its flagship consumer brand, Urban Juve, has registered 35 products with Health Canada. Key ingredients in these products include Cannabis Sativa hemp seed oil and hemp root oil created using Urban Juve’s proprietary, patent-pending extraction technology. Urban Juve has also filed 11 provisional patents in the United States. Through its subsidiaries, Yield Growth is commercializing over 70 wellness products and has multiple revenue streams including licensing, incubation services and product sales.
Investor Relations Contacts:
Penny Green, President & CEO
Kristina Pillon, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, and sale of, and demand for, Urban Juve, UJ Topicals, UJ Beverages and UJ Edibles products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.