TORONTO, May 10, 2018 (GLOBE NEWSWIRE) -- CO2 GRO Inc. (" GROW ”) (TSX-V: GROW ) is pleased to announce progress to having its patented CO2 Foliar Spray technology approved for use by Canadian Licensed Producer (“ LP ”) cannabis companies. Health Canada's Pest Management Regulatory Agency StR Decision was that GROW's dissolved CO2 foliar spray water on cannabis in greenhouses and/or outdoors does not meet the definition of a pesticide as per Section 2 of the Pest Control Products Act.
Next approval steps are 1) to see if CO2 foliar spray is a fertilizer subject to a Canadian Food Inspection Agency approval (“ CFIA ”) underway and 2) to see if CO2 foliar spray that is 99.8% natural water will be approved by the Office for Medical Cannabis (“ OMC ”) for cannabis LP's who are only allowed to use water in foliar spray.
GROW filed to exempt its naturally-dissolved CO2 water for foliar spray use by Canadian LP companies in November 2017 under Section 8.11 of proposed Bill C-45 legalizing cannabis during the 60-day Open Season for Comments.
GROW's next CO2 foliar spray grow trials will shift to a number of large interested Canadian LP cannabis companies if the CFIA and OMC conclude LP use is allowed. GROW has six Access-to-Cannabis-for-Medical-Purposes-Regulations cannabis grow trials underway in Ontario and one starting in the Maritimes. Buds from all grow trials will be analyzed for bud volume and independent chemical quality analysis of at minimum, THC, CBD and terpene levels.
According to John Archibald, GROW’s CEO, "We are thankful that Health Canada recognized that the proposed use and composition of our dissolved CO2 foliar spray technology was not a pesticide. We will proceed with a number of LP's that have expressed interest in our dissolved CO2 foliar spray after CFIA and OMC approvals are received. In addition, we believe that using our CO2 technology will cut greenhouse CO2 gas use in half leading to not only additional plant yield but also improved human greenhouse worker safety from breathing unnecessary excess CO2 gassing."
About CO2 GRO Inc. (GROW.TSXV)
GROW's mission is to accelerate all value plant growth naturally, safely, and economically using its patented advanced CO 2 technologies.
GROW's sole focus is working with its plant grower and agri-industrial partners in proving and adopting its CO2 technologies for specific growers’ plant yield needs.
The CO2 technologies work by transferring CO2 gas into water and foliar spraying for use across the entire plant leaf surface area, which is a semi permeable membrane. The dissolved concentrated CO2 then penetrates the leaf's surface area naturally like concentrated nicotine dissolves through human skin into the bloodstream from a nicotine patch.
Foliar spraying natural nutrients and chemicals on plant leaves has been used for over 60 years by millions of indoor and outdoor plant growers. To date, outdoor growers have not had any way to enhance plant CO2 gas uptake for faster growth.
The indoor method of CO2 gassing to enhance plant yields has also been used for over 60 years. However, over 50% of the CO2 gas is typically lost and becomes a greenhouse gas. Current greenhouse CO2 gassing levels used are not ideal for worker health and safety.
GROW's safer CO2 technologies can be used by both greenhouse and outdoor plant growers with minimal CO2 gas lost when CO2 is applied by foliar spray.
Target markets for CO2 foliar spray are the global retail food market at $8 trillion per year (Plunkett March 28, 2017), the global retail non-food plant market at an estimated $1 trillion per year of which $770 billion/y is tobacco (British American Tobacco website) and the high value legal retail cannabis market that may be $50 billion per year by 2022 (Bay St Analyst estimates).
GROW's CO2 technologies are commercially proven, scalable and easily adopted into existing irrigation systems. GROW's economic revenue model should be compelling to both grower and agri-industrial partners based on our preliminary new CO2 grow trial results, and previous successful lettuce and algae grow trials.
Forward-Looking Statements
This news release may contain forward-looking statements that are based on CO2 GRO Inc.'s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and GROW undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
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 release.
For more information, please visit www.co2gro.ca or contact Sam Kanes, VP Development at 416-315-7477
