(Image via Affinor Growers Inc.)
In May 2021,
Affinor Growers Inc. (
CSE.AFI,
OTCQB: RSSFF,
Forum) announced that it had signed a binding letter of intent with
Vertical Designs Aruba, where it will purchase 100% of the private equity in that business, under the terms of the deal.
Established in 2018 to produce fruits and vegetables, the Aruba corporation is ready to submit for a medical cannabis production license from the Government of Aruba. This deal is pending the receipt of that government cannabis production license.
Pending approval, the consideration is all shares at 52 million common shares and is also contingent upon the achievement of certain performance milestones (including securing the license).
- Up to 49% of the project is sold for a specified minimum price
- Build out a minimum 200 two-tower facility in Aruba
Once the first 2,300 to 2,700 kg (5,000 - 6,000lbs) of cannabis produced in Aruba is successfully exported and completely sold at a pre-determined or mutually agreed amount, the milestones will be achieved.
In
a media release detailing this news for investors, Affinor’s Chief Executive Officer, Nick Brusatore stressed that the Company’s mission is to serve the world with sustainable agriculture technology with no compromises on quality.
“I am so excited about this project. Aruba is a warm, beautiful country filled with wonderful people. I am so proud to be part of the movement for global sustainability and national self-sufficiency serving nations like Aruba.”
Focused on developing vertical farming technologies and using those technologies to grow fruits, vegetables, and cannabis in a sustainable manner, this deal marries perfectly with Affinor’s message and market opportunity about global food production and its mission to change the way the world grows. Affinor’s plan in Aruba is to produce food and cannabis sustainably and cost-efficiently.
Utilizing the Tesla Powerwalls and Solar in its Abbotsford BC greenhouse, Affinor’s patented farming technology and quality assurance processes are sustainably delivered through alternative energy, composting technology, and LED lighting.
The Company’s vertical farming technology levels the playing field for plant production globally, beginning with its immediate plan to grow across Canada and work toward full environmental, social, and governance (ESG) protocols.
More than 100 acres on the proposed north island site is available and can accommodate 1,000 vertical towers per acre. Full development would create a new global medical cannabis industry leader and open international markets.
The benefits to Aruba include local food production to reduce imports, high wage employment, education, technology transfer and taxation income.
In the meantime, investors would be interested to know that the Company is proceeding on schedule with its new
15,000 square foot leased greenhouse building in Abbotsford, BC, which is to start operations in June 2021. Affinor is planning to produce strawberries and romaine lettuce initially, with the intent to apply to Health Canada for a micro-cultivation license including cannabis evidence package. In utilizing part of the current greenhouse structure to facilitate its automated craft cannabis program, (instead of building out a new greenhouse) will also save the Company time, but also save roughly $500,000 in capital expenditures.
Affinor Growers is also looking to launch new composting technology for soil remediation and looking at alternative energy solutions to achieve a goal of sustainability and profitability, while creating a high-quality product grown in remediated soil, sun, and water.
For more details on this Company, visit
affinorgrowers.com.
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.