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XPhyto Therapeutics hires global cannabis consultant to design its German facility

The facility, known as "The Bunker," will be a state-of -the art cultivation and extraction operation

Cannabis in front of the German flag
In July, the company received a cannabis cultivation and extraction license in the country

XPhyto Therapeutics Corp (CSE:XPHY) is bringing in a global cannabis consultant to design its cannabis facility in Germany. 

In a press release Thursday, the company announced a two-year European consulting deal with international cannabis expert Stephen Schroeder to commission what it’s calling “The Bunker,” a top-notch hydroponics and extraction facility.

In July, the company received a cannabis cultivation and extraction license in the country.

READ: XPhyto Therapeutics closes acquisition of German narcotics company Vektor Pharma

“Product quality is our primary objective, and Stephen and his team bring a set of skills and pride of craftsmanship that is aligned with our corporate vision," CEO Hugh Rogers said in a statement. "His extensive international network provides access to industry leading system design, equipment, training, operational support and cannabis genetics."

Schroeder is well established in the designing of cannabis facilities. He previously oversaw the design, construction and operation of a facility in Colombia that is one of the largest in the world with scalability up to 100,000 hectares. He also designed and optimized one of the largest facilities in Canada, and has done due diligence for a cannabis royalty fund that was recently purchased for more than $1 billion.

In addition to a monthly retainer, the company said Schroeder will receive 700,000 shares of stock and 600,000 stock options exercisable at $1.25 per share that will be issued and vest, respectively, over a two-year period.

XPhyto shares ticked 0.8% lower Thursday to $1.28 on the CSE.

—Updated to include stock movement—

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: XPhyto Therapeutics Corp.

Price: 0.93 CAD

CSE:XPHY
Market: CSE
Market Cap: $45.26 m
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