ALLIANCE GROWERS ANNOUNCES UPDATE ON JOINT BUSINESS COLLABOR ALLIANCE GROWERS ANNOUNCES UPDATE ON JOINT BUSINESS COLLABORATIONS WITH PHARMAGREEN IN CONNECTION WITH ITS APPLICATION FOR LISTING ON THE FRANKFURT STOCK EXCHANGE
Alliance Growers Corp. has provided an update report to its progress with regard to discussions and due diligence of WFS Pharmagreen Inc. and Canna Companion Products Inc., a wholly owned subsidiary of Pharmagreen. Alliance and Pharmagreen have entered into discussions for the development of a 40,000-square-foot facility to be the first of its kind in Western Canada to house a DNA botany lab, extraction facility and tissue culture plantlet production facility to service the cannabis market and agriculture market in general.
Alliance continues its review of Canna operations and further due diligence on the proprietary tissue culture "Chibafreen in vitro plant production system," as well as further discussions regarding additional joint business interests and opportunities with Pharmagreen, including the potential of a full merger between Pharmagreen and Alliance.
To finance the development of the facility, the company has engaged DGWA, the German Institute for Asset and Equity Allocation and Valuation, known and respected as one of the leading German corporate boutiques for global small- and mid-cap consulting and investments. As reported on Aug. 18, 2016, Alliance has applied for a listing on the Frankfurt Stock Exchange as the beginning of a European partnership with DGWA.
Dennis Petke, Alliance Growers president and chief executive officer, states, "Our partnership with DGWA provides Alliance access to German capital market to assist us in raising, in stages, the capital required to fully finance the joint business arrangements with Pharmagreen, including funding the setup of the facility".
Mr. Petke continues, "Since we began discussions with Pharmagreen in June, 2016, new opportunities have been developed collectively to exploit the current and future cannabis markets through multiple initiatives worldwide, utilizing the resources from both Alliance and Pharmagreen."
Peter Wojcik, Pharmagreen CEO, adds: "We are very pleased with the discussions of the various joint business opportunities with Alliance thus far. We are very excited about the addition of Alliance's Frankfurt listing, as this will place Alliance in an excellent position to fund our joint collaborations."
About Alliance Growers
Alliance Growers has advanced on its discussions regarding joint business interests and opportunities with Pharmagreen, including a potential full merger of Pharmagreen and Alliance Growers, subject to continued extensive due diligence and analysis.