Vancouver, British Columbia--(Newsfile Corp. - May 9, 2019) - Benchmark Botanics (CSE: BBT) (FSE: BBW) (OTC PINK: BHHKF), a Canadian licensed producer and distributor of medical grade cannabis, has signed a non-binding letter of intent of strategic cooperation with China-based Zhejiang Yatai Pharmaceutical Co, which is listed on the Shenzhen Stock Exchange (Stock Code: 002370). Under the agreement, the two companies will create, develop and market a variety of high content CBD based pharmaceuticals, natural health products and cosmetics for international markets.
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William Ying, CEO of Benchmark Botanics, stated: "Partnering with a team that understands health-related product development from ideation to formulation, will provide Benchmark Botanics with a significant advantage as we plan for long-term success. I'm pleased to welcome Mr. Yaogen Chen and the Zhejiang Yatai team, who are already applying their expertise in the development of natural health products, drug development and molecular modeling for a variety of cannabis products. Their vision is impressive, and together we've laid out an ambitious plan to extend into international consumer markets such as health and wellness, cosmetics and nutraceuticals."
Zhejiang Yatai Pharmaceutical 's main business consists of the research, development, production and sales of chemical agents, chemical raw materials and diagnostic reagents, as well as the provision of pharmaceutical research and development outsourcing services. Its chemical agents are classified as antibiotics and non-antibiotic drugs.
Yaogen Chen, Chairman of Yatai Pharmaceutical, added: "This is a natural progression for Zhejiang Yatai and Benchmark Botanics as Benchmark's team already have experience in growing, cultivating and processing medical cannabis. We share the same principles as well as a philosophy rooted in science and geared for the production of unique, safe, and quality products. We've already established a multi-year plan and we're preparing our fully-equipped, state-of-the-art facility in Canada to capitalize the medical applications of CBD."
The companies plan to establish a new joint venture company in Canada to fully integrate Zhejiang Yatai 's advantages in drug research and development, production and sales in the medical field and Benchmark's advantages in cannabis cultivation and extraction. All intellectual property developed in the research process in Canada will be owned by both companies, with commercialization planned in the countries where cannabis products are legal.
Benchmark Botanics' 100% owned subsidiary, Potanicals Green Growers Inc., a Health Canada licensed producer, is producing at its indoor Peachland Cannabis Complex in British Columbia and is in the design stage for a Phase II expansion facility. Along with cultivation and production, the company's Peachland facility also provides propagation, cultivation, cloning, storage, research and development, genetics and is progressing towards CBD oil extraction and an EU-GMP certification.
As part of its expansion strategy the company is building its second facility, a 4-acre greenhouse operation in Pitt Meadows, a suburb of Vancouver, British Columbia. The greenhouse operation will be Benchmark's primary cultivation facility when completed and have a capacity of 174,240 square feet.
The company has established several European Union partnerships including the Canadian rights to "The Bulldog" trademark, which has a long and successful history as one of the most well-known cannabis cafe brands in Amsterdam and around the world. Benchmark Botanics has also established a German commercial partnership to potentially export the company's products into the EU markets.
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