Pharmagreen Biotech, Inc., in a company development update said that the company has secured significant credit facility to date and plans to use the funds to move forward with its projects development to build a state of the art all year round greenhouse and a tissue cultured starter plantlet production facility. The all year round greenhouse was added to the company’s plans for a first build out as time to complete construction is less than six months and revenue producing within 3 months of operations. The greenhouse will allow the company to earn revenues while the tissue culture facility is under construction.
Due to the extremely long periods of time Health Canada takes to process and issue Cannabis licences, the company has been strategically focused on the supply of its high CBD hemp strain plantlets. This year’s “CBD Dana” hemp pilot project was conducted across Canada by Botanical Research In Motion Inc., (B.R.I.M.), one of Pharmagreen’s strategic partners. According to Pharmagreen, the pilot project yielded great results and has proven and validated this strain to be a large producer of CBD biomass with CBD content reaching into double digits while the THC remaining very stable under 0.3% throughout the whole plant cycle. The research from this project is being submitted by B.R.I.M. to Health Canada for further review and for approval for the cultivar status. Changes to Health Canada’s hemp regulations are coming sometime in 2020, but what the changes are remains to be seen. Until then, the current list of 50 plus strains on Health Canada’s approved cultivar list are not worthwhile for CBD hemp farming as stated by the industry experts at the Canadian Hemp Trade Alliance trade show recently held in November, 2019. Getting “CBD Dana” hemp strain on the cultivar list will provide the Canadian Hemp farmers an opportunity to farm with high CBD hemp strain that’s very well suited for the North American growing conditions.
With the passage of the 2018 Farm Bill in U.S., “CBD Dana” hemp strain is now classified as hemp because it meets the requirement of less than 0.3% of THC. The Farm Bill also does not place restrictions for any particular hemp strain that can be grown as long as the content is less than 0.3% THC. This Bill is very positive for the cultivation of hemp and for the production of its cannabinoids based products such as CBD. This makes the U.S. regulatory structure one of the friendliest to grow hemp for high, non-THC cannabinoids production. Combined super-efficient regulations and being the world’s largest economy, U.S. has become a global player in less than a year in hemp production and CBD products development. In summer of 2019, the World Health Organization also stated that CBD should not be considered a controlled substance.