Alliance Growers Corp (OTCMKTS:ALGWF) has entered into a pact with Pharmagreen Biotech Inc (OTCMKTS:PHBI) for product innovation and race ahead in 2019. According to Chief Executive Officer Mike Gorenstein of Cronos Group in Canada, the year 2019 is braced for product innovation on a global level.
Accomplishments in 2018
Alliance Growers Corp (AGC) mobilized funds of $1.7 million at the end of 2018. The company used the proceeds to acquire 30% stake in Cannabis Biotech Complex. AGC took over Biocannatech Inc., a late-stage ACMPR candidate in Quebec, in 2018 to augments its revenues. Biocannatech will also provide flower for the extraction of CBD oil.
The investment of AGC in Canwe Growers Inc appreciated by $543,000. OTC Markets Group approved AGC for listing on OTCQB Venture Market. It will be traded under the ticker ALGWF. According to the 2018 Financials, its assets increased five times in 2018 when compared to the previous year.
Bright future ahead for AGC
CEO and President of AGC, Dennis Petke said the company posted considerable growth in 2018 despite an unfavorable year for cannabis space. The company is hoping to progress at a fast pace in 2019 thanks to the support of loyal shareholders and successful financing. The company will continue with the execution of the projects with subsequent financings.
In Deroche, BC, AGC plans to construct a Cannabis Biotech Complex (CBC) in alliance with Pharmagreen on a 25-acre property. The company invested $1.35 million so far, and the balance amount of $0.15 million will be paid on or before January 31, 2019. It will also expand CBC to benefit from the US Hemp farm act 2018 that offers increased revenues by allowing the sale of Dana plantlets.
In Quebec, the company will build ACMPR facilities through Biocannatech, a late-stage licensed producer applicant.
Yearly demand for cannabis clones or starts exceeds 200 million in 2020
The annual Medical cannabis grower’s demand for cannabis clones or starts will exceed 200 million in 2020.
AGC has completed the migration to Cannabis Tracking and Licensing System (CLTS) of Health Canada. The new web portal (Health Canada’s CLTS) allows submitting new applications for the license and renewal of licenses. It facilitates requests for amendments. The new portal allows submitting monthly tracking reports.