Corporate Update - Site Preparation in Washington State, Oroville Campus & Oregon Hemp Farm
BOUGAINVILLE VENTURES INC. ("Bougainville" or the "Company") (CSE: BOG) (8BV-FF:Frankfurt Stock Exchange) a provider of cannabis infrastructure and seed-to-sale services to I-502 tenant-growers, is pleased to announce that its first 10,000 square foot cultivation facility in Oroville, WA will be occupied by a Tier-3, I-502 tenant (the “Tenant”) starting in June, 2019. The Tenant is currently in the process of obtaining occupancy approval from the Washington State Liquor and Cannabis Board (WSLCB) to begin planting the Tenant’s crop for the season. In addition to the 10,000 sq. ft. space the Tenant is planning to plant a 20,000 sq. ft. out-door crop. The Tenant is licensed to build out up to 30,000 square feet on the existing property in Oroville, WA.
Oregon Hemp Farm
The Company would like to announce that further to the letter of intent (“LOI”) entered into a funding and profit sharing agreement with Worm Castings Farms Inc., (“Worm Castings”), announced October 29, 2018. the Company is continuing to work with Worm Castings regarding its Hemp assets and is close to finalizing the Definitive Agreement with the principals of Worm Castings.
To date the company has paid a total of $230,000 USD towards the $350,000 USD purchase price, which will leave a remaining $120,000 USD to complete. We expect this final payment to be paid on the signing of the Definitive Agreement. Also, It should be noted that this acquisition comes with $250,000 USD of dried hemp in inventory, which was harvested last year. Once the final payment has been paid the company plans to process and sell all of the hemp that is sitting in inventory this year.
Worm Castings is the sole owner of an Oregon State Hemp production and processing license, issued by the Oregon State Regulatory approval board. Worm Castings is a Hemp production and CBD processing company, which has further plans to develop Hemp and CBD production and processing related opportunities for Bougainville in Oregon and the U.S.A.
Farm Bill, Hemp gains federally legal status
President Donald Trump has signed hemp legalization into law, a change expected to unleash seismic market changes for the hemp industry. Trump’s signature on the 2018 Farm Bill immediately removes hemp – defined cannabis below 0.3% THC – from the Controlled Substances Act. The change also applies to extracts from hemp, including CBD and other cannabinoids. The hemp industry has been pushing for legalization for decades, but the plant’s long association with high-THC varieties kept it locked alongside heroin and marijuana in Schedule 1 of the CSA, the most restricted drug classification in the U.S.
CBD entrepreneurs say the Farm Bill’s passage opens up unbelievable business opportunities, especially because interstate commerce is ensured. In other words, no state will be allowed to intercept or impound hemp products.
President & CEO, Andy Jagpal Comments:
“We are very excited to see both of our ventures, the Tier-3, I-502 tenant and Oregon Hemp farm moving forward towards a successful growing season. This first planting season signals a new phase for Bougainville’s concept of providing fully built out turnkey facilities to cannabis growers and processors and Hemp farmers. Also, The Farm Bill presents a monumental step for the hemp industry, and is a historic event which will create a tremendous amount of opportunities for our Oregon Hemp farm whose goal is to produce a Cannabidiol (CBD) product used to treat various ailments and improve wellbeing.“
About the Washington I-502 Marijuana Market
In November 2012, the Washington State Liquor Control Board (WSLCB) passed Initiative 502 (I-502) pursuant to a vote by the people of the State of Washington. I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for growing, processing and selling of Washington State-regulated recreational marijuana products. A recent WSLCB commissioned report by the Rand organization suggests that there are currently up to 650,000 recreational marijuana users in Washington State, worth approximately $1.25 - $1.5 billion USD in annual sales.
About Bougainville Ventures, Inc.
Bougainville provides cannabis infrastructure and seed-to-sale services to I-502 tenant-growers leasing greenhouse facilities space and providing fully built-out, turnkey solutions and ancillary services including processing, cannabis expertise and marketing and sales resources. Greenhouse canopies provide a 50% saving in cultivation cost. Bougainville has 10,000 square feet of space being prepared for production in Oroville, Washington state. Bougainville possesses sufficient land for two more pods of the same size.
For more information please visit: http://bougainvilleinc.com/
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, CEO and Director
For further information, please contact the IR department at firstname.lastname@example.org or by phone at 1-888-395- 6399.
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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