- Indigenous Bloom Hemp Corp. (IBH) has entered into a joint venture agreement with Dykstra Greenhouse
- 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
- The agreement will commence on May 2, 2022, with a 5-year duration
- Dysktra is a federally licensed producer and processor of Cannabis products, located in St. Catharines, Ontario
- Indigenous Bloom Hemp Corp. is engaged in the farming and cultivation of hemp biomass for third-party processing
- Shares of Indigenous Bloom Hemp Corp. (IBH) were up 33.33 per cent, trading at $0.04 at 09:31 ET
Indigenous Bloom Hemp Corp. (IBH) has partnered with Dykstra Greenhouses 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.
“We are extremely excited to have entered into a joint venture agreement with Dykstra Greenhouses,” noted Indigenous Bloom’s CEO, Mark Roseborough.
“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,” he added.
The agreement will commence on May 2, 2022, with a 5-year duration. It will be followed by an additional five-year automatic renewal unless either party provides written notice of termination.
Bloom Cannabis will be led by a management committee which will be made up of appointees by both Indigenous Bloom and Dysktra.
Furthermore, following the terms of the agreement Dysktra will undertake some actions which include providing access to its cannabis biomass produced in accordance with applicable Health Canada and provincial rules, and providing a capital contribution to Bloom Cannabis of $1,400,000 in the form of cash, cannabis license, or building for processing and packaging.
Dysktra is a federally licensed producer and processor of Cannabis products, located in St. Catharines, Ontario.
Indigenous Bloom Hemp Corp. is engaged in the farming and cultivation of hemp biomass for third-party processing.
Shares of Indigenous Bloom Hemp Corp. (IBH) were up 33.33 per cent, trading at $0.04 at 09:31 ET.