supply – MJ Shareholders https://mjshareholders.com The Ultimate Marijuana Business Directory Fri, 08 Feb 2019 14:02:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 Biome Grow announces first shipment of finished product to Newfoundland and Labrador https://mjshareholders.com/biome-grow-announces-first-shipment-of-finished-product-to-newfoundland-and-labrador/ Fri, 08 Feb 2019 14:02:46 +0000 https://www.cannabisfn.com/?p=2235690

Ryan Allway

February 8th, 2019

News, Top News

Toronto, Ontario (February 8, 2019)– Biome Grow Inc. (“Biome” or the “Company”) (CSE: BIO) (Frankfurt: 6OTA) (OTCQB: BIOIF) is pleased to announce it has released its first shipments of finished product to Newfoundland and Labrador. Products are expected to be delivered directly to retail locations across Newfoundland and Labrador and accessible to consumers next week.  A second shipment of finished product will also be sent later this month with an emphasis on independent retail locations.

These first shipments will assist in reducing the immediate supply shortage in the domestic cannabis market in recent months. Biome Grow is committed to serving our customers in Newfoundland and Labrador. The Company is utilizing each of its assets to secure product for this market through internal and external sources and is committed to the long-term partnership that we have with the province.

This first shipment is part of the landmark agreement Biome and its Newfoundland and Labrador brand, Back Home Medical Cannabis Corporation (“Back Home”) signed with the Government of Newfoundland and Labrador on November 2nd, 2018.  This agreement is the largest cannabis supply agreement in Atlantic Canada and one of the top five largest deals of its kind in the Canadian cannabis market by quantity. The Company expects that the Supply Agreement will represent close to $100 million in revenue per annum starting in 2020.

In addition to regular product supply, Biome and Back Home are also finalizing the site selection for its five wholly owned retail locations. Biome anticipates that the first location will open in Western Newfoundland by Spring 2019.

Biome will also invest $500,000 over five years for research and development in the Province of Newfoundland and Labrador. The Company’s investment in the provincial cannabis ecosystem supports Biome’s commitment to the Newfoundland and Labrador Cannabis supply chain.

For further information, please contact:

Alise Mills

[email protected]

778-928-0267

www.biomegrow.com

About Back Home

The Back Home Medical Cannabis Corporation is a company incorporated under the laws of the Province of Newfoundland and Labrador and is in the late stages of applying for a license under the Access to Cannabis for Medical Purposes Regulations (ACMPR). Back Home began construction on a new production facility in Western Newfoundland in the second quarter of 2018. The facility will be 168,000 square feet in size upon completion and will be built in four phases.

About Biome

Biome wholly owns five subsidiaries, including: The Back Home Medical Cannabis Corporation, a company incorporated under the laws of the Province of Newfoundland and Labrador and in the late stages of applying for a license under the Cannabis Act; Great Lakes Cannabis, a company incorporated under the laws of the Province of Ontario and in the late stages of applying for a license under the Cannabis Act; Highland Grow Inc., a licensed producer in Nova Scotia under Canada’s ACMPR; Red Sands Craft Cannabis Co., a company incorporated under the laws of the Province of Prince Edward Island, and; Weed Virtual Retail Inc., a company incorporated under the laws of the Province of Ontario in the business of operating a new virtual reality technology platform focused exclusively on the medical and recreational cannabis markets. Biome is a Canadian-based company with national and international business interests.

Forward-looking Statements

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information.  Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “ expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward‐looking statements and information concerning: the Transaction and the expected revenue to be derived from the Supply Agreement; the construction and the timing associated with such construction and expansion of Back Home’s facility in the Province of Newfoundland and Labrador; Back Home’s expected timeline for the production of cannabis; the expected operating lifetime of Back Home’s facility in the Province of Newfoundland and Labrador; investment in, and the development of, Back Home’s  retail locations; the anticipated creation of jobs at Back Home’s production facility and retail locations; Biome’s expected investment in research and development; the Company’s investment in the provincial cannabis ecosystem and its ability to ensure Biome’s cannabis products are eligible for sale in the Province through the Newfoundland and Labrador supply chain, and Biome’s management and its business plans. Such forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to Biome, including, among other things, assumptions and expectations with respect to: Back Home’s ability to obtain all necessary regulatory licenses, permits and approvals to produce and sell cannabis and generally operate its business; that labour, construction, and other costs will remain low for Back Home’s licensed cannabis production facilities; and that sufficient financial resources will be available.

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, among other things: a failure to obtain or delays in obtaining the required regulatory licenses, permits, or approvals; changes to legislation; changes in cannabis research or the general public’s perception of cannabis; crop failure; labour disputes; increases in labour and/or construction costs; rising energy costs; an inability to access financing as needed; and general economic downturn.

Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements speak only as of the date on which they are made, and Biome, or any of its subsidiaries undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Ryan Allway

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

]]> Biome Grow Signs Massive Provincial Supply Agreement https://mjshareholders.com/biome-grow-signs-massive-provincial-supply-agreement/ Thu, 06 Dec 2018 22:08:45 +0000 http://www.cannabisfn.com/?p=2036064

Ryan Allway

December 6th, 2018

Exclusive, News, Top Story

Canada’s cannabis industry has charged forward full-steam following the legalization of recreational cannabis in October. While there was an initial flurry in provincial agreements, many licensed producers experienced a shortfall in their supply commitments. These dynamics encouraged many provinces to seek additional suppliers to help meet growing customer demand as Health Canada works through its backlog of applications.

Biome Grow Inc. (CSE: BIO) (FSE: 60TA) is a diversified licensed producer with five subsidiaries located in strategic markets throughout the country. In early November, the company announced a landmark provincial supply agreement that could generate upwards of $100 million in annual revenue over the coming years in Newfoundland and Labrador’s nascent market.

In this article, we will take a look at the new supply agreement and why investors may want to take a closer look at the stock over the coming quarters.

New Supply Agreement

Biome Grow recently announced that its subsidiary, Back Home Medical Cannabis Corporation, entered into a three-year 24,000 kg production and supply agreement with the Province of Newfoundland and Labrador. Management expects that the agreement will generate close to $100 million in annual revenue beginning in 2020 at wholesale prices, while expenses could total around $50 million per year at those production levels.

The transaction is the single largest cannabis supply agreement in Atlantic Canada and one of the top five largest deals across the country by quantity. Under the terms of the agreement, Back Home is expected to produce Newfoundland and Labrador-grown cannabis in 2019 and operate a production facility in the province for a minimum of 20 years. It will supply up to 4,000 kg in the first year and 10,000 kg annually in the following two years.

In addition to the supply commitments, the company is eligible to recover up to $52 million through reduced remittances to the Newfoundland and Labrador Liquor Corporation. The company could recoup eligible construction costs through reduced remittances in exchange for new jobs and the construction of the new facility in the province. These reduced remittances could provide a boost to the company’s bottom line.

Ongoing Expansion

Biome Grow’s Back Home subsidiary is just one of five companies under its corporate umbrella. Great Lakes Cannabis is in the late stages of an ACMPR license with a presence in Ontario; Highland Grow is an existing licensed producer in Nova Scotia; Red Sands Craft Cannabis is located in Prince Edwards Island; and, Weed Virtual Retail is developing a new virtual reality technology platform focused on medical and recreational cannabis markets.

In addition to these Canadian operations, the company is actively working to expand its international footprint to further diversify its revenue. These activities could include exporting cannabis to key international markets around the world or acquiring companies in these markets to grow its operational footprint. The announcements surrounding these expansions could become a catalyst for the stock over the coming quarters.

The company recently listed its stock on the Frankfurt Stock Exchange under the symbol “6OTA” to further its goal of becoming a leader in the international medical cannabis markets. The FSE is one of the world’s largest securities exchanges with ~90 percent share turnover, while about half of its participants are from countries other than Germany. The move could open the door to investment from European and other nearby investors.

Looking Ahead

Biome Grow Inc. (CSE: BIO) represents a compelling investment opportunity in the Canadian and global cannabis industry. With its new provincial supply agreement in place, the company is well positioned to significantly grow its revenue in 2020 and beyond, while simultaneously advancing projects across its other four subsidiaries.

For more information, visit the company’s website at www.biomegrow.com.

Disclaimer

The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer

Ryan Allway

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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