- PacRoots Cannabis recently updated investors following its first successful hemp harvest, which resulted in 105,000 lbs. of biomass of higher-than-expected quality
- Canadian cannabis market is currently awash in oversupply, with some estimates placing inventory stockpile at close to 3 years’ worth of demand
- Industry participants have pointed at low-quality grades as prime cause for the oversupply
- PacRoots has taken strides to improve quality of its plants, most notably through collaboration with Phenome One Corp
- PacRoots processes, sells entirety of recent harvest to the Speakeasy Cannabis Club
PacRoots Cannabis (CSE: PACR) (OTCQB: PARCF), an up-and-coming cannabis company based out of Canada, has earned a well-established reputation for producing premium quality strains and products through the use of a meticulous, genetics-focused harvest approach. Following the award of an industrial hemp license by Health Canada in May 2020, PacRoots Cannabis embarked on a joint-venture with Rock Creek Farms to plant over 130,000 premium hemp CBD plants on 100 acres of prime arable land in British Columbia (https://cnw.fm/Pipab). The venture has been a notable success thus far, with the company recently revealing that the initial harvest had resulted in a biomass yield of over 105 thousand pounds—the quality of which far exceeded expectations.
PacRoots’ success may soon be the industry exception rather than the rule. The Canadian cannabis market is increasingly awash with an excess supply of low-grade cannabis; Health Canada recently released industry-wide cannabis data for October 2020, which revealed that approximately 1.1 million kilograms of cannabis was being stockpiled by…
NOTE TO INVESTORS: The latest news and updates relating to PACR are available in the company’s newsroom at http://cnw.fm/PACR
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