Fertilizer Producer GrowMax Investing In Legal Cannabis
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GrowMax Resources Corp. (TSXV: GRO), a Toronto-based in fertilizer producer has made public its intention to invest in the legal cannabis, hemp and other related sectors with the focus on North America licensed producers. Currently, GrowMax has a market cap of $24.60 million. Currently, the company has its focus on “evaluation, exploration, and development of phosphate and potassium-rich brine resources, and other mineral concessions in Peru”.
The Chairman and Chief Executive Officer of GrowMax, Kal Malhi, explained why it was necessary that the company diversify into the legal cannabis and related sector, “We intend to leverage the Company’s strong cash position of approximately C$30 million to make investments primarily in the legal cannabis and hemp sectors. The Company now has a strong management team and its two largest shareholders including Bullrun Capital Inc. and Kisan International, a division of Indian Farmers Fertilizer Cooperative Limited, together owning 27.60% of outstanding shares.”
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GrowMax has also made sweeping changes to their management including Michael Malana taking over the position of Chief Financial Officer from Lloyd Wiggins. This change took effect from the 1st of May 2019. Before the new appointment, Mr. Malana served as Corporate Secretary. Malhi appreciated the outgoing Chief Finance Officer saying, “We thank Lloyd for his contributions in getting the new board of directors up to speed on the financial status of the company. We wish him every success in his future endeavors.”
After reviewing ongoing investment opportunities and outstanding liabilities, GrowMax will provide further guidance on its proposed dividend. On Monday, 6th of May 2016, the shares of GrowMax dropped by 13%. However, the company recorded an increase of 50% in average daily volume from 144,794 to 217,609.
About GrowMax
GrowMax Resources Corp. is a publicly listed Canadian company (Ticker GRO on TSX-V) focused on exploration and development of phosphate and potassium-rich brine resources on its Bayovar Property, which is located in the Sechura Desert in northwestern Peru. GrowMax is also concentrating its efforts on leveraging its existing balance sheet to consolidate junior fertilizer assets in Latin America, targeting projects with favourable margins and generating cash flow. The Company’s vision is to become a leading producer of fertilizer products in Peru and a prominent player in the Latin American fertilizer industry.
GrowMax Resources owns approximately 95% of GrowMax Agri Corp., a private company that owns 100% of the Bayovar Property, which currently covers approximately 227,000 gross acres. The Indian Farmers Fertiliser Co-operative Limited (IFFCO) and its affiliates own approximately 5% of GrowMax Agri Corp.
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Fertilizer Producer GrowMax Investing In Legal Cannabis
