CEO Joel Shacker says the milestone achievement puts the firm ‘well ahead of schedule’ on its Colombian cultivation plan
Corp () (OTCMKTS:PEMTF) said Tuesday that its wholly-owned subsidiary, Ihuana SAS, has completed its 2,000 square foot research and development facility in Guasca, Colombia.
In a statement, the Vancouver, British Columbia, company said the purpose-built R&D facility will be used for a seed registration program on Ihuana's licensed land. This is a “significant step,” as it will allow Ihuana to begin the important process of registering the genetics of “our high-CBD, low-THC strains of cannabis” with the Instituto Colombiano Agroprecuario, or ICA, said the company.
The R&D facility is located on Ihuana's fully-licensed 2.5-hectare agricultural site located in the Bogotá savannah region of Colombia. The area is fertile and world-renowned for its beautiful flower exports. Cannabis plants thrive in the region's mild and stable climate, consistent sunlight totaling nearly 12 hours per day year-round and fertile soil. The Bogotá savannah is also an excellent region for cannabis cultivation, noted the company, due to its strong agricultural infrastructure, low labour costs and proximity to free trade zones and major airports for agricultural exportation.
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"We have been working toward this milestone for some time and are pleased to announce that this puts us well ahead of schedule on our Colombian cultivation plan," said CEO Joel Shacker in a statement.
The company said its R&D facility uses a market-leading agricultural cover film produced by Ginegar for use in greenhouses. “Its unique thermal, mechanical and optical properties make it ideal for protecting crops and enhancing growth,” said the company.
The company will use an existing structure on the property for cannabis propagation, cloning and drying.
The quick completion of the R&D facility marks a major step in the company's plan for the international distribution of CBD products. The R&D facility will allow Ihuana to register up to ten strains of high-CBD, low-THC cannabis. Cultivating high-CBD strains of cannabis directly impacts the company's margins, as higher CBD content will result in a larger yield when extracted.
Vancouver-based aims to become a large-scale vertically integrated low-cost producer and exporter of CBD products globally. It plans to cultivate and extract CBD to create high-quality products from its Latin American operations. The firm has a 2.5-hectare site in Colombia that enjoys optimal year-round growing conditions. The firm recently announced that it inked a pact with VIDA BCN LABS SL (Spain) and Sativida OU (Estonia) to acquire producer and online CBD retailer Sativida.
Contact the author Uttara Choudhury at [email protected]
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