Agra Ventures Applauds Health Canada’s Recent Regulatory Improvements

VANCOUVER, British Columbia, April 07, 2022 (GLOBE NEWSWIRE) —

Agra Ventures Ltd.


(“AGRA”


or


the


“Company”)


(CSE: AGRA)


(OTC:


AGFAF) (FRA:


PU30),

a growth-oriented and diversified company focused on the international cannabis industry, applauds Health Canada’s recently announced regulatory changes that will have the effect of streamlining the application process for cannabis processors to bring products to market more quickly. On March 31, 2022, Health Canada communicated that it would begin granting all standard and micro-class processing license holders sales authorizations for dried and fresh cannabis products during the initial licensing process. Therefore, licensees such as AGRA will no longer have to apply for an amendment in order to sell to wholesalers. The planned improvements to the licensing process are scheduled to go into effect on April 19, 2022.

Existing licences that do not currently authorize the sale of dried and fresh cannabis products will be reissued with amended conditions within the next 90 days. Once a holder’s licence has been amended, and 60 days have passed after submitting a Notification of New Cannabis Product for any dried or fresh cannabis product, the holder will be able to sell those products into provincial markets, pending local approval. However, an amendment will still be required in order to sell cannabis extracts, cannabis topicals and edible cannabis products. The changes are part of the federal regulator’s ongoing efforts to improve Canada’s cannabis program based on consultations with and feedback from the industry.


Management Commentary

“The regulatory changes recently announced by Health Canada are a welcome improvement of the licensing process for AGRA and the entire Canadian cannabis industry. Although we remain focused on our business-to-business strategy of growing great cannabis and selling it in dried form to other licensed producers in Canada, the changes give us optionality that we didn’t have before, which I believe adds value to our organization,” said Elise Coppens, CEO of AGRA. “Our team commends Health Canada on its open-mindedness, applauds the outcome of its process and endorses the changes that have emerged and are planned to be in effect shortly,” added Ms. Coppens.


Additional Debenture Amendment

In addition to the recently announced agreement with holders of the Company’s 10.00% Senior Unsecured Convertible Debentures (the “

Debentures

”) to amend the Debentures to extend the maturity date for an additional twelve months to March 12, 2023, the Company has further agreed to amend the applicable conversion price of the Debentures to a price per share equal to the volume weighted average trading price of the Company’s common shares on the CSE for the five trading days prior to the applicable conversion date, subject to a minimum issue price of $0.05.


About


Agra Ventures Ltd.

Agra Ventures is a growth-oriented and diversified company focused on the international cannabis industry. The company is dedicated to the cultivation, distribution and marketing of high-quality cannabis and cannabis-infused products worldwide. Agra Ventures’ primary asset in Canada is Boundary Bay Cannabis located in Delta, BC, which is one of the largest cannabis greenhouse facilities focused on the cost-optimized cultivation of high-potency cannabis. Abroad, the company’s wholly owned subsidiary, Farmako GmbH, is focused on becoming Europe’s leading distributor of medical cannabis. Farmako currently has active product distribution operations in Germany and is fully licensed in the United Kingdom.

For more information about Agra Ventures, please visit

www.agraventures.com

and its profile page on SEDAR at


www.sedar.com

.



ON




BEHALF




OF




THE




BOARD




OF




DIRECTORS



Nick Kuzyk, Investor Relations

E:

[email protected]


T: (800) 783-6056


The


CSE


and


Information


Service


Provider


have


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and


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accept


responsibility


for


the


accuracy


or


adequacy


of


this


release.



Forward-looking




Information




Cautionary




Statement


Except


for


statements


of


historic


fact


this


news


release


contains


certain


“forward-looking


information” within the meaning of applicable securities law. Forward-looking information is


frequently


characterized


by


words


such


as


“plan”


“expect”


“project”


“intend”


“believe”


“anticipate” “estimate” and other similar words or statements that certain events or conditions


“may” or “will” occur. Forward-looking statements are based on the opinions and estimates at


the date the statements are made and are subject to a variety of risks and uncertainties and other


factors that could cause actual events or results to differ materially from those anticipated in the


forward-looking statements including but not limited to delays or uncertainties with regulatory


approvals


including


that


of


the


CSE.


There


are


uncertainties


inherent


in


forward-looking


information including factors beyond the Company’s control. There are no assurances that the


business


plans


for


Agra Ventures described


in


this


news


release


will


come


into


effect


on


the terms or time frame described herein. The Company undertakes no obligation to update


forward-looking information if circumstances or management’s estimates or opinions should


change except as required by law. The reader is cautioned not to place undue reliance on


forward-looking statements. Additional information identifying risks and uncertainties that could


affect financial results is contained in the Company’s filings with Canadian securities regulators


which


are


available


at



www.sedar.com.


SOURCE: Agra Ventures Ltd.


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