$AGGL Agtech's City Farm Industries Joint Venture
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Posted On: 09/30/2021 1:24:53 PM
$AGGL Agtech's City Farm Industries Joint Venture Announces Its First Multi-Span Greenhouses Arrive from China
https://www.newsfilecorp.com/release/98067
Newport Beach, California--(Newsfile Corp. - September 30, 2021) - Agtech Global International Inc. (OTC Pink: AGGL) (Agtech) (name change to Galexxy Holdings Inc. in process) previously announced on September 7, 2021, that it had entered into a Joint Venture with City Farm Industries Inc., for large scale cultivation of Hemp for CBD extraction and supply.
Under the terms of this Joint Venture, City Farm Industries (CFI) will be establishing and managing a minimum of 4 cultivation "PODs" comprising a total of 32 multi-span greenhouses (320,000 square feet) on 300 acres of land dedicated to the Joint Venture.
CFI has advised Agtech that the first 2 multi-span greenhouses have arrived from China and are due for unloading at the port of Los Angeles, to be trans-shipped to CFI's leasehold property near Hanford in the Central Valley of California.
Mark Askey, CFI's Chief Operating Officer in charge of the Joint Venture said, "CFI is holding Letters of Intent for sales of up to 20,000 lbs. of Hemp flower per month and once all PODs become operational and production is sold, the projected return to Agtech is expected to be $10,000,000 per year." Mr. Askey also added that, "Once the Joint Venture is cashflow positive, CFI plans to expand operations to establish additional PODs."
https://www.newsfilecorp.com/release/98067
Newport Beach, California--(Newsfile Corp. - September 30, 2021) - Agtech Global International Inc. (OTC Pink: AGGL) (Agtech) (name change to Galexxy Holdings Inc. in process) previously announced on September 7, 2021, that it had entered into a Joint Venture with City Farm Industries Inc., for large scale cultivation of Hemp for CBD extraction and supply.
Under the terms of this Joint Venture, City Farm Industries (CFI) will be establishing and managing a minimum of 4 cultivation "PODs" comprising a total of 32 multi-span greenhouses (320,000 square feet) on 300 acres of land dedicated to the Joint Venture.
CFI has advised Agtech that the first 2 multi-span greenhouses have arrived from China and are due for unloading at the port of Los Angeles, to be trans-shipped to CFI's leasehold property near Hanford in the Central Valley of California.
Mark Askey, CFI's Chief Operating Officer in charge of the Joint Venture said, "CFI is holding Letters of Intent for sales of up to 20,000 lbs. of Hemp flower per month and once all PODs become operational and production is sold, the projected return to Agtech is expected to be $10,000,000 per year." Mr. Askey also added that, "Once the Joint Venture is cashflow positive, CFI plans to expand operations to establish additional PODs."
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