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CHEMISTREE TECHNOLOGY PROVIDES CORPORATE UPDATE (CSE: CHM)(US OTCQB: CHMJF)

735 views · Published 14 December 2018 · 8:37 · Indexed 11 October 2026

Channel: RICH TV SHOW · 2018 · Education

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CHEMISTREE TECHNOLOGY PROVIDES CORPORATE UPDATE (CSE: CHM)(US OTCQB: CHMJF) - RICH TV LIVE - December 14, 2018 -  Chemistree Technology Inc. (Canadian Securities Exchange: CHM) (US OTCQB: CHMJF) (the "Company" or "Chemistree") is pleased to provide a progress report as it awaits award of the Continuous Use Permit from the City of Desert Hot Springs for its 9.55 acre property in located in the City's cannabis cultivation-friendly zone.

Karl Kottmeier , Chemistree's President, commented "Our submission to the City of Desert Hot Springs is advancing through the regulatory process and our most recent update from our contractor has provided us with the good news that due to a rework of our plans by the City Engineer, we have an unexpected savings of approximately $500,000 to the project budget. We are confident that our submission will be successful and we are looking forward to working with the City of Desert Hot Springs going forward."

Chemistree, as previously announced, plans to develop a greenhouse cultivation facility at the site that includes two separate cultivation buildings totaling 127,960 square feet and an additional 119,960-square-foot building intended for warehousing and processing facilities. Fully constructed, a facility of this size has the potential to produce approximately 50,000 pounds of cannabis flower per year.

The Company is also finalizing its business development plans for 2019 to augment the Arcata processing partnership, the Desert Hot Springs project, the Washington cultivation operations and the Sugarleaf brand expansion. Potential new business initiatives for the company include adding key industry people in sales positions in Washington and California , developing a proprietary CBD-focused line of products and most importantly expanding the Company's presence outside of Washington and California to other states where opportunities exist in the rapidly growing cannabis industry.

Company Chairman Justin Chorbajian said "This has been an exciting and busy year for Chemistree. I am gratified to see that our team's deep experience in the cannabis industry and the many friends, colleagues and contacts we have are continuing to provide opportunity after opportunity for us to consider. We have always known that our key to success will be rooted in our people and our ability to attract industry leading talent."

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