- Signed definitive agreement that completed the acquisition of Worm Castings Transaction, management is pleased to announce that the 10 acre hemp farm is currently being planted.Â
- The hemp farm in Oregon has a crew of 20 persons planting 28,000 plants and finalizing the laying of mulch and drip lines that will be completed by the end of the week.
VANCOUVER, British Columbia, June 25, 2019 – BOUGAINVILLE VENTURES INC. (“Bougainville” or the “Company”) (CSE: BOG) (8BV-FF:Frankfurt Stock Exchange) – Further to the Company’s news release dated May 23, 2019, announcing the signed definitive agreement that completed the acquisition of Worm Castings Transaction, management is pleased to announce that the 10 acre hemp farm is currently being planted.Â
Worm Castings is the owner of a Oregon State Hemp production and processing license, issued by the Oregon State Regulatory approval board. The hemp farm in Oregon has a crew of 20 persons planting 28,000 plants and finalizing the laying of mulch and drip lines that will be completed by the end of the week. The genetics being used are premium high quality cloned hemp plants with 10-15% CBD and 0.3% THC resulting in maximized CBD oil content within each plant. In addition, all plants grown on the farm will be pesticide and chemical free with a proven top soil mix that will increase plant growth by 20%.
Worm Casting anticipates building its 5,000 sq. ft. facility with a full spectrum of extract equipment, for distillate and isolate as the key end ingredient. The processing plant is expected to be operational by fourth quarter of this year. The foundation for the drying facility has been built and management is in contact with all parties involved in setting up the drying and lab equipment.
Bougainville believes that Worm Castings state-of-the-art future facility combined with its experienced management team will grow its hemp business significantly in 2019. Management will be considering a name change from Worm Casting Farms Inc., to better reflects its hemp CBD processing facility. Also, subject to board approval the Company plans to invest up to USD$1,000,000 to expand the capacity of the infrastructure, and working capital.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5e82548b-931e-44fb-8b68-8846f5e529f0
Andy Jagpal, President, Comments:
“This is an
exciting time for our Company as we are almost done planting for our
2019 hemp season. Once the construction of our drying facility and
processing plant is completed partnership with other local farmers can
begin. By processing not only our crop but others as well, we can
maximize profits and financial returns for our shareholders. Also, we
have yet to process the 15,000lbs of un-dried hemp biomass from last
year’s harvest, which has an estimated value of $300,000 USD once
processed.â€
About Bougainville Ventures, Inc.
Bougainville
Ventures Inc. is dedicated to rapid growth in production, processing,
retail and branding of cannabis and cannabis related products. Currently
the company provides strategic capital to the thriving cannabis
cultivation sector through ownership and development of commercial real
estate properties. We offer fully built out turnkey facilities equipped
with state-of-the-art growing infrastructure to cannabis growers and
processors. Also, the Company is focused on building a strong presence
in the hemp industry with the objective of extracting cannabinoids in
both Canada and the United States. Along with our flagship Hemp project
in Oregon State and the Greenhouse campus in Washington state, the
Company has proprietary formulas for cannabis edibles, topical, and
tinctures.
More pictures of the planting process and construction of the processing facility can be viewed at:
http://bougainvilleinc.com/
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, CEO and Director
For further information, please contact Andy Jagpal at [email protected]. Please note that our Toll free number has changed to 1-877-517-7816.
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.