Now I understand why holders were dunping..i' am glad i did not average down. I would have been bankrupt like this POS
Biome Grow Corporate Update
TORONTO, Ontario – March 9, 2020 (GLOBAL NEWSWIRE) Biome Grow Inc. (“Biome” or the “Company”) (CSE: BIO) (Frankfurt: 6OTA) (OTCQB: BIOIF) is announcing, in light of current market dynamics, changes to a number of its previously announced initiatives, strategic investments, and proposed relationships, including Red Sands Craft Cannabis, Weed VR, its business relationship with CBD Acres, its partnership with St. Francis Xavier University, the expansion of its Highland Grow facility, and its investments in Back Home and Great Lakes Cannabis.
"The cannabis market has changed significantly over the past year, and we recognize that our initial capital-intensive strategy no longer makes sense in this environment," shared Khurram Malik, CEO of Biome Grow, “as a result, we have had to make difficult decisions in order to move the business in a different direction. We are working closely with stakeholders and creditors as Biome is straddled with significant liabilities and obligations in connection with these projects."
Red Sands
Red Sands Craft Cannabis Company Inc. (“Red Sands”) is a wholly owned subsidiary of the Company. It was incorporated on October 19, 2018, under the laws of Prince Edward Island (“P.E.I.”), and was initially conceived as being a vehicle to service the local and tourist market in P.E.I. with locally produced and regionally grown cannabis products. The Company has elected not to pursue the Red Sands initiative. No significant write downs are expected as the business had not begun execution on its proposed extraction facility.
Weed VR
The Company acquired Weed Virtual Retail Inc. (“Weed VR”) on June 11, 2018. Weed VR was conceived as a multi-platform virtual catalog system designed to educate, engage and inform consumer cannabis purchases. Given current market conditions, the Company has decided not to further pursue these objectives. The Company expects to write down this asset to zero in its Year End (“YE”) financial statements.
CBD Acres
On February 12, 2019, the Company entered into a memorandum of understanding (“MOU”) with CBD Acres Manufacturer Inc. (“CBD Acres”), to provide the Company with preferential access to cannabidiol (“CBD”) concentrate. The Company and CBD Acres have mutually agreed to terminate the MOU. Biome does not plan to pursue physician-led medical cannabis and/or cannabinoid clinics related thereto at this time. In addition, all previously announced international opportunities in which Biome had planned to market medical CBD are no longer being pursued.
Partnership with St. Francis Xavier University
On December 5, 2017, the Company entered into a partnership with St. Francis Xavier University (“StFX”) in respect of a multi-dispensary three year collaboration to conduct a range of cannabis- based research initiatives. Given current market conditions and capital constraints, the Company has decided not to pursue any research-based initiatives at this time, and is terminating its partnership with StFX.