- Announced that its U.S. Subsidiary Worm Casting Farms Inc. has signed a LOI with USA Hemp to process its Hemp derived wet biomass Hemp from its 298 Acre Hemp Farm in Oregon State.
- USA Hemp possesses 298 Acres of hemp to process for Worm Casting Farms with an estimated 4,250,000 lbs of Hemp derived wet biomass per harvest.
VANCOUVER, British Columbia, July 17, 2019 — BOUGAINVILLE VENTURES INC. (“Bougainville” or the “Company”) (CSE: BOG) (8BV-FF:Frankfurt Stock Exchange) – The Company is pleased to announce that its U.S. Subsidiary Worm Casting Farms Inc. (Worm Casting Farms) has signed a LOI with USA Hemp to process its Hemp derived wet biomass Hemp from its 298 Acre Hemp Farm in Oregon State.
USA Hemp Processing Agreement
Worm Casting Farms intends to enter into a Hemp Processing Agreement with USA Hemp to process wet biomass. The percentage split will be determined in a Definitive Agreement entered into after completion of a due diligence period. Both parties will receive dividends to be realized from the business operations of the Hemp Process Agreement.
USA Hemp possesses 298 Acres of hemp to process for Worm Casting Farms with an estimated 4,250,000 lbs of Hemp derived wet biomass per harvest. Worm Casting Farms will invest approximately $2,500,000 USD in processing equipment that will include; a harvester, shredder, separator, dryer, an extraction & distillation unit, and testing facility. A detailed description will be provided in the Definitive Agreement.
10 Acre Oregon Hemp Farm – Update
Further to the Company’s news release dated July 11, 2019, announcing the contracting of a mobile processing unit (the “Mobile Processing Unitâ€), the Company is pleased to report that the Mobile Processing Unit will be arriving at the farm on July 22, 2019. The Mobile Processing Unit will process dried biomass hemp from last year’s harvest. The total amount to be processed is approximately 1,700 lbs of bio-mass and processing take approximately 5 days. The anticipated value of the crop is $250,000 USD in gross revenue and the Company anticipates a net revenue before taxes $200,000 USD.
Island Biopharma Inc., — Update
Further to the Company’s news release dated June 11, 2019, the Company has signed a definitive agreement (the “Biopharma Definitive Agreementâ€) to complete the acquisition of Island Biopharma Inc. (“Biopharmaâ€). Biopharma has developed a dedicated line of Cannabidiol derived (“CBDâ€) products which include a proprietary CBD blended tincture product with three specific recipes for anxiety, energy and sleep.
According to an estimate from cannabis industry analysts the hemp-CBD market alone could reach $22 billion by 2022. CBD can be used to effectively to treat epilepsy, anxiety, insomnia and chronic pain. The Island Biopharma CBD line is designed to harness the healing power of cannabis without the psychotropic effects of THC.
Pursuant to the Biopharma Definitive Agreement the Company will acquire 100% of Biopharma assets and current inventory. In return for total consideration consisting of 10 million common shares of Bougainville at a deemed price of CAD$0.07 per share equivalent to CDN$700,000. Biopharma will contribute operational expertise, exclusive licenses for products marketed in North America supported by an intellectual property licensing agreement, and exclusivity for all current and future technology for oil extraction in North America, which will include sourcing of ingredients, nutritional chart, shelf-life, as well as cost of ingredients and contacts. The final evaluation was determined by an independent third-party evaluator.
About Island Biopharma Inc.
Biopharma has developed CBD blended formulas for tincture product with three specific recipes for anxiety, energy and sleep. The philosophy of Biopharma is to create products using the highest quality of bio-active ingredients, and oil extraction methods that preserve the essence of the cannabis plant. Biopharma has studied plant genetics for their therapeutic effects by incorporating modern research techniques and by analyzing the healing and therapeutic benefits of each strain giving the company a huge range of combinations and therapeutic benefits for specific ailments.
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.
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, President 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.