TORONTO (GLOBE NEWSWIRE) — Biome Grow Inc. (CSE: BIO) (Frankfurt: 6OTA) (OTCQB: BIOIF) is pleased to announce it has released its first shipments of finished product to Newfoundland and Labrador.
Products are expected to be delivered directly to retail locations across Newfoundland and Labrador and accessible to consumers next week. A second shipment of finished product will also be sent later this month with an emphasis on independent retail locations.
These first shipments will assist in reducing the immediate supply shortage in the domestic cannabis market in recent months. Biome Grow is committed to serving our customers in Newfoundland and Labrador. The Company is utilizing each of its assets to secure product for this market through internal and external sources and is committed to the long-term partnership that we have with the province.
This first shipment is part of the landmark agreement Biome and its Newfoundland and Labrador brand, Back Home Medical Cannabis Corporation (“Back Home”) signed with the Government of Newfoundland and Labrador on November 2nd, 2018. This agreement is the largest cannabis supply agreement in Atlantic Canada and one of the top five largest deals of its kind in the Canadian cannabis market by quantity. The Company expects that the Supply Agreement will represent close to $100 million in revenue per annum starting in 2020.
In addition to regular product supply, Biome and Back Home are also finalizing the site selection for its five wholly owned retail locations. Biome anticipates that the first location will open in Western Newfoundland by Spring 2019.
Biome will also invest $500,000 over five years for research and development in the Province of Newfoundland and Labrador. The Company’s investment in the provincial cannabis ecosystem supports Biome’s commitment to the Newfoundland and Labrador Cannabis supply chain.
About Back Home
The Back Home Medical Cannabis Corporation is a company incorporated under the laws of the Province of Newfoundland and Labrador and is in the late stages of applying for a license under the Access to Cannabis for Medical Purposes Regulations (ACMPR). Back Home began construction on a new production facility in Western Newfoundland in the second quarter of 2018. The facility will be 168,000 square feet in size upon completion and will be built in four phases.
Biome wholly owns five subsidiaries, including: The Back Home Medical Cannabis Corporation, a company incorporated under the laws of the Province of Newfoundland and Labrador and in the late stages of applying for a license under the Cannabis Act; Great Lakes Cannabis, a company incorporated under the laws of the Province of Ontario and in the late stages of applying for a license under the Cannabis Act; Highland Grow Inc., a licensed producer in Nova Scotia under Canada’s ACMPR; Red Sands Craft Cannabis Co., a company incorporated under the laws of the Province of Prince Edward Island, and; Weed Virtual Retail Inc., a company incorporated under the laws of the Province of Ontario in the business of operating a new virtual reality technology platform focused exclusively on the medical and recreational cannabis markets. Biome is a Canadian-based company with national and international business interests.