viewAlgae Tec Ltd

Algae.Tec to plant first batch of medicinal cannabis in Uruguay

The 10-acre crop is estimated to yield circa 1000kg of oils, seed extracts and fibre products.

cannabis plant
The genetically unaltered cannabis plants require fewer pesticides

Algae.Tec Ltd (ASX:AEB) is planning to plant the first batch of medicinal cannabis crop in Uruguay this September as part of its research and collaboration agreement with Winter Garden Biosciences.

The companies are developing an initial crop of active heirloom cannabis, without genetically altered structures and with naturally high levels of cannabinoids.

The crop will be planted over 10 acres commencing September 2017, which marks the beginning of the spring growing season in Uruguay.

Algae.Tec will grow, harvest, extract products and sell these unique plants that can be used to create new high potency cannabidiol products in Winter Garden’s Uruguayan laboratories.

The company could also generate immediate revenue through sales of seeds, oils, combined algae products and hemp fibre to the North American and European markets.

These genetically unaltered cannabis plants require fewer pesticides, herbicides and fertilisation than nearly all of their genetically modified counterpart varieties found in North America.

Uruguay is the only jurisdiction in the world that currently allows commercial registration of cannabis cultivation without the cumbersome restrictions on THC and cannabiniod content.

This is expected to be a key difference in Algae.Tec’s position in the medicinal cannabis market moving forward through its collaboration with Winter Garden.

The initial 10-acre grow out programme can be expanded to circa 150 acres at Winter Garden’s existing facilities, including outdoor crops, greenhouse crops and indoor crops.

Significantly, winter Garden has access to over 1,000 acres of arable land that can rapidly be deployed as the companies move to commercial scale operations.

Earlier this month, Algae.Tec received firm commitments to raise A$5.4 million under a rights issue and shortfall placement.

Quick facts: Algae Tec Ltd

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Market: ASX
Market Cap: $8.77 m

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