Agra Ventures has recorded over $318,000 in revenue with an additional $173,000 under signed contract from the sale of dried cannabis flower on a wholesale basis over the two-month period from December 7, 2021 to February 8, 2022. The record result for AGRA is the aggregate of over 175 kilograms of cannabis contracted under four separate transactions, including under the previously announced offtake agreement as well as independent of that agreement, for an average price of in excess of $2.75 per gram.
All of the dried flower was grown, cultivated and processed at the company’s Boundary Bay facility in Delta, British Columbia. Using its own genetics, AGRA’s employees and a small number of advisors with senior levels of expertise in cannabis growing have worked together to produce multiple crops of desirable strains in multiple batches over the last several months. As a result, the company is receiving increased interest for its dried flower from licensed producers of cannabis across Canada.
The company also has entered into a definitive share purchase agreement with Twenty One Investment Holdings, and all shareholders of Twenty One to acquire up to 34% of the issued and outstanding common shares of Twenty One. Twenty One is the owner of a technology platform supporting retailers and their customers with in-store and online cannabis buying experiences in the United States.
"The last two months have exciting for AGRA as a record amount of revenue was recorded based on growing high quality cannabis and selling it on a wholesale basis, consistent with our refocused competitive strategy. I am grateful to our talented and dedicated staff at the Boundary Bay greenhouse for growing such desirable crops and to our external partners for doing a great job to get the batches to the industry,” said Elise Coppens, CEO of AGRA.
"I am also excited for AGRA to acquire a significant part of Twenty One and technology that is focused on the US cannabis retail sector. Our goals of generating revenue from the sale of cannabis, positioning Farmako for success in Europe and finding a way into the US cannabis market in a legal way and at a reasonable cost are all in the process of being achieved, which is a fantastic way to start 2022,” added Ms. Coppens.
For more information:
Agra Ventures Ltd.
ir@agraventures.com
agraventures.com