The company’s main Propagation Services Canada subsidiary has also rebranded as Boundary Bay Cannabis to coincide with the firm’s first cannabis crop harvest
AgraFlora Organics International Inc has announced that, effective on July 28, 2021, it will change its name to Agra Ventures Limited to reflect the “evolved vision and strategic direction” of the company under its current leadership.
The company said the Canadian Securities Exchange will publish a bulletin announcing the date of the name change, and the firm will begin trading under its new name on or about July 28, 2021. The shares will continue to trade under the “AGRA” ticker symbol on the Canadian Securities Exchange.
In addition, the company’s main subsidiary Propagation Services Canada has rebranded to Boundary Bay Cannabis to conjure up the picturesque setting in which its cannabis is grown in the Delta region, in British Columbia.
READ: AgraFlora says first wholesale crop at Delta greenhouse on track for sale at the end of summer
“The name change is accompanied by a new logo and blue-based colour scheme to emphasize the company’s outgoing, strong and daring approach, while the rebrand also comes with a new logo for Boundary Bay Cannabis,” said the company.
The process of updating Agra Ventures’ contact information, website, social media profiles, as well as replacing the Propagation Services Canada brand with Boundary Bay Cannabis, is underway and is expected "to be completed shortly," said the company.
Cannabis harvest update
The rebrand coincides with the recently completed harvest of the first cannabis crop grown over 130,000-square-feet at the company's Delta greenhouse, which is now drying and will soon be tested for potency and prepped for sale. “The completed harvest is predominantly comprised of the Mimosa 37 strain of cannabis, with secondary quantities of the Kosher Kush and Gelato strains,” said the company.
Subject to the results of the upcoming potency tests, the company expects the crop to be valued and sold on a business-to-business basis to a third-party Canadian licensed producer in August. The next crop of cannabis plants is currently being prepared for growth at the Delta facility, added the company.
“I am proud to announce the new name of Agra Ventures Ltd. for our company, which marks a clear path forward from the time of achieving the important milestone of harvesting our first crop of cannabis at the Delta facility,” said AgraFlora CEO Elise Coppens.
“Similarly, the executive management team, with the support of the board of directors, also thought it was the right time to rebrand Propagation Services Canada as Boundary Bay Cannabis, as our three initial strains of cannabis are prepared to be sold for the first time,” she added.
Sale of Binbrook Property
AgraFlora also said that on July 14, 2021, it sold the Binbrook property held by its wholly-owned subsidiary Sanna Health Corp for around $1.87 million.
“As a result, the company’s level of indebtedness has been reduced by the same amount and certain litigation previously involving Sanna Health Corp. with the mortgagees of the Binbrook property has been settled and the action has been dismissed,” noted the company.
AgraFlora added that it plans to complete a share consolidation in the near term. Following the name change and rebrand, as well as evolution of the company’s competitive strategy, the goal of the share consolidation is to simplify the equity component of the company’s capital structure and accompany the recent improvements made to the liability component, said the company. The share exchange ratio related to the upcoming share consolidation is yet to be determined.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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