Affinor Growers Set to Produce Health Canada Standard Marijuana in the US After Closing Good to Grow 49% Acquisition in Washi...
August 05 2014 - 8:48AM
Marketwired Canada
Affinor Growers Inc. (CSE:AFI)(OTCQB:RSSFF)(FRANKFURT:1AF) ("Affinor" or the
"Corporation) is excited to announce the acquisition of a 49% interest in Good
to Grow LLC ("Good to Grow), a medical Marijuana dispensary and grower located
on the Olympic Peninsula in Washington State.
Good to Grow is a Marijuana growing operation, which has brought serious
attention to the Port of Willapa Harbor, an area that is set to mature with the
new marijuana industry.
Good to Grow has been fully operational and in May 2014, Affinor signed a letter
of intent to acquire an interest in the company founded by Robert Montoure.
"Affinor's management team has provided guidance and professional consultation
all along the way. They've removed many obstacles for us and I look forward to
having them as a partner. It will be a pleasure working with them." said
Montoure of the Affinor partnership.
Affinor is exploring new ways to ensure consistent revenue streams and the
acquisition gives Affinor's trade, agricultural and drug development experts the
freedom to explore more export markets globally.
Sebastien Plouffe, President and CEO, comments: "Affinor shall invest US$600,000
to improve the existing facility and bring it up to the strict standards
required by Health Canada for growing and dispensing marijuana. This is an
amazing deal for Affinor because it will generate immediate revenue for Affinor
in the US and Richard has already shown us his passion and dedication"
On July 6, 2014 Reuters news services reported a Marijuana shortage looming for
Washington State. Affinor's Executive Chairman, Nick Brusatore comments:
"Affinor's ability to produce high quality medical strains to Health Canada
standards will skyrocket the already profitable, high margin business. We can
absolutely crush it in the US market."
The recreational industry is just getting underway and retail outlets have
started opening. The Port of Willapa Harbor in Raymond Washington became the
first government body in the state to establish a large-scale marijuana growing
operation legally under section I-502.
Initiative 502 is one of two marijuana-legalization initiatives approved in the
US, which opens the door to legal investment in a business that already
generates well over $1 billion in sales every year. In Washington State, I-502
has spawned an intricate taxation plan and a "three-tier" market structure for
production, processing and retailing.
Raymond WA city officials confirmed that Good To Grow is a legal marijuana
growing operation respecting all the laws and regulations. The new growing
industry enjoys significant public support and they are excited about the
creation of many new jobs.
Mayor Bob Jungar stated: "I had been in favour of them ever since they first
showed an interest in the community. The thing to remember is that the voters in
the state of Washington made it legal. Economically, it's going to be a great
thing for the city and the community".
This is a powerful acquisition for Affinor and with the support of Washington
State, the Corporation can move toward legally producing high quality marijuana,
grown to Health Canada standards, for the US and worldwide markets.
About Affinor Growers Inc.
Affinor Growers is a diversified publicly traded company on the Canadian
Securities Exchange under the symbol ("AFI"). Affinor is focused on growing high
quality crops such as romaine lettuce, spinach, strawberries and high quality
medical Marijuana. Affinor is committed to becoming a pre-eminent grower, using
exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
"Sebastien Plouffe"
President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or
accuracy of this release
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the
words "anticipate", "continue", "estimate", "expect", "may", "will", "project",
"should", "believe" and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the expectations
and assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties. These
statements speak only as of the date of this News Release. Actual results could
differ materially from those currently anticipated due to a number of factors
and risks including various risk factors discussed in the Company's disclosure
documents which can be found under the Company's profile on www.sedar.com. This
News Release contains "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E the Securities
Exchange Act of 1934, as amended and such forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sebastien Plouffe
President & CEO
(514) 947-2272
splouffe@affinorgrowers.com
www.affinorgrowers.com
Contact Information, spokesperson
Vertical Designs Ltd
Nick Brusatore, CEO
(604) 356-0411
nbrusatore@gmail.com
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