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Saturday, July 24, 2021

Bulls Take Charge of Pharmagreen Biotech Inc (OTCMKTS: PHBI)

Pharmagreen Biotech Inc (OTCMKTS: PHBI) is making moves to the upside after the Company reported it is no longer under chapter 11 proceedings of the U.S. Bankruptcy Code. On August 11, 2020, the Company voluntarily filed for petitions for relief under chapter 11.  On October 09, 2020, a stay order was lifted by a United States District Judge of the United States District Court for the Southern District of New York, on an action filed by EMA Financial LLC. The company does not plan to appeal this ruling. This effectively removed the company from its Chapter 11 bankruptcy proceedings and protection.

Peter Wojcik, CEO of Pharmagreen commented: “Now, that the Company is out of Chapter 11 proceedings, we are committed to moving forward with the development of our business as planned.”

Pharmagreen Biotech Inc (OTCMKTS: PHBI) operating out of Carson City, Nevada is a tissue culture company that produces hemp plantlets through a proprietary tissue culture process operating through its subsidiary WFS Pharmagreen Inc.  Pharmagreens’ mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same hemp plantlets with high Cannabinoids content and with less than 0.3% THC and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various plant species.  The Company is currently completing its engineering stage and has begun site development work for the building process of a 63,000 square foot “Tissue Culture Biotech Complex” biotech complex.

PHBI immediate focus is on producing tissue cultured high CBD hemp starter plantlets.  The Company has applied to Health Canada for a license to produce and sell tissue culture plantlets and cannabis oil.  On February 7, 2019, The Company’s, wholly owned Canadian subsidiary, WFS Pharmagreen Inc., received notification from Health Canada that its cannabis licensing application under the Cannabis Act and the Cannabis Regulations to obtain a license at the proposed site in Deroche, British Columbia, Canada has advanced from the first stage, “Intake and Screening” to the second stage, “Detailed Review and Initiation of Security Clearance Process,” of a three stage approval process. On May 10, 2019, the Company received confirmation from Health Canada that the second stage review was completed and that the Company can proceed to the third and final stage, construction of the biotech complex for final inspection and licensing.

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Since December 2019, the research and development company, Botanical Research In Motion Inc. (B.R.I.M.), has continued very successful growing trials with “CBD Dana” hemp strain, and, on March 19, 2020, submitted its data for strain registration to be listed on the List of Approved Cultivars (LOAC) in the European Union. Additionally, it is anticipated that the “CBD Dana” hemp strain will be submitted to Health Canada prior to end of, 2020 for listing on the Canadian list of approved cultivars (LOAC) status. Once listed, the significance of receiving the LOAC registration status for “CBD Dana” in Canada and the European Union will allow Pharmagreen to expand its sales of plantlets and its derived Cannabinoids oils to the largest CBD market in the world – the European Union as stated in the July 28, 2020 news release.

This also adds another income stream opportunity for Pharmagreen as the company plans to produce tissue cultured plantlets, utilize B.R.I.M.’s newly developed technology to produce the FHS (Feminized Hemp Seed) for the global market, and also cultivate CBD Dana hemp strain for its high CBD and other cannabinoids content in its greenhouse(s) when built.

B.R.I.M.’s research and development objective for Pharmagreen’s Cannabis Biotech Complex is to help protect and advance agriculture by providing proprietary, automated, and cost effective mass propagation technologies for production of disease-free plants using tissue culture techniques and other plant sciences for growers of today utilizing innovative technology in the cannabis space.

 

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Currently on the rise PHBI is an exciting story developing in small caps; the Company just reported it is no longer under chapter 11 proceedings of the U.S. Bankruptcy Code. PHBI has just 70 million unrestricted shares and is getting noticed big time by investors since a short a brief dip below $0.01.Pharmagreens’ mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same hemp plantlets with high Cannabinoids content and with less than 0.3% THC and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various plant species.  The Company has applied to Health Canada for a license to produce and sell tissue culture plantlets and cannabis oil.  On February 7, 2019, The Company’s, wholly owned Canadian subsidiary, WFS Pharmagreen Inc., received notification from Health Canada that its cannabis licensing application under the Cannabis Act and the Cannabis Regulations to obtain a license at the proposed site in Deroche, British Columbia, Canada has advanced from the first stage, PHBI is currently completing its engineering stage and has begun site development work for the building process of a 63,000 square foot “Tissue Culture Biotech Complex” biotech complex.We will be updating on PHBI when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PHBI.

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Disclosure: we hold no position in PHBI either long or short and we have not been compensated for this article

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