- PACR bought nine parcels comprising 250 acres of land in Fraser Valley, British Columbia
- Share purchase agreement worth $1.5 million cash plus 3 million common shares
- PACR leverages genetic technology to produce high-yield cannabinoid-specific cultivars that thrive in B.C. climate
Pac Roots Cannabis (CSE: PACR), an innovative genetics-based cannabis company based in Canada, has just added 250 acres of premium Fraser Valley land to its portfolio. One of the most intensively farmed areas in Canada, the Fraser Valley generates the most significant farm income of any region in British Columbia. Boasting high-quality soils, a favorable climate, accessible water, and close proximity to educational and research institutions, this strategic acquisition will lend PACR added momentum in fulfilling its mission of leveraging genetics technology to cultivate specialized cannabinoid-specific strains for the production of top-quality cannabis products.
The company recently announced the closing of the share purchase agreement with the land’s shareholders that include 1088070 BC. LTD., Dave Jonkman and Norm Tapp. In exchange for the 250 acres of land, PACR agreed to pay an aggregate of $1.5 million in cash along with issuing an aggregate of 3 million common shares to the selling parties.
“The addition of such a substantial package of land to our portfolio is a major step for PacRoots. We are pleased to have the opportunity to add significant acreage with an acquisitional cost base of $9,600 per acre,” said PACR President and CEO Patrick Elliott. “This land has no zoning restrictions and is not situated within the Agricultural land reserve, which provides for infinite development possibilities.”
As part of its overall corporate strategy, PACR is dedicated to building a portfolio of valuable long-term income-producing and development assets. In addition to this latest acquisition of land, the company is also in the development stages of creating an indoor facility in Lake Country, B.C. along with already having acquired a 60% interest in a 100-acre joint venture hemp project in Rock Creek, British Columbia.
“Between the Fraser Valley and Rock Creek, B.C., which both rank at the top of the charts for outdoor agricultural producing regions in the Country, PacRoots is extremely well positioned for production and future development of Hemp and Cannabis infrastructure,” said PACR Board of Director Chad Clelland. “We are both privileged and proud to be involved in these exciting programs, which will undoubtedly add accretive value to our company and to our shareholders.”
Through its strategic genetic licensing partner, Phenome One, PACR has access to a large genetic library of cultivars that are suited for agricultural development on the west coast outdoor. Backed by testing and research over the past three years, the cultivar program has produced elite CBD and THC-rich cannabis strains that can thrive in wetter, milder outdoor conditions while generating exceptionally high yields.
“The lack of superior cannabis genetics, expertise and growing conditions have been a common headline that has plagued the industry in producing a premium product for the market,” Elliot further commented. “With the partnership with Phenome One and the access to their extensive genetic library, PacRoots is extremely well positioned to deliver the best in industry quality and throughput to the consumers with a pipeline of scalable development properties in the portfolio.”
Cannabis-based products are growing in popularity as their use becomes increasingly accepted across all demographics. The ability to deliver strains varying in cannabinoids like THC and CBD is gaining importance due to increased consumer awareness, necessitating the need for cultivators in the sector to enhance and differentiate cannabis products through their genetic makeup. PACR’s pioneering approach towards producing premium-grade cannabis strains, along with its portfolio of pristine land and production assets, is positioning the company as a future leader in the global cannabis industry.
For more information, visit the company’s website at www.PacRoots.ca.
NOTE TO INVESTORS: The latest news and updates relating to PACR are available in the company’s newsroom
