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Vancouver, BC – September 11, 2019,– GreenStar Biosciences Corp. (CSE:GSTR) (“GreenStar” or the “Company”), a growth-oriented technology and services company that provides real estate, financial, management and other support to licensed cannabis businesses in the United States, is pleased to announce that it has received positive results from an initial cultivation test involving the growth of approximately 2,500 plants using the proprietary patent-pending grow and cultivation technology of Progressive Herbs Inc. (“Progressive”). As previously announced, Capri PHGS LLC (“Capri”), a 50/50 joint venture between the Company and Progressive, holds the exclusive license to utilize Progressive’s proprietary cultivation technology. The Company also received results from independent laboratory testing on the three strains used in the initial cultivation test, which demonstrated total cannabinoid percentages between 22.85% to 32.54%, depending on the strain tested.
Seeds from three different proprietary (by agreement) strains were planted inside a 200-square-foot room at Cowlitz County Cannabis Cultivation Inc.’s warehouse facilities in Washington State. The results of this initial cultivation test appear to validate several efficiencies and advantages of the proprietary cultivation technology compared to traditional greenhouse operations:
- High total cannabinoid levels:
- Higher than normal total cannabinoid percentages of three strains tested (22.85%, 30.61% and 32.54% (compared to industry averages of between approximately 15-23% for similar strains).
- No use of pesticides, herbicides or fungicides.
- Free of heavy metals and contaminants.
- Lower operational costs::
- Room used for the initial cultivation test was readied for seed planting in two weeks, using “off-the-shelf” environmental control products.
- Preliminary evidence that plants can be grown in a sub-optimal space with minimal, low-cost equipment.
- Lower electricity costs (initial testing showed production of approximately 3 grams per watt used compared to industry average of 1-1.5 grams per watt).
- Faster harvest time:
- All plants were harvested in approximately 72 days, allowing for up to five harvest cycles per year (compared to an average of three to four per year for a traditional indoor grow operation).
Independent laboratory testing on random flower samples of the harvested plants was conducted by Praxis Laboratory (“Praxis”), an accredited Washington State testing facility. The results were as follows:
| Strain | Total THC | Total CBD | Total Cannabinoids |
| Strain 1 | 24.54% | 2.24% | 32.54% |
| Strain 2 | 9.78% | 9.55% | 22.85% |
| Strain 3 | 25.88% | <0.01% | 30.61% |
Praxis also performed chemical residue screening for 59 different herbicides, pesticides and fungicides on Strain 2 during its grow cycle and reported a “pass” result for each chemical tested, with all but one showing a result of not-detected or below minimum detection limits. The testing confirms that the plants grown using the proprietary nutrient system contained no herbicides, pesticides or fungicides. In addition, a heavy metal detection analysis was performed by Medicine Creek Analytics, a Washington State accredited heavy metal screening lab, confirming no detected levels of arsenic, lead, cadmium or mercury in the flower samples provided. The Company believes these test results are very important given the numerous product recalls in both Canada and the United States due to pesticide, chemical, heavy metal and other contamination issues.
The Company, through Capri, intends to continue testing of this proprietary technology to confirm benefits and efficiencies on a larger scale. In addition, the Company, through Capri, intends to use the technology not only to secure low-cost indoor production for itself but also to build out a revenue stream through licensing of the proprietary technology to other producers.
“These successful initial test results provide preliminary evidence that we have a unique and effective technology that results in lower operating costs, more crop cycles per year and higher cannabinoid content than current industry norms. We believe we have proven the proof of concept effectiveness of this technology. We are excited to continue pursuing further testing and leveraging this proprietary technology. Not only did we see total cannabinoid content higher than industry norms, we also demonstrated the technology can generate cannabis flower at a lower cost per square foot of cultivation than current greenhouse technologies in use in the marketplace. In addition, the ability to grow cannabis without pesticides, herbicides and fungicides and absent of heavy metals and contaminants will put us at the forefront with regards to product quality and consumer confidence. Ultimately, further successful testing will generate a new revenue stream for the company.” states Rahim Rajwani, CEO of GreenStar.
About GreenStar
GreenStar is a growth-oriented technology and services company that provides real estate, financial, management, IP and branding support to licensed cannabis businesses. GreenStar also has exclusive licensing arrangements for proprietary technologies that support product development and operational efficiencies for its operations. Based in Vancouver, BC, GreenStar intends to facilitate growth through acquisitions and development of additional assets, products and technologies in legal cannabis markets by leveraging its capital markets, branding and operational expertise. GreenStar is committed to increasing shareholder value through aggressive expansion initiatives.
GreenStar’s assets include the property leases and intellectual property of Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”), a Tier 2 licensed cannabis producer and processor located in Washington State. Cowlitz is a leading processor, marketer and vendor in the Washington State cannabis market. Known for sourcing high-quality cannabis sold at affordable prices, its products are sold to a broad and established consumer base. Cowlitz’s portfolio of branded products is available at approximately 20% of cannabis retailers throughout Washington State.
For further information please contact:
GreenStar Biosciences Corp.
Rahim Rajwani, CEO
info@greenstarbiosciences.com
Tel: (604) 834-9499
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
Disclaimer for Forward Looking Statements
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts including, but not limited, to the statements about the advantages and efficiencies of the proprietary cultivation technology as compared to current greenhouse technologies and the ability to replicate these efficiencies and advantages on a larger scale or in subsequent testing, the ability to replicate the cannabinoid, chemical residue and heavy metal test results obtained in the initial cultivation test, the ability to license the proprietary cultivation technology to other producers, the ability to use the proprietary cultivation technology to secure low-cost indoor production, and the commercialization of the cultivation technology and the business plans of the Company using this technology. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including statements regarding the future plans and objectives of the Company are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are risks detailed from time to time in the filings made by the Company with securities regulations. Readers are cautioned that assumptions used in the preparation of the forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including changes to the regulatory environment; and that the current Board and management may not be able to attain the Company’s corporate goals and objectives. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made only as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as expressly required by applicable Canadian securities laws.
Source: GreenStar Biosciences Corp.
About Greenstar Biosciences
GreenStar is a growth oriented technology & services company that provides real estate, financial, management, IP & branding support to licensed cannabis businesses as well as partnering and investing in innovative technologies and other emerging businesses.
GreenStar also has exclusive licensing arrangements for proprietary technologies that support product development and operational efficiencies for its operations. Based in Vancouver, BC, GreenStar intends to facilitate growth through acquisitions and development of additional assets, products and technologies by leveraging its capital markets, branding and operational expertise. GreenStar is committed to increasing shareholder value through aggressive expansion initiatives.
GreenStar provides a specialized value proposition where it leverages its expertise and innovative technologies to promote growth for a wide range of companies. By combining its proprietary technologies with its capital markets and industry expertise, GreenStar offers comprehensive solutions for emerging companies.
MANAGEMENT
Rahim Rajwani
Chief Executive Officer and Director
Rahim has significant public company, capital markets and corporate governance experience with companies in the resources, technology and cannabis sectors. He is currently a partner and founder of Northbay Capital Partners Corp., a boutique merchant bank and advisory group focusing on adding value to both public and private companies through the implementation of M&A advisory and capital markets transactions. He also has experience acting as a director of many TSXV and CSE-listed companies. Mr. Rajwani has over 22 years of capital markets experience, including compliance and sales in the brokerage industry. He most recently acted as Managing Director of Salman Partners Inc. and prior thereto was CCO and Vice President Compliance for several brokerage firms. As a former executive member of Peninsula Merchant Banking Syndications group, he was involved in a number of capital markets transactions and advisory engagements including Ventana Gold, leading to its $1.43 billion takeover by EBX Group.
_____
Dan McAtee
Chief Operating Officer
Dan is an experienced C-suite executive with 30+ years of business leadership experience across a variety of US and international private and public companies, including 20 years at GE. He is a seasoned business leader with a proven track record of global M&A and operational experience, having managed companies ranging from startups to multinational operations. He specializes in operational excellence focused on rapid growth and scalability.
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Alexander McAulay
CPA, CA
Alex is an experienced public company CFO. Alex founded the successful Naked Brand Group Inc. (NASDAQ: NAKD) and led the company as its COO and CFO. Alex is currently the CFO of Marifil Mines Limited (TSX-V:MFM) and is the owner of a licensed accounting practice, ACM Management Inc., providing CFO advisory services to public companies.
OPERATIONS
Cowlitz County Cannabis Cultivation Inc.
GreenStar, through its subsidiary, currently owns certain assets including the property leases and intellectual property of Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”), a Tier 2 licensed cannabis producer and processor located in Washington State. Washington State is one of 33 U.S. states where medical use of cannabis is legal. Cowlitz is a leading processor, marketer and vendor in Washington State. Known for sourcing high-quality cannabis sold at affordable prices, its products are sold to a broad and established consumer base with a focus on medical and health-related purposes. Cowlitz’s portfolio of branded products is available at approximately 20% of cannabis retailers licensed for medical sales throughout Washington State and it is one of the top 5 largest cannabis companies in Washington State.
Through strong relationships with growers, Cowlitz has been able to secure a consistent supply of quality cannabis to support its expanding operations and build a strong reputation in the industry.
Cowlitz offers proven operational expertise across many sectors of the medical cannabis value chain including processing and distribution which provides the ability to replicate best practices and processes across other states as well as increase distribution of its leading products and brands.
Our Technology Advantage
GreenStar is focused on obtaining best in class technology to advance its operations and brands to stay at the forefront of technology innovation.
Joint Venture with Progressive Herbs, Inc.
GreenStar has secured the exclusive worldwide right and sub-license to use and commercialize Progressive’s proprietary Micro-Grow Pod cultivation technology.
Key benefits of the cultivation technology: Significant reduction in resources needed.
Reduces operating costs (electrical, water, labor) and capital costs
“Proof of Concept” verified through a small scale pilot operation within Cowlitz in Washington State
Quality product: pesticide and heavy metal free.
Joint Venture with PharmaStrip Corp.
Greenstar has secured an agreement with PharmaStrip to produce “Cannabis Oral Thin Film Strips”, cannabis infused mouth strips.
Disclaimer
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