VANCOUVER, B.C., and REHOVOT, Israel, July 15, 2021 /PRNewswire/ --
CSE:BHSC – FSE:8MV
- First biotechnology company engaged in the production of Cannabis biomass and cannabinoids to publish an ESG report and commit to tangible, science-based targets
- BioFarming manufacturing process uses 99.99% less land than traditional outdoor agriculture, while generating no direct greenhouse gases "GHG" emissions, no hazardous waste, and producing 100% biodegradable wastewater
- Committed to further reducing its environmental footprint while scaling production
- Directly supports four United Nations Sustainable Development Goals
BioHarvest Sciences Inc. ("BioHarvest" or the "Company") (CSE: BHSC) today announces the publication of its inaugural Environmental, Social, and Governance (ESG) Report, detailing the Company's performance and ongoing commitment to creating a sustainable future. BioHarvest is the first biotechnology company engaged in the production of Cannabis and cannabinoids to publish a comprehensive ESG report that commits to meaningful science-based targets over the next five years.
Sustainability has always been at the core of BioHarvest, with the Company's BioFarming technology allowing it to produce active plant ingredients without having to grow the plant itself. This practice substantially reduces resource requirement in general, as well as greenhouse gas emissions - which would otherwise be generated - and prevents biodiversity loss. For example, the Company:
- Uses 99.99% less land than traditional agriculture
- Produces zero Scope 1 or direct GHG emissions in the BioFarming manufacturing process
- Uses no solvents or pesticides in the manufacturing process, resulting in wastewater that is 100% biodegradable and contains no chemicals
- Produces no hazardous waste in the BioFarming manufacturing process
The report details the policies, metrics, and programs that support each of the Company's four key ESG pillars:
- Product: Promoting pure well-being by providing fully traceable, science-based and innovative products with proven health benefits that improve the well-being of our customers.
- Process: Demonstrating the minimal footprint of our production process while striving to reduce any adverse impact on water use, climate, and the environment.
- People: Supporting our people by treating them with the utmost respect, the safest working conditions and allowing them to develop and thrive in the workplace; and
- Governance: Setting the standard for end-to-end sustainability, ethical marketing, business ethics, and transparency in our industry.
The report is aligned with the United Nations Sustainable Development Goals and the reporting requirements of the Task Force on Climate-Related Financial Disclosures and the Sustainability Accounting Standards Board.
While the report primarily focuses on the production of VINIA® (see: https://bioharvest.com/wp-content/uploads/2021/07/BioHarvest-Sustainability-Report-14July-21.00.pdf), it provides important insights on how that production process can transform global Cannabis production. The Company recently announced a significant breakthrough (See News Release dated July 7, 2021) in its production of Cannabis and is on track to reach commercialisation in H1 2022. The sustainability advantages which will accrue from the Cannabis vertical, will be benchmarked versus the industry and highlighted in the Company's 2022 sustainability report.
"I could not be more excited to release our inaugural ESG report and share the incredible progress we have made over the past 10 years to help create a more sustainable future. Unlike other companies, sustainability is not something we feel compelled to support; to the contrary, it is at the core of our technology, which unlocks the cellular biological secrets of the plant kingdom," said Ilan Sobel, CEO of BioHarvest Sciences. "As the company grows, we want to redouble our efforts to ensure that our transparency, governance, environmental and social record remains best-in-class for the nutraceutical and cannabis industries as well as future verticals we expand into with our BioFarming technology."
Eitan Popper, Chairman of BioHarvest's Board of Advisors, and co-founder and previous President of MedReleaf, added, "Based on my knowledge of the industry, BioHarvest is currently the only Company in the Cannabis sector, that is effectively pursuing a sustainability agenda through its core technology." Mr. Popper also highlighted the reduced energy related impact when it comes to Cannabis production: "A large portion of North America's Cannabis production capacity is based on indoor cultivation, which is extremely energy intensive, and represents a major challenge as the industry continues to grow. BioHarvest's process will require substantially less energy when compared to both indoor and greenhouse Cannabis production. Ultimately, this doesn't only reduce the per gram CO2 footprint by a few orders of magnitude, it obviously also reduces the cost".
To download a copy of the ESG report, please visit: https://bioharvest.com/wp-content/uploads/2021/07/BioHarvest-Sustainability-Report-14July-21.00.pdf
About BioHarvest Sciences Inc.
Based in Vancouver, BC, BioHarvest Sciences Inc. is the developer and exclusive owner of the proprietary and patent protected BioFarming technology. It is the first and only industrial-scale plant cell technology capable of producing the active plant ingredients without the necessity to grow the plant itself. The Company's technology is non-GMO and has already been validated by VINIA®, the red grapes cells functional food/dietary supplement produced and sold by BioHarvest Sciences Inc. The Company plans to generate significant revenue within the global nutraceutical ingredients and dietary supplements market with VINIA® and other Super Fruit Nutraceutical products. Further, by adapting this technology to the cannabis plant, and building adequate production capacity, BioHarvest Sciences Inc.'s objective is to also become a leading supplier of Cannabis for both medicinal and legal recreational purposes. For more information visit: www.bioharvest.com.
BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer
Information set forth in this news release includes might include forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular, there is no assurance our production method will meet its potential of transforming Cannabis production or that we will be able to commercialize our first Cannabis products in the first half of 2022. Delays and cost overruns may result in delays achieving our objectives obtaining market acceptance and regulatory approvals for geographic expansion is subject to risk and cannot be guaranteed. The success of the Company in demonstrating its ability to consistently grow in solution trichomes from multiple plant strains is not an assurance that the Company will be able to commence commercial production when anticipated or at all. While the Company is in the process of constructing a two-ton production facility the Company's current licensing only permits scientific research. Projected sales of Cannabis will require the Company to obtain production and / or export licensing which cannot be assured.
All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
SOURCE BioHarvest Sciences Inc.