AgraFlora Organics International Inc. (CSE: AGRA; Frankfurt: PU31; OTCPK: PUFXF) just announced the acquisition of more than 180 varieties of cannabis seeds from a British Columbia-based privately held genetics firm on the Sunshine Coast.
The deal sees AgraFlora Organics landing exclusive genetic acquisition from Vendure Genetics Labs for a broad range of cultivars with varying THC and CBD profiles. Those low and high dosage profiles of both substances offer multiple product types for different kinds of cannabis consumers.
Besides THC and CBD, the 184 breeds include a variety of terpene profiles for different flavours and scents than are currently available in the Canadian recreational and medical markets.
Changing the terpene profile of dried flower product has been a major focus of research and development for companies in the marijuana industry since the passage of the Cannabis Act legalized adult-use marijuana nationwide.
The potential of terpenes to lure in positive customer interactions was highlighted when the sour diesel flavoured Ruxton 3 product from Broken Coast Cannabis won the Top Reviewed Product slot at the 2018 Canadian Cannabis Awards.
AgraFlora Organics Chief Executive Officer Derek lvany commented on the newly acquired seed varieties:
The company changed names from PUF Ventures Inc. to AgraFlora in November when initial cultivation of cannabis products began at a London, Ontario facility and work commenced on a three-phase retrofit of another existing facility in Delta, British Columbia.
That retrofit will see a 2,200,000 sq. ft. building converted into a cannabis greenhouse to ramp up overall cannabis production. The first phase is scheduled to be completed by the end of Q1 2019, with phase two scheduled to wrap up by the end of the coming year.
The project is being funded through a $40 million equity participation and earn-in agreement with Delta Organic Cannabis. The first $12.5 million tranche of that deal closed in late October.