Carson City, Nevada--(Newsfile Corp. - January 29, 2019) - Pharmagreen Biotech, Inc. (OTC Pink: PHBI), is pleased to announce
that its wholly owned Canadian Subsidiary, WFS Pharmagreen Inc., on January 25, 2019 executed an option agreement with Alliance
Growers Inc. This option agreement provides Alliance Growers with an initial 10% equity interest in WFS Pharmagreen subsidiary
1155907 BC Ltd. for an investment of CDN $1,350,000 (received). The option also allows Alliance Growers to earn up to a maximum of
30% equity interest of 1155907 BC Ltd. by funding up to 30% of the final total construction costs of Deroche Biotech Complex. The
Deroche Biotech Complex will be owned and operated by 1155097 BC Ltd.
Alliance Growers has been and continues to be a strategic partner in the development of the Biotech Complex at Deroche, B. C.
The funds advanced by Alliance has allowed this project to move to the completion of the project design and engineering stage
including permit application approval from municipal and regional districts.
The 63,000 sq. ft Deroche Cannabis Biotech Complex will be a state of the art laboratory tissue culture facility. This complex
will serve as a model for future locations that Pharmagreen plans to build globally. With the recent passage of the farm bill in
US, and the subsequent rapid growth of the "high CBD hemp" industry in the southern United States, Pharmagreen sees an opportunity
to build additional facilities.
About Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.
WFS Pharmagreen Inc. is a wholly owned Canadian based subsidiary of Pharmagreen Biotech, Inc., a publicly traded (OTC Pink:
PHBI) company. WFS Pharmagreen Inc. is a cannabis company that is becoming the largest producer of cannabis plantlets through a
proprietary tissue culture process with opportunity to become one of the largest players globally. Pharmagreen's mission is to
advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all
genetically the same plantlets of cannabis and other flora while offering full spectrum DNA testing for plant identification, live
genetics preservation using low temperature storage for various cannabis and horticulture plants; extraction of botanical oils
mainly CBD oil, and to deliver laboratory based services to the North American Cannabis and agriculture sectors. For further
information on the company progress on the construction of a 63,000 sq. ft "Cannabis Biotech Complex" please visit www.pharmagreen.ca.
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such
forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward
looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services
will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our
technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands;
inability to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date
made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking
statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should,"
"intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
The OTC Markets or any other securities regulatory authority has not reviewed and does not accept responsibility for the
adequacy or accuracy of this press release that has been prepared by management.
Contact Information:
www.pharmagreen.ca
Tel: (702) 803 9404
Email: info@pharmagreen.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42520