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AgraFlora Organics anticipates first PSC sales and revenue in summer of 2021

The company said Propagation Services Canada, its flagship cultivation asset, is continuing its momentum towards first commercial sales

AgraFlora Organics International Inc. - AgraFlora Organics anticipates first sales and revenue in summer of 2021
The first commercial crop for sale will include three proprietary strains - Mimosa 37, Kosher Kush, and Gelato

AgraFlora Organics International Inc (CSE:AGRA) (FRA:PU31) (OTCPINK:AGFAF) has said Propagation Services Canada Inc (PSC), its flagship cultivation asset located in Delta, British Columbia, is continuing its momentum towards first commercial sales and is expected to report initial revenues in the summer of 2021.

The cannabis firm noted that the first commercial crop for sale will include three proprietary strains - Mimosa 37, Kosher Kush, and Gelato - which it said have been selected for their strong demand in Canada’s dried flower market, as well as their growing attributes within the greenhouse environment which align with their low-cost high-THC cannabis attributes.

READ: AgraFlora Organics expects to enter Canadian edibles market in 1Q 2021

AgraFlora added that PSC has gathered valuable data from crops grown to date and continues to “develop and strategize to further aid in its positioning as a leader in low-cost product”.

The firm also said recent modifications and calibrations provided by an international partner to existing drying rooms have allowed PSC to almost double anticipated drying capacity for a minimal investment, and that PSC will be optimizing its propagation operations by fine-tuning its climate strategy to produce healthy, rooted cuttings more quickly with high success rate monitoring irrigation mixtures to produce custom nutrient formulations for each stage of plant growth.

“By developing novel production strategies PSC can maximize yield per square meter with minimal labor costs leveraging best growing practices and experience in vegetable cultivations and applying to them to their cannabis operation”, AgraFlora said.

“We have made recent modifications to existing infrastructure which has allowed us to significantly increase our drying capacity and increase revenue for summer 2021”, general manager Ruben Houweling added in a statement.

The company also said its board of directors has approved the settlement of services rendered through the issuance of common shares of the company. Under the debt settlements, the company issued an aggregate of 1.42 million common shares of the company at a deemed price of $0.05 cents per share to settle $71,000 with certain creditors.

Contact the author at calum@proactiveinvestors.com

Follow him on Twitter @Cal_Proac

Quick facts: AgraFlora Organics International Inc.

Price: 0.05 CAD

CSE:AGRA
Market: CSE
Market Cap: $74.54 m
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