Benchmark Botanics, Inc (OTCMKTS:BHHKF) purchased additional shares of 5.199 million from 1139000 B.C. Ltd’s shareholders. With this additional purchase of common shares, the company clinched a 51% controlling stake (10.199 million common shares) in 1139000 B.C. It is a share exchange deal. Benchmark issued 26.99 million common shares to the shareholders of 1139000 B.C.
Licensed cannabis cultivation
1139000 B.C. purchased a greenhouse facility on 4-acres with the fund support from Benchmark in the year 2008. The company intended to develop the property for the licensed cannabis cultivation.
Benchmark posted a record growth of 106.54% YoY to $278,515 in revenues in H1 2020. However, its revenues declined by 35.1% YoY to $87,420 in Q2 2020.
Per gram average sale price of cannabis at $6.52
Benchmark realized higher revenues in H1 2020 because of the sale of cannabis for adult-use and dried cannabis to the licensed producers in Canada. The average per gram sale price of 42,739 grams of cannabis sold in H1 2020 is $6.52.
Benchmark adjusted its priorities and remained operational during coronavirus crises and spent its cash prudently. CEO of Benchmark, William Ying said continued to achieve growth in Q2 2020 and added additional pieces to propel growth. The company expects to post record growth in H2 2020 with a 51% controlling stake in 1139000 B.C. Ltd and third production license for its JV.
Receives third cultivation license
Benchmark received a third production license for its JV – YATAI & BBT Biotech Ltd. through its auxiliary – Potanicals (Potanicals Green Growers Inc) from Health Canada and effective from August 7, 2020. Yatai conducts outdoor and indoor operations in Pit Meadows.
As per subsection 11(5) of the regulations for cannabis, the site can now propagate, cultivate, and harvest cannabis and commence the sale of cannabis. The company can also engage in R&D.
Benchmark formed a JV – YATAI & BBT Biotech Ltd in alliance with Zhejiang Yatai Pharmaceutical Co., Ltd. As per the pact signed on May 27, 2019, Benchmark will invest CAD 14 million. In contrast, Zhejiang contributes a capital of CAD 7 million into the JV.
Terminates acquisition accord
Benchmark terminated the takeover of 1187349 B.C. Ltd on mutual consent. The company earlier signed an agreement to acquire a 51% stake in 1187349 B.C.
 Clinches A Controlling Stake Of 51% In 1139000 B.C. Ltd: Posts A Growth Of 106.54% In H1 2020){kind=link}