Vancouver, British Columbia--(Newsfile Corp. - October 11, 2019) - Benchmark Botanics, Inc. (CSE: BBT) ("Benchmark" or the "Company") a licensed producer of cannabis for the medical and adult-use recreational markets, announces its intention to cooperate with Vission Technology Inc. to develop Smart Farm Total Solution for optimizing production efficiency.
Benchmark Botanics and Vission Technology have signed a non-binding letter of intent to jointly develop a "Smart Farming System Platform" for the cannabis industry, working in collaboration to create a comprehensive farm-based solution from cultivation to sales.
"Since inception, Benchmark has been growing its experience in the cannabis industry while actively seeking technological support in all areas of operations including farm modification and expansion, cultivation, production, processing, and sales. We will be directly involved in our project with Vission Technology, working together to develop a comprehensive solution suited for the cannabis industry supply chain, contributing to the growth of the industry," says Mr. Haifeng (Leo) Liu, President of Benchmark. "I am excited by this cross-sector cooperation and its growth potential."
According to the LOI, the two parties will cooperate in four areas:
Market research: Through a pilot farm project, comprehensively track all aspects of the industry chain, accurately locate the needs and weaknesses of the cannabis industry.
Technology R&D: Study the advanced facilities and technologies used in the industry and develop software products that meet the industry's needs.
Platform integration: Develop a "Smart Farming System Platform" to fully achieve the integration, automation, digitization and environmental protection of cannabis production from seed to sale.
Social responsibility: Comply with regulations and assist with the establishment and improvement of the social responsibility system.
Following completion, the platform will be applied to solve problems of information asymmetry in the modern cannabis industry caused by factors such as environment, circulation and government policies, which can result in economic loss. Through technological means, the solution enables cannabis businesses to achieve production efficiency and transparency using system-wide tracking and real-time data monitoring.
About Vission Technology Inc.
Vission Technology Inc is a Canadian technology company engaged in the development, production and sales of system integration, IT consulting and Big Data. The company is committed to developing an industry-leading solution that integrates GIS, BIM and AIOT into one single platform. Its founding team has a vast amount of industry experience in spatial data management and analysis, IT solutions, ERP system, AI management, Big Data processing, and many more.
About Benchmark Botanics Inc.
Benchmark is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical, pharmaceutical, and recreational markets in Canada and the EU. The Company's business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp throughout Asia.
Benchmark is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company's global footprint.
Benchmark's 100% owned subsidiary, Potanicals Green Growers Inc. is a Health Canada licensed producer under the Cannabis Act and its regulations (formerly ACMPR). The Company is producing at its indoor Peachland Cannabis Complex and is constructing a Phase II expansion of an additional 10,000 square foot extraction facility there. Along with cultivation and production, the company's Peachland BC facility also provides propagation, cultivation, cloning, storage, research and development, genetics and is progressing towards CBD oil extraction and an EU-GMP certification.
As part of its expansion strategy the company is working with a partner to build a second facility, a 4-acre Pitt Meadows Greenhouse Operations in BC.
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ON BEHALF OF THE BOARD OF
BENCHMARK BOTANICS INC.
/s/ "William Ying"
Chief Executive Officer