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Markham, Ontario--(Newsfile Corp. - August 12, 2021) - Mary Agrotechnologies Inc. (CSE: MARY) ("Mary AG" or "the Company") announces that it has signed a memorandum of understanding ("MOU") to form an in-depth partnership with CBDer Biotechnology ("CBDer"), headquartered in Yunnan China. This partnership marks Mary AG's first application of farm-level technology, taking its knowledge in automated systems and applying that expertise to a holistic, controlled growing condition that incorporates automated plant health assessment.
Mary AG's joint venture Yunnan Moquan and CBDer are currently the only companies licensed for indoor industrial hemp cultivation in China's only legalized province for cannabinoid extraction. A founding member of the Industrial Hemp branch of China National Narcotic Drugs Association, CBDer is also an R&D partner with KPC Pharmaceuticals (SSE: 600422) in breeding high CBD potency hemp cultivars.
The MOU mainly encompasses:
Working with CBDer to further develop China's industrial hemp market.
Working with CBDer on potential non-China greenhouse projects.
Forming a joint R&D project in the fields of photobiology, artificial climate, sensors, computer vision, automated cultivation, etc.
Exploring the possibility of using CBDer's greenhouses to grow indoor industrial hemp to produce extracted or isolated cannabinoids for domestic and international markets.
"The partnership with CBDer is the first major step of our expansion into China. Compared to traditional cultivation methods, we anticipate significant increase in crop yields, lowered labour costs, as well as more consistent potency. The partnership will also give us many competitive advantages to become a leader in China's nascent cannabinoid industry," stated Frank Qin, Chief Executive Officer of the Company.
New Manufacturing Partner and Inventory Update
The Company recently entered a new partnership with a manufacturer to produce Model Z.
The new manufacturing partner is a nationally recognized "high-tech enterprise," located in Guangdong, China. The partner occupies an industrial park of over 80,000m² with 150 assembly lines of various sizes. The partner also is compliant with ISO9001:2015, ISO14001:2015, OHSAS18001:2011 to meet high international quality standards.
Once the transition is fully complete, expectedly in October 2021, Model Z's manufacturing output is expected to increase to 4,000 units a year, up from 200. The partner will also provide a scalable capacity for future production up to 50,000 units per year by end of 2023.
As of June 30, 2021, the Company has 110 units of backorders. On July 23rd, a new round of inventory was received at the Company's Markham, ON warehouse. This latest delivery contains 52 fully assembled, ready-to-ship Model Z units and marks a return to shipping for 2021, following updated supplier and manufacturing partnership agreements. The next shipment of 60 fully assembled units is currently in transit and expected to arrive in Markham by the end of August 2021. Additionally, two more shipments are expected to be ready, 142 units and 250 units respectively, by the end of October 2021.
About Mary Agrotechnologies Inc. (CSE: MARY)
Mary Agrotechnologies Inc. is a data driven agriculture technology company developing innovative, cost-effective, automated and efficient growing systems for both the at-home consumer as well as commercial operators.
Find out more at www.mary.ag
For further information, please contact:
Frank Qin, Chief Executive Officer
Tel: +1 (844) 504-5234
This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as "may", "would", "could", "will", "likely", "except", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate", "outlook", or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the Company's supply chain and business plan going forward.
Forward-looking information is subject to important risks, uncertainties and assumptions a description of which is as described in the Company's non-offering prospectus dated April 23, 2021 (available on www.sedar.com) under the heading "Risk Factors". Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
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