VANCOUVER, Jan. 22, 2019 /CNW/ - Organto Foods Inc.
(TSX-V: OGO, OTC: OGOFF) ('Organto"). Organto today
announced that the Organto Global Cannabis Group, through its
wholly-owned subsidiary, Medicannabis S.A.S. ("Medicannabis") has
filed registrations for a total of 144 cultivars (i.e., strains)
and breeding lines as Fuente Semillera (translated, "Source
Seed") with the Instituto Colombiano Agropecuario (ICA),
Colombia's agricultural
authority.
All cannabis plants grown in Colombia must be derived from registered
Fuente Semillera in order to be permitted for use.
Licensed cannabis producers had until December 31, 2018 to file these registrations.
Medicannabis filed technical sheets for 144 cultivars and breeding
lines in advance of the deadline thereby establishing a large and
diverse genetic library for the company to cross-breed and develop
numerous new cultivars with a wide variety of trait combinations
(flavor, aroma, medicinal properties, phytochemistry, etc.).
"A large and broadly diverse genetic library is the foundation
for a successful plant breeding program, key for the development of
commercially successful varieties and product applications."
commented Todd Dalotto, President of
the Organto Global Cannabis Group. "Our Fuente
Semillera library will allow us to create new cultivars with
seemingly infinite combinations of traits that include
phytochemistry (i.e., high/low-THC, high-CBD, THCV, CBG, and
terpenes), mold-resistance, aromas, flavors, and suitability to
various climates and growing environments."
Simultaneously, an application was filed for Registration as a
Producer of Certified Seeds, which, subject to approval, will allow
the company to manufacture, import, and export cannabis seeds that
have undergone agronomic and specific trait improvement, thus
allowing the company to generate revenues globally from its
breeding of cultivars which have been adapted for various
climates.
Organto is also in the process of registering ten commercial
cultivars with ICA, which is a requirement for growing each
cultivar for eventual commercial sales. In the meantime, the
company is currently authorized to grow registered Fuente
Semillera for genetic improvement and scientific research,
while it goes through the cultivar registration and agronomic
evaluation process, which can take several months.
Licensed companies that did not meet the December 31, 2018 Fuente Semillera deadline are
not authorized to use their own seeds for cultivation and are
otherwise limited to buying seeds from companies with a License
for the Use of Seeds for Planting, which Organto anticipates it
will receive soon. By meeting this deadline, and becoming
appropriately licensed, Organto is expected to enjoy both a cost
advantage and a favorable position as a supplier of seeds to third
parties.
ON BEHALF OF THE BOARD
Steve Bromley
Chair and
Interim Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
ABOUT ORGANTO
Organto's business model is rooted in its commitment to
sustainable business practices focused on environmental
responsibility and a commitment to the communities where it
operates, its people and its shareholders. Organto is
comprised of two independent business units, i) the Organto Foods
Group, and ii) the Organto Global Cannabis Group. The Organto Foods
Group is an integrated provider of year-round value-added branded
organic vegetables and seasonal organic and non-GMO fruit and
vegetable products using an asset-light business model to serve a
growing socially responsible and health conscious consumer around
the globe. The Organto Global Cannabis Group is focused on the
growing market for medicinal cannabis around the world, with
initial efforts focussed on key regions of Latin America, utilizing low-cost natural
growing operations and a diverse and exclusive IP seed library to
deliver the medicinal properties consumers expect.
FORWARD LOOKING STATEMENTS
This news release may include certain forward-looking
information and statements, as defined by law including without
limitation Canadian securities laws and the "safe harbor"
provisions of the US Private Securities Litigation Reform Act of
1995 ("forward-looking statements"). In particular, and without
limitation, this news release contains forward-looking statements
respecting Organto's current business model and related expertise;
Organto's belief that a large and broadly diverse genetic library
is the foundation for a successful breeding program, key for the
development of commercially successful varieties and product
applications; Organto's belief they will enjoy both a cost
advantage and favourable position as a seed supplier: Organto's
belief that its fuente semillera library will allow the company to
create new cultivars with seemingly infinite combinations of
traits; management's beliefs, assumptions and expectations; and
general business and economic conditions. Forward-looking
statements are based on a number of assumptions that are subject to
a variety of risks and uncertainties and may prove to be incorrect,
including without limitation assumptions about the following: the
continued growth in global demand for cannabis products and the
continued increase in jurisdictions legalizing cannabis, and the
timely processing of regulatory approval for the acquisition of
Medicannabis and the license applications. The foregoing list is
not exhaustive and Organto undertakes no obligation to update any
of the foregoing except as required by law.
SOURCE Organto Foods Inc.