Benchmark Botanics Inc.
BENCHMARK BOTANICS RECEIVES CANNABIS SALES LICENSE
GAINS APPROVALS FOR A JV WITH LARGE CHINESE PHARMACEUTICAL COMPANY
Benchmark Botanics Inc.'s (BBT.C) wholly owned subsidiary, Potanicals Green Growers Inc., received its retail sales license from Health Canada, on July 26, 2019.
The license allows Benchmark to supply and sell finished cannabis products to provincial governments throughout Canada and through Canada's distribution and retail supply chain. Benchmark will be providing recreational and medical dried cannabis, capsules and other forms of cannabis products as the government of Canada makes more forms of the product legal for sale and consumption later this year.
"Receiving the Health Canada sales licence is of significant importance and signals a giant step forward for the growth of Benchmark," commented William Ying, chief executive officer of Benchmark Botanics. "The sales licence gives the company the ability to sell additional products and is very timely with the new legalization for the edible market soon upon us. Our sales license will allow us to enter the Canadian medical and recreational marketplaces, as well as fulfill potential international supply agreements."
Along with the approvals for the Zhejiang Yatai Pharmaceutical Co. Ltd. joint venture and sales license represent another key milestone in Benchmark's path toward becoming one of global leaders in the development and commercialization of cannabis and cannabis-derived products designed to support health and wellness.
Since late 2017, Benchmark has secured all regulatory approvals required to harvest and sell cannabis, which has contributed to the continuing growth and enhancement of the business.
Benchmark and Zhejiang Yatai Pharmaceutical Co. Ltd. signed a definitive agreement to establish a joint venture company in Canada, subject to compliance with Canadian Cannabis Act and related regulations, to cultivate, manufacture, process and market high-content cannabidiol (CBD) cannabis products, along with the research and development of medical cannabis; and the extraction, isolation and purification of high-CBD cannabis oil for commercial applications. Zhejiang Yatai is a publicly listed company on the Shenzhen Stock Exchange (stock code: 002370).
Zhejiang Yatai Pharmaceutical is one of the top 500 China Enterprises founded in 1989 which researches, produces, sells, and exports pharmaceutical products, tablets, capsules, patches, powder injections in China and internationally.
Zhejiang Yatai 2018 Financial Highlights
Market Cap $ 8.525 B USD
Revenues $188.29 M USD
Net Income: $30.1M USD
803 employees
50 offices in 24 provinces China
GMP standards / modern pharmaceutical production techniques
2002 ISO 9001 quality certification – ISO 14001 environmental protection
en.yatai.com/
Benchmark Botanics Inc. – $0.40
Benchmark Botanics Inc. a licensed producer of medical dried cannabis at its facility in Peachland, British Columbia. Through its 100-per-cent-owned subsidiary, Potanicals Green Growers Inc., The Peachland Cannabis Complex is currently a 12,700 sq. ft. and a production capacity of 550 kg of dried cannabis. Expansion plans are underway to construct an additional 50,000 sq. ft. facility to increase production capacity. The Pitt Meadows Greenhouse Operations is in Pitt Meadows, British Columbia, will be Benchmark's primary cultivation facility when completed. Located on a 5-acre property, the Pitt Meadows Greenhouse Operations will have a total of 174,240 sq. ft. Recently signed a JV with large China Pharmaceutical Zhejiang Yatai to set up a CBD products business in Canada for global sales.
· Market Cap: $ 55.6 Million
· Total Debt to Total Capital: 11.5%
· Total Debt to Total Equity: 31%
· YTD Total Return: 81.96%
benchmarkbotanics.com