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Biome signs MoU to acquire low-cost Cannabidiol from CBD Acres

Author : Pankaj Singh | Published Date : 2019-02-13 

Biome Grow Inc., the cannabis industry major based in Canada, has reportedly entered into an MoU (Memorandum of Understanding) in a bid to provide the company with access to low-cost, high-quality CBD (cannabidiol) extract from the industrial hemp manufacturer, CBD Acres Manufacturer Inc. 

Authentic sources revealed that the MoU will extend up to five years, under which Biome Grow may acquire about 2,000 kilograms of hemp-based, sun-grown CBD concentrate each year from CBD Acres, deploying its unique, solventless extraction process, Nano lipid.  

CBD Acres, for the record, was established by Mark Gobuty, who founded the Peace Naturals Project – Canada’s first cannabis grower licensed under Marijuana for Medical Purposes Regulations. The company is presently working in Canada with hemp farmland of about 4,500 acres, including organic grow of up to 1,000 acres and is estimated to be producing volumes equal to an indoor cannabis production unit of 180 million sq. foot, under the Cannabis Act in Canada.

Mark Gobuty, CEO, CBD Acres, said by means of this agreement, Biome is denoting that a cannabis company is able to offer essential amounts of high-quality products by unsettling economics with a made-in-Canada product. Currently, Biome is able to supply affordable CBD-based therapeutic and medicinal products to its domestic & international customers. He added that CBD Acres now has a long-term, strategic partner that emphasizes commercialization in the key medical-CBD markets and allows the company to focus on extraction innovation and consumer products business.

Proactive Investors reported that the latest arrangement provides Biome with supply certainty and assurance of market-best prices for consumers. As per the MoU, Biome is no way compelled to acquire from CBD Acres if it is unable to supply, whereas, CBD Acres can sell its products to others at different market rates, only after making abundant supply to Biome.

Biome Grow has reportedly acquired five subsidiaries and announced production capacity of around 390,000 sq. feet under development in Atlantic Canada and Ontario.

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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