Vancouver, British Columbia–(Newsfile Corp. – April 29, 2022) – Indigenous Bloom Hemp Corp. (CSE: IBH) (The “company” or “Indigenous Bloom“) is pleased to announce that it has entered into a strategic joint venture agreement with Dykstra Greenhouses ( “Dysktra”) to accelerate its efforts to extract and package cannabis products. Under the terms of this alliance Dysktra and Indigenous Bloom will form a new corporation, named Bloom Cannabis, owned on a 50/50 basis by each party to execute the objectives of this strategic alliance.
Indigenous Bloom’s CEO, Mr. Mark Roseborough, commented, “We are extremely excited to have entered into a joint venture agreement with Dykstra Greenhouses. This strategic alliance will provide us with the facilities, necessary licenses and the know-how to fast-track marketing and sale of Indigenous Bloom’s products, thus bringing our company one step closer to revenue generation.”
The agreement will commence on May 2nd, 2022, with a 5-year duration, followed by an additional 5-year automatic renewal, unless either party provides written notice of termination. Bloom Cannabis will be led by a management committee comprised of appointees by both Indigenous Bloom and Dysktra.
Furthermore, as per the terms of this agreement Dysktra will:
- Provide access to its cannabis biomass produced in accordance with applicable Health Canada and provincial rules;
- Provide access to its processing facility within Dykstra’s secured and licensed cannabis operation in St. Catharines, Ontario, suitable and ready for the installation and operation of Bloom’s hemp and cannabis biomass extraction equipment;
- Grant access to necessary licenses and permissions required for the extraction and sale of cannabis and hemp biomass;
- Operate the facility and the equipment for packaging, bottling and labelling of all end- products for marketing wholesale or retail; and
- Provide a capital contribution to Bloom Cannabis of $1,400,000 in the form of cash, cannabis license, or building for processing and packaging.
