Press Release, Agtech Global International Inc., Announces a Joint Venture with City Farm Industries Inc.
Newport Beach, California, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Agtech Global International Inc., (OTC PINK: AGGL) is pleased to announce it has executed a Letter of Intent to enter into a Joint Venture with City Farm Industries Inc., (CFI) a related party, for the large-scale cultivation of Hemp CBD oils and isolate; and additionally, Hemp flower for wholesale distribution to US and EU markets. The Joint Venture agreement will provide an option for AGGL to acquire CFI.
AGGL’s CEO, Ross Lyndon-James stated that “This Joint Venture is a major step forward for AGGL’s “seed to sale” business strategy and is intended to ensure that Galexxy Corporation has a reliable supply of high-quality raw materials for the manufacture of its proprietary CBD consumer products range”.
Based in Orange County California, CFI has a 25-year ground lease on 1,600 acres of prime farmland in the Central Valley region of California. To date, $5 million has been invested on this property primarily for infrastructure development. AGGL intends to provide staged capital investments of up to $10 million to the Joint Venture to expand CFI’s cultivation operations with multi-span, climate-controlled greenhouses, organized as 80,000 square feet “POD” configurations.
The Joint Venture’s initial business plan involves utilizing 300 acres of the property for large-scale greenhouse cultivation and the sale of CBD enriched smokable flower to meet both existing customers’ requirements under Letters of Intent, and anticipated production requirements for future customers. Further development includes progressively utilizing 1,300 acres for broad acre cultivation of Hemp biomass for processing into a range of CBD refined oils and isolate.
About Us: Agtech is publicly traded on OTC Markets Pink (OTC PINK: AGGL). Based in Newport Beach, California, Agtech recently restructured its agricultural supplies business to enter the rapidly developing markets for premium CBD consumer products. Its “seed to sale” business strategy is keenly focused on the important synergy of health and wealth. Galexxy Corporation is also based in Newport Beach and was recently acquired by AGGL for its aggressive entry into the CBD consumer products market.
For further information:
Agtech Global International Inc.
M: (949) 456 3972
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release.