Bougainville Ventures, Oregon Hemp Farm Signing LOI with USA Hemp to Process 298 Acres of Hemp
July 17 2019 - 2:00AM
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 Unit”), 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 Agreement”) to complete the acquisition of Island
Biopharma Inc. (“Biopharma”). Biopharma has developed a dedicated
line of Cannabidiol derived (“CBD”) 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 info@bougainvilleinc.com. Please note that our Toll free
number has changed to 1-877-517-7816.
http://bougainvilleinc.com/
https://twitter.com/bougainvilleinc
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.
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