Viridium Pacific Group is in a key position to take advantage of Canada’s new cannabis legislation
Viridium Pacific Group Ltd. (TSXV: VIR) is based in British Columbia, and involved in consumer wellness and biotech innovation. With interests spanning across agricultural production, property development, and financial services; Viridium Pacific is positioned to develop and expand into new markets across multiple platforms.
Viridium Pacific is the parent company of several operating subsidiaries, including Experion Bio-technologies Inc., a Health Canada licensed producer of cannabis, which operates in an 8,300 square-foot indoor facility outside of Mission, BC. The Company has developed strains of cannabis for use across many medical conditions, and intends to be a low-cost producer and distributor of cannabis and cannabis products.
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On July 16 2018, Viridium Pacific was pleased to announce that its wholly owned subsidiary, Experion Bio-technologies Inc., has entered into a Memorandum of Understanding (“MOU”) with the British Columbia Liquor Distribution Branch (“LDB”) to supply Experion branded cannabis products for sale in the province’s adult use market, once legalization takes effect on October 17, 2018.
Jarrett Malnarich, CEO of Viridium said: “The BC LDB agreement is the first formal supply agreement signed by Experion, making this a big milestone win for the team. We are very proud to be one of the 12 BC-based distributors to join the BC LDB platform.” The agreement will allow the Company to improve awareness of Experion and its products as they are distributed in retail stores across BC. Viridium is continuing discussions with additional potential supply partners and hopes to build upon this supply agreement win.
Earlier this year, Experion announced it had acquired 25 new cannabis strains from a renowned Dutch supplier, increasing the number of strains available from 2 to 27. The genetics purchase, however non-material, is an important strategic step in Experion’s development toward becoming a full-scale supplier to the broader Canadian cannabis market in 2018. The new cannabis strains acquired by Experion are proprietary strains developed in one of the most sophisticated breeding programs in the world. Moreover this acquisition of genetics furthers Experion’s mission to build a widely diverse genetics portfolio, in turn providing high quality cannabis products sourced from globally renowned breeders to the Canadian market. Experion expects to be ready to harvest the initial yields from these newly acquired strains within three to six months.
Viridium has also signed a research and development Industry Service Agreement with the British Columbia Institute of Technology (“BCIT”). Experion will have exclusive rights to the genetic outcomes of BCIT’s work to be commercialized for the medical and recreational markets. BCIT and Experion will share the benefits of these commercialization efforts under a royalty agreement. CEO Jarrett Malnarick commented: “Diversity and scientific knowledge of your genetics are key for any License Producer to succeed in the cannabis industry. Not only does this agreement open up a new channel for genetics development, but also enhances Experion’s expertise concerning cannabis strains and their respective applications and potential.”
Viridium Pacific Group Ltd have a market cap of C$ 40.1m.
Cannabis is a growing industry (no pun intended). As the world embraces the acceptance of medicinal cannabis and with medical use in Canada being legal, companies like Viridium Pacific and its subsidiary Experion will continue to benefit and grow. On October 17, 2018, Canada is to become the third nation in the world to formally legalize cannabis for recreational use. It will also become the first G7 and G20 nation to do so. Viridium are in a perfect and timely position to take advantage of this huge growing industry.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>