- Cannabis company, Benchmark Botanics (BBT) has completed a share exchange transaction for the purchase of additional interest in 1139000 B.C.
- The company acquired 5,199,000 common shares in 1139, and now owns a 51 per cent controlling interest in the entity
- In 2008, Benchmark helped 1139 to acquire a four-acre greenhouse facility, located in Pitt Meadows, British Columbia
- That facility has since been developed into a medical cannabis cultivation operation, which is licensed by Health Canada
- Benchmark Botanics (BBT) has not had any trade movement since August 31, 2020
Cannabis company, Benchmark Botanics (BBT) has completed a share exchange transaction for the purchase of additional interest in 1139000 B.C.
Under a share exchange agreement with the shareholders of 1139, Benchmark acquired an additional 5,199,000 common shares in the entity. As such, the company now owns 10,199,000 common shares in 1139, which represents a 51 per cent controlling interest in its issued and outstanding capital.
This also increases Benchmark’s interest in a medical cannabis cultivation operation located in British Columbia. In August of 2008, the company helped 1139 to acquire the four-acre greenhouse facility, situated in British Columbia’s Pitt Meadows.
As part of its expansion strategy, Benchmark then developed that facility into a cultivation operation for medical cannabis. Through the company’s wholly owned subsidiary, Potanicals Green Growers, Benchmark received a cultivation license for the Pitt Meadows greenhouse.
The license, which is Benchmark’s second from Health Canada, took effect as of November 29, 2019.
In addition to the Pitt Meadows facility, Benchmark is also producing at its indoor cannabis complex, located within British Columbia’s Peachland. The company is also in the process of constructing a Phase II expansion of an additional 10,000 square foot extraction facility in the same place.
Benchmark’s Peachland facility provides not only cultivation and production, but also propagation, cultivation, cloning, storage, research, and development, and genetic improvements. Furthermore, it is also progressing towards CBD oil extraction, and eventual receipt of an EU-GMP (European Union Good Manufacturing Practices) certification.
Benchmark Botanics (BBT) has not had any trade movement since August 31, 2020.