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VANCOUVER, British Columbia, Nov. 12, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) ("Primo" or the "Company") is pleased to announce that it has signed a lease agreement with Aqua Farming Tech, Inc. (Aqua Farming Tech) to grow certified organic sun-grown hemp on an aggregate 20 acre plot of land from Aqua Farming Tech‘s southern California property located near Palm Springs.
About Aqua Farming Tech Inc.
Aqua Farming Tech has been farming Tilapia in the Cachella Valley Since 1993, conducted from two farms encompassing 120 acres located in Southern California, making them the leader in sustainability produced premium quality aquaculture (Telapia), agriculture (Moringa) and premium brands in the health and wellness industry.
With two decades of experience in “Aqua” farming technology and excellent distribution relationship in Los Angeles, San Francisco and San Diego markets, the Company’s core business is the production of sustainability raised Tilapia (Aquaculture) and Moringa (Agriculture) on a farm located in California’s prolific Coachella Valley 150 miles from Los Angeles.
Aqua Farming tech has been at the forefront of developing and implementing the most advanced, sustainable, ecologically sound methods of producing clean, quality seafood in California. Aqua Farming tech was the first farm with more than 60 cement tanks built above ground, the first farm to utilize a mechanical aerator to improve the oxygenation of its water, the first farm to develop and implement a method of recycling its water, the first farm to generate a significant percentage of its power from solar power and the first farm to manufacture its own feed.
Primo’s Self-Sufficient and Sustainable way to grow Hemp All Year Round
Primo intends to leverage Aqua Farming Tech’s success in aquaculture and agriculture by utilizing it already established resource and infrastructure in place. Primo will be able to capitalize on the sustainable features of the Aqua Farming Tech operations which include:
This lease agreement combines Primo’s hemp growing experience in Oregon and the prime California outdoor cultivation location will allow the company to grow all year round with the potential to harvest three crops a year using Aqua Farming Tech’s Self-Sufficient Sustainable growing technology in aquaculture and agriculture operations.
President, Andy Jagpal Comments:
“We’ve been seeking to enter the California cannabis market for some time now. California is the leader in cannabis consumption and finding the right partner to work with is a critical first step. We are so lucky to be working alongside an industry leader like Aqua Farming Tech. By leveraging Aqua Farming Tech self-sustaining infrastructure and resources allows our Company to enter this massive California market with little to less start-up capital required if we were to do it alone. The end result of this relationship will be to produce a CBD oil sold as Certified Organic.”
Primo expects to produce over 25,000 lbs of dried hemp biomass from the 20 acre parcel per harvest three times per year. Future phases of the lease agreement will explore the potential of further expanding the outdoor hemp production beyond the current 20-acre site, through the option of another 80 acre site nearby in Coachella Valley California. The execution of all phases will allow Primo to develop into a large outdoor organic hemp cultivator in California State.
About Primo Nutraceuticals, Inc.
Primo Nutraceuticals Inc. ("Primo" or the "Company") provides strategic capital to the thriving cannabis cultivation sector through ownership and development of commercial real estate and farm friendly properties. Primo is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and cannabis related products in Canada and the United States. Primo provides fully built out turnkey facilities equipped with state-of-the-art growing infrastructure to cannabis growers and processors. In addition to the Company's flagship hemp project in Oregon State and the Greenhouse campus in Washington State, Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo's management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of “Primo” branded retail outlets - offering "Thrive," "Primo," and a selection of curated partner brands. The Company possesses proprietary formulas for cannabis edibles, topical, and tinctures. Primo is focused on building a strong presence in the hemp industry with the objective of extracting and selling cannabinoids (CBD) products in both Canada and the United States.
On behalf of the Board of Directors
PRIMO NUTRACEUTICALS INC.
Andy Jagpal, President and Director
To learn more about what this news means to the shareholders visit https://marketnewsfirst.com/primo-nutraceuticals, as well as on the company's site.
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FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9912b112-96b2-489d-8e72-c36e0aa703ca