Mr. Mike Withrow reports
AREV BRANDS INTERNATIONAL LTD. ANNOUNCES APPROVAL TO BUILD ON ITS SORRENTO BC PROPERTY
Arev Brands International Ltd. has received the go ahead to build its 8,500-square-foot facility from the Agricultural Land Commission.
The Agriculture Land Commission has approved the construction of an 8,500-square-foot processing facility for farm crops. The site has been surveyed and engineering is complete. The company is on task and focused on preparing its Sorrento property for its hemp cultivation and seed licence for breeding, which has been applied for. The company has also potted approximately 3,500 hops covering 17 varieties for extraction and use in its HopinoidZ sleep aid and anti-inflammatory products to be sold in the United States. The company is in the final stage of branding these now that the formulation is complete and will be launching a line of functional oil extracts with cannabidiol in the U.S.
The company is in the final stages of completing the definitive agreement (previously announced on May 1) for the purchase of 50 per cent of LB Anaheim Street LLC, which owns a 5,300-square-foot facility minutes from the Long Beach port, and holds the highly coveted Type 7N and shared-use commercial cannabis volatile manufacturing licence that can be used for volatiles and non-volatile solvent extraction, infusion processing (including edibles, topicals and beverages), packaging and labelling, and Type S shared-use kitchen for producing edibles.
LBC Integrated Growers LLC is a 100-acre cannabis and hemp cultivation AG II zoned property in Santa Barbara county, California. In California, the Type 7N licence has a tetrahydrocannabinol canopy size limited to 30,000 square feet per 100-acre parcel. CBD canopy sizes are currently unlimited. Using B.C. bud's advanced genetics, the company will plant a "short-season crop" of auto-flowering feminized seeds in March of each year. This yields a flowering crop in six weeks. A second planting of "long-season crop" is then planted in May for harvest in September. High-yielding CBD will be harvested from single long-season planting of feminized hemp seeds. The biomass yield will be supplied to the Long Beach location and the entire multicrop yield is prepurchased by LB Anaheim Street.
The company's Colin Job has retired as chief operations officer and director of the company. With the recent departure of Mr. Shaxon and Mr. Job, a total of 3.5 million options will be cancelled, if not exercised in 30 days from the date of resignation, and be available for future use. The company will save over $250,000 per year as there are no further contractual obligations to Mr. Shaxon and Mr. Job.
Chief executive officer Mike Withrow commented: "The recent market conditions have not deterred the company from moving forward with its plans. We have a solid plan in place and we continue to be very careful with our spending as we build our company."
About Arev Brands International Ltd.
Arev produces and delivers functional compounds and ingredients from its world-class extraction systems. Arev is revolutionizing the current delivery method of terpenes, cannabinoids and flavonoids. These premium ingredients and formulations are used in products targeted for sale in the natural health, medical, functional food, nutraceutical, sport nutrition and bioceutical markets. Arev innovates through extraction to produce extracts from specific selected plants and exude from trees that address five areas of health including anxiety, pain management, insomnia, central nervous system disorders and libido.
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