Carson City, Nevada, Dec. 02, 2021 (GLOBE NEWSWIRE) — Pharmagreen Biotech, Inc., (OTC Pink: PHBI), today released a management update from CEO Peter Wojcik. The update is the first in a series of narratives breaking out the company’s strategy as it begins to convert the revenue potential of its proprietary intellectual property into realized revenue. The update is included in its entirety below:
CEO Peter Wojcik Strategic Update
Pharmagreen has reached an exciting transition stage where our proven intellectual property asset will now be leveraged to begin generating and growing revenue.
Pharmagreen has a proprietary tissue culture process that can be applied to the cannabis industry to increase the scalability of industrial grow operations at the same time preserving genetic purity and enhancing quality production.
Pharmagreen can produce starter plantlets for the CBD hemp and cannabis industries through the application of a proprietary plant tissue culture in vitro process called “Chibafreen”. This proprietary process will produce plantlets that will be genetically identical, free of pests, and disease free with consistent and certifiable constituent properties.
Now Pharmagreen is building an operation around its Chibafreen proprietary process to monetize the value of the asset.
To prepare for this transition, in May of 2019, Pharmagreen became public through a reverse merger. No reverse split was executed in conjunction with the reverse merger and there are no current plans for a reverse split.
Management has now initiated an OTCQB application as part of its overall, multifaceted strategy to transition the potential recurring revenue value of its Chibafreen asset into realized recurring revenue.
The centerpiece of our transition strategy is a 12,000 square foot state of the art, IoT (Internet of Things) enabled greenhouse on 12 acres in Northern California that has the potential to house an operation that at capacity can produce nearly $10 million in unlevered free cashflow annually. Additionally, Pharmagreen’s plans for a tissue culture starter plantlet production facility, at the same California location, will produce approximately $30 Million in gross revenues operating at full capacity.
We expect to begin generating revenue next year in 2022, and rapidly expanding the revenue potential of these first facilities over the next five years. We also anticipate adding additional revenue sources built around the Chibafreen asset in yet to be determined locations.
Over the next few weeks, the company will publish a series of shareholder letters building on this one today to articulate in plain and simple terms the details of each key aspect of the overall strategy to transition the Chibafreen asset into a source of recurring revenue.
Look for the next installment to be published next week.
Please visit update.pharmagreen.ca for additional information on PHBI’s current business development.
About Pharmagreen Biotech Inc.
Pharmagreen Biotech, Inc., is a publicly traded (OTC Pink: PHBI) company. Pharmagreen Biotech Inc. is in the business of providing the highest quality starter plantlets utilizing a proprietary tissue culture process, “Chibafreen”, to licensed cannabis cultivators and to CBD / CBG hemp farmers. It also provides other value-added services: plant species identification through DNA testing and certification; live storage of all plant strains using tissue culture and low temperature storage proprietary technology. Utilizing the best tissue cultured plantlets in its state of art greenhouse(s) for highest quality flower tops production. For further information on the company please visit www.pharmagreen.ca and for current business developments please visit update.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:
Tel: (702) 803 9404
Email: info@pharmagreen.ca
Source: Globenewswire