BreedIT Corp. (OTC: BRDT), a developer of sophisticated agro-breeding solutions for plant breeders and researchers, recently announced that it received $200,000 in growth financing from INTIVA Phama LLC, a wholly owned subsidiary of Global Cannabis Ventures Ltd., in the form of straight equity restricted stock at a purchase price of $0.30 per share.
“The confidence and support shown by INTIVA in our scientific research, state-of-the-art agro-breeding technology, and team’s ability to capitalize on the market opportunity present in the field of cannabis seed breeding is overwhelming,” said BreedIT Corp. Chairman Itschak Shrem. “We are thrilled of their investment and eager to begin working with them to leverage our technology.”
Global Cannabis Ventures Ltd. owns 80 acres of land in Colorado where it’s assembling greenhouses to be leased to legally licensed cannabis growing operations. In addition, the group has acquired minority interests in three Canadian businesses that are becoming legally licensed to grow and harvest cannabis under the country’s new Marihuana for Medical Purposes Regulations (“MMPR”).
“Our motivation for the investment as our belief in BreedIT’s opportunity to become a global leader in the breeding and licensing of high quality cannabis seeds,” said INTIVA Pharma LLC’s Richard Greenberg. “More importantly, with our firm’s presence and involvement in the marijuana industry in both Colorado and Canada, we have an opportunity to help the company grow.”
The move provides capital to BreedIT to use in growing its operations, as well as provides a potential end user for its products. Through its relationships with other companies in the space, across both the U.S. and Canada, the group could also refer additional business to the company over time.
Shares of BreedIT Corp. jumped 2.4% in early trading on Thursday morning and are trading up 200% so far in 2014.
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