VANCOUVER, British Columbia, March 30, 2020 /PRNewswire/ -- 3 Rivers Biotech Ltd. ("3 Rivers") is pleased to announce that it has entered into a joint venture agreement (the "JV Agreement) with JRT Nurseries Inc. ("JRT") to produce and supply premium, pathogen-free, tissue-cultured hemp plants to the rapidly expanding hemp market. As a condition of the JV Agreement, JRT will provide full, exclusive access to its tissue culture lab and greenhouse facilities located in Mount Vernon, WA. The Mount Vernon facility comprises a 14,000 sqft tissue culture lab and 40,000 sqft of attached propagation greenhouses, with a combined production output of up to 12 million plants per year. Under the JV Agreement, 3 Rivers will provide hemp varieties sourced through strategic partnerships with breeders, manage all hemp-related operations, and propagate tissue culture hemp clones for marketing and sale to the hemp industry.
3 Rivers CEO, Robert Allen commented, "We at 3 Rivers are excited to be partnered with JRT, a proven tissue culture operation that has had a successful history of propagating millions of plants per annum at its Mt. Vernon facility. These assets, combined with our hemp expertise, creates a world class tissue culture operation that will feed into an emerging and expanding market. We are equally pleased that our initial financing was oversubscribed despite the current economic chaos. With a healthy treasury and wise, prudent management we see this venture as being successful in both the near and far term."
JRT Nurseries Inc. is a family operated business located in Aldergrove, British Columbia and Lynden, Washington. Their horticultural expertise and temperate climate provide an ideal setting for producing exceptional nursery stock. They have over forty acres of greenhouse growing area and 250 acres of container growing area. From their humble beginnings as a five acre, family-run blueberry farm, JRT Nurseries Inc. has grown significantly and steadily into producing high-quality ornamental, small fruit, and perennial plants with two state-of-the-art tissue culture labs in Canada and Washington State that produce over ten million of plants per year.
About 3 Rivers
3 Rivers Biotech is a plant biotechnology specializing in hemp tissue culture to provide premium pathogen-free, pesticide-free, vigorous plants to cultivators and late-stage nurseries across the United States and Internationally. 3 Rivers delivers value to growers by providing proven hemp varieties as well as highly unique high terpene and minor cannabinoid varieties for the extract and smokable flower markets.
Forward Looking Information
This press release includes "forward-looking statements", including forecasts, estimates, expectations and objectives for future operations that are subject to several assumptions, risks and uncertainties, many of which are beyond the control of 3 Rivers. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.
SOURCE 3 Rivers Biotech