Pac Roots Cannabis Corp. (“Pac Roots” or the “Company”) (CSE: PACR) (OTCQB: PARCF) (FSE:4XM) further to our September 8th 2021 News Release, where Chris Farnworth CEO stated “As the incoming CEO, it is my responsibility to lead Pac Roots towards our goal of becoming a significant player in the cannabis and branded retail space.” The Company is pleased to announce that in order to align with our focused goal to establish our core branding, the company has decided to divest its land package in the Fraser Valley Region.
As of September 15, 2021, Pac Roots signed a settlement agreement for the previously signed share purchase agreement with 1088070 BC. LTD., a company existing under the laws of the Canada (“1088”) and Dave Jonkman and Norm Tapp (together, the “1088 Shareholders” and each, a “1088 Shareholder”). The Company has agreed to return all of the issued and outstanding shares of 1088. 1088 owns and controls nine parcels of land comprised of 250 acres of land in the Fraser Valley Region of British Columbia.
Chris Farnworth CEO further stated: “During the next 2 weeks, senior management will be visiting our joint ventures and facilities in central British Columbia, to ensure they are aligned with our core business focus”.
PacRoots Cannabis is the future of genetics. By focusing on elite genetic development, the company expects to maximize the quality of its products, while keeping yields and profit margins high. Pac Roots has formed a strategic partnership with Phenome One, giving the Company complete access to one of the largest live genetic libraries in Canada composed of the finest cultivars. The Company will use these genetics to develop unique strains with various beneficial characteristics. The 350+ licensed live cultivars and over 1800 seed varieties are the result of a meticulous gene selection process, whereby Phenome One filters through as many as 600 individual plants to lock in a specific phenotype for a single strain. Tailored elite cultivars are then selected for indoor or outdoor cultivation based on various environmental, biological, medical and market driven factors. Visit www.pacroots.ca
ON BEHALF OF PAC ROOTS CANNABIS CORP.
(signed) “Chris Farnworth”
Chief Executive Officer
For further information, please contact:
Pac Roots Cannabis Corp.
Not for distribution to United States wire services or dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Statements about the Company’s future plans with its joint venture partners are all forward-looking information.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain a Cannabis Act license in a timely manner or at all, the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.