AREV Brands International (CSE:AREV) said Wednesday that it has closed on the purchase of its 28-acre property in Sorrento, British Columbia as well as on its CannaGold assets as it provided an update on its progress.
As it forges ahead in the cannabis sector, the Vancouver company is looking to focus on cannabis genetics and its line of natural health products.
At a board meeting in Vancouver last week, AREV’s management also said it would expand the business into California and Colombia.
High on the agenda is AREV’s planned work with licensed producers that will cultivate its seeds and from which it will be able to buy back cannabis to be used for extraction into ingredients that can be used in various cannabis-based formulations. The company is still scouting for joint ventures with licensed producers looking for help with genetics, extraction and product licensing.
On its list of recent achievements is that the company has engaged Spire Secure Logistics to consult on obtaining a hemp cultivation license on its 28-acre property in Sorrento and has kicked off the construction of an 8,500 square foot processing facility at the property, which is set to be completed in the third quarter of 2019. AREV has an extraction system and a soft gel cap machine that will be installed in Sorrento.
In AREV’s repertoire currently are 8 products registered with Health Canada, the CannaGold line of vape pens and concentrates, and its BARE Topicals line of topical creams, sticks and oils for pain management and skin care.
Via its ownership of BC Bud Depot, one of the biggest cannabis seed banks and a genetics specialist, AREV has also started a breeding business in Colombia and will be registering its genetics in the country.
In other news, Stephane Maher has resigned as a director of the company.
Contact Ellen Kelleher at [email protected]