Affinor Growers Inc. (OTC: RSSFF), an aspiring grower of medical cannabis and other high-quality crops like romaine lettuce, spinach, and strawberries, announced its intent to acquire a 49% interest in a fully-licensed Washington State-based medical dispensary and growing operation for $620,000 in cash payable over six months, subject to due diligence and regulatory approval.
The move has sparked growing interest in the stock among U.S. investors, which prompted the company to uplist to the OTCQB, as of this week. With increased liquidity and transparency, the uplisting serves the dual purpose of making it easier for U.S. investors to buy and sell the stock and ensuring that the company meets higher regulatory standards in order to build trust among shareholders.
According to an earlier press release, the company is also drawing closer to acquiring a 100% interest in a private British Columbia company that’s in the final stages of obtaining a medical cannabis growing license under Canada’s Marihuana for Medical Purposes Regulations (“MMPR”). The move could provide the firm with exposure to both the U.S. and Canadian cannabis industries.
The appointment of Thomas Earnst Baumann also reiterates the company’s secondary focus on growing strawberries, romaine lettuce, spinach, and other high-quality crops in addition to cannabis. These operations could help diversify the firm’s revenues outside of cannabis and help smooth out revenue and profit if the cannabis industry’s pricing becomes volatile.
Mr. Baumann is a member of the North American Strawberry Growers Association, the American Society of Horticulture Sciences, and is the current Director of the Pacific Berry Resource Centre at UFV. He will join the company’s advisory board where he will provide the firm with “a huge advantage in the global strawberry market”, according to Affinor Chairman Nick Brusatore.
Shares of Affinor Growers Inc. jumped more than 13% in early trading on Monday morning.
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