Alchemist Acquiring 100% of Better Cannabis Genetics, a Specialist in R and D of Cannabis Strains - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2017) - Alchemist Mining (CSE: AMS) has signed a non-binding Letter of Intent to acquire a 100% stake in Better Cannabis Genetics Corporation, which specializes in the research and development of cannabis strains.
The acquisition would include an existing catalogue of cannabis varieties controlled by BC Genetics and all current and future intellectual property derived from those strains. BC Genetics will continue to develop cannabis strains at two Salt Spring Island facilities licensed by Health Canada for 2400 plants under non-expiring MMAR licenses that allow for cannabis research.
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David Gdanski, Alchemist CEO, stated: "This acquisition positions Alchemist with a premium claim staked right in the heart of the commercial cannabis gene pool. We inherit an extensive genetic reservoir of proven elite strains. The BC Genetics breeding facilities were designed specifically for research and development. Our aim is to build Canada's most comprehensive catalogue of proprietary cannabis varieties — a resource with tremendous upside potential. We aim to use tissue culture technology to preserve our most elite — and marketable — genetic lineages in the in vitro format, which is ideally suited for distribution in partnership with producers licensed under the ACMPR. We plan to license authentic, proprietary strains for a range of cannabis products. Our goal is to make Alchemist a genetic supply house for the industry to draw upon."
BC Genetics has been led by Timothy Harvey of Salt Spring Island, BC, since 2009. Formerly a tissue culturist of mycological specimens, Harvey saw an opportunity to elevate quality with a coordinated breeding program within the medical cannabis community as early as 2007, when he apprenticed to the creator of the well-known sativa strain "The Purps". He has since worked with Gulf Islands growers to collectively curate a pool of elite genetics that now forms the basis of the Alchemist Letter of Intent. He works closely with Albert Kasprowicz, BSc. on cannabis breeding and research.
Timothy Harvey, of BC Genetics, stated: "Our collection features standard classics as well as hundreds of carefully-documented hybrids, crosses and inbred lines that bring out the most interesting and sought-after expressions of what marijuana can be. The Alchemist acquisition puts this priceless resource into a context that amplifies our power to continually improve our genetic stock and apply scientific best practices to document the resource, and finally to move towards distributing our genetics in an ideal format, through official channels as a valuable contribution the Canadian marijuana marketplace."
This pending acquisition is subject to several conditions, including the completion of due diligence and the usual stock exchange approvals.
The shares are trading at $0.07 and with 27.9 million shares currently outstanding, the company is capitalized at $2 million.
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Source: Newsfile Corp.