Canada farm inks MoU with Prek Leap agriculture college
Canada farm inks MoU with Prek Leap agriculture college
Toronto-listed Asia Green Biotechnology Corp (AGB) has inked a memorandum of understanding (MoU) with the Prek Leap National Institute of Agriculture in Phnom Penh (Prek Leap) to advance production techniques of medicinal and commercial crops.
“The purpose of this agreement is to allow AGB and Prek Leap to collaborate in the pursuit and execution of a business development plan tied to the evaluation and implementation of seed and plant production techniques relating to hemp and other plants with medicinal, practical or other benefits,” AGB said on March 8.
“[AGB] continues to successfully implement its business plan in Southeast Asia with the execution of the MoU … [and] Prek Leap will play a leading role in the research and development of industrial and other varieties of hemp using Cambodian heritage varieties and varieties provided by AGB and its partners in order to obtain suitable varieties that can be utilised for biofuel, fibre, food, foundation and medical proposes.
“The partners intend to study cultivation systems and techniques for production and industrial use of hemp in Cambodia with the aim of applying the knowledge gained directly to current agricultural practises employed in the country,” it said.
AGB CEO David Pinkman said: “The execution of this agreement with Prek Leap is a major step forward for [AGB], as we have been pursuing the establishment of an effective research and development programme in Cambodia since the completion of the company’s IPO [initial public offering].
“With this step, which is complemented by the ongoing discussions maintained by AGB with other authorities in Cambodia, we will begin to initiate the introduction and evaluation of certain varieties of hemp plants which may pave the way for establishment of a new and important agricultural and related processing industry in the region.
“Of course, we are very excited and pleased to have found a new research partner in Prek Leap, as it maintains similar aspirations for the development of a progressive and positive hemp industry in Cambodia.
“The technical and practical abilities of our respective teams are not only complementary, but also provide the solid foundation for important hemp-oriented research and development programmes.
“We look forward to a long and fruitful business relationship with this institution,” he added.
The global industrial hemp market is forecasted to skyrocket to $26.6 billion by 2025, from the $4.6 billion posted in 2019, according to Research and Markets.
In addition to AGB and Prek Leap, signatories to the MoU include InPlanta Biotechnology Inc, which is controlled by Dr Igor Kovalchuk, a professor in epigenetics at the University of Lethbridge in Canada’s Alberta province, as well as local firm Asia Cannabis Industry Co Ltd, which “has provided consulting services to AGB”, according to the Calgary-based biotech firm.
It added: “[Asia Cannabis Industry] is prepared to jointly provide managerial input, equipment, intellectual property and material to facilitate the operational needs of this project.
“Next steps include setting budgetary limits, formulating research and related protocols, and liaising with other government departments for input on the processes.
“Prek Leap engages in research and development activities as well as general operations as an educational institution in Phnom Penh.”
On the Canadian Securities Exchange, AGB’s share price inched down C$0.04 (US$0.032) or 24.24 per cent to close at C$0.13 on March 8 for a market capitalisation of C$4.53 million, with 2,500 shares traded.
