Plena Global Holdings has completed its first harvest and extraction at its subsidiary outside of Bogotá, Colombia, and yields are significantly higher than forecasted, according to the company.
- The company has built out its extraction capacity for its 2019 production
- The yields for the outdoor grow are substantially higher than our internal forecast
- The Company continues its greenhouse build out in Colombia
Separately, the Company is also pleased to announce that as of June 13, 2019, its first shipment of cannabis, specifically CBD Isolate, has departed for delivery to a laboratory in Canada. "Other shipments to Germany, the UK, and Holland are expected to depart over the summer," they point out. Separately the company has a significant pipeline of activity into the existing Colombian & LATAM market. "With over 1,000% of 2019 production already covered under existing offtake to international parties, unexpectedly strong local demand from within Colombia is pushing the company to accelerate development plans to bring additional capacity online earlier."
Plena Global is a B2B medical cannabis supplier with phase one of its first 3.2M square foot property operating outside Bogotá. In addition, the Company currently intends to begin operations in 2020 at a second 20M square foot property in Colombia.
The Company is also pleased to announce that, with the adoption of the new regulations on the cultivation of medical cannabis in extract and natural flower form in Peru, it has also entered into a letter of intent to acquire a 26M square foot certified organic farm for development in Peru. This acquisition re-asserts Plena's strategy to grow at scale in the world's best climates.
"Peru represents the world's best growing region for agricultural products, without peer," stated Richard Zwicky, Plena Global's CEO. He continued: "Peru is known both as 'nature's greenhouse' and the breadbasket to the world. From Peru, Plena Global expects that production can significantly cut into supplying the world's medical cannabis shortages, at an unprecedented scale and capacity. The Company expects to begin supplying the domestic Peruvian market and exporting cannabis flower and extracts globally in early Q1 of 2020 - subject to receipt of all necessary licenses within the anticipated timelines."
- Peru's climate and soil provides the opportunity to grow at scale and at an even lower cost since no greenhouses are required
- Peru's legislation offers the opportunity to export not only extract but also flower, for which demand is even greater in Europe.
- With Peru online, Plena continues to grow and diversifies its sources to meet growing demand with edibles being legalized in Canada by December 2019 - an additional $2.7 billion market according to Deloitte.
Plena Global's large scale cultivation operation exists to support its role as a B2B supplier of pharmaceutical grade cannabis ingredients targeting companies such as GW Pharma, Merck and Pfizer that own patents on cannabis-based medication, as well as traditional cannabis licensed producers such as Canopy, Aurora, Aphria (TSE: APHA), Tilray, and HEXO for whom outsourced supply partners can remove any production constraints.
The Plena Global model is designed to supply companies in the cannabis sector with the highest quality medical grade cannabis extracts with consistency and reliability. Richard Zwicky, Plena Global's CEO, stated that: "Our model is to grow and extract cannabis to the highest GMP compliant standards. Our products are grown to be consistent in quality and available in large quantity on a reliable basis. Companies that are regularly unable to bring cannabis-based products to market due to limited raw material supply require both a dependable supply chain and high-quality materials. Our heavy focus on compliance ensures we meet our customers high standards every time, and our unparalleled scale ensures we can meet their large-scale supply demands consistently."
Zwicky continued: "Plena's first harvests from phase one plantings have exceeded our expected yields, and tests done to date have shown the product to be of the highest quality and free of contaminants. Our 3.2M square foot Bogotá property has an advantageous position, located ~2600 meters, or ~8,500 feet above sea-level. The higher altitudes mean there are fewer insects or pests to worry about, thinner, dryer air leading to less overall humidity, and much stronger solar radiation, which results in higher concentrations of cannabinoids in the plant."
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