Sep 19, 2019 in Press Releases
Engaging global Cannabis Expert for German Operations
Vancouver, Canada (September 19, 2019) – XPhyto Therapeutics Corp. (CSE:XPHY; FSE:4XT) (“XPhyto” or the “Company”) is pleased to announce that it has entered into an exclusive two year European consulting agreement (the “Agreement”) with Stephen Schroeder, a leading international cannabis expert (the “Consultant”). The Consultant’s initial mandate is the design, renovation, and commissioning of XPhyto’s state-of-the-art hydroponics and extraction facility, the “BUNKER”, pursuant to the Company’s German cannabis cultivation and extraction licence first announced on July 24, 2019. “XPhyto is extremely pleased with the engagement. Product quality is our primary objective and Stephen and his team bring a set of skills and pride of craftsmanship that is aligned with our corporate vision,” said Hugh Rogers, CEO of XPhyto. “His extensive international network provides access to industry leading system design, equipment, training, operational support and cannabis genetics. This will be an essential component of the best-in-class cultivation and extraction operations we are building in Bavaria.”
The Consultant is an accomplished cannabis expert whose recent work include several high-profile engagements: the design, construction and operation of one of the largest greenhouse and outdoor cannabis cultivation, extraction and isolation systems in the world, with scalability up to 100,000 hectares, based in Colombia, South America; final design and optimization of one of the largest premium hydroponics facilities in Canada; and due diligence on behalf of a highly successful international cannabis investment and royalty fund, recently purchased for over one billion dollars.
Pursuant to the Agreement the Consultant will receive a monthly consulting retainer in addition to stock based compensation in the form of stock options and common shares to vest and be issued, respectively, over a two year period: 1) 600,000 stock options, as previously announced on August 8, 2019, each of which is exercisable into one common share of the Company for a period of five years at an exercise price of $1.25 per share, of which 120,000 will vest immediately and 120,000 will vest every six months thereafter; and 2) 700,000 common shares of the Company, of which 220,000 will be issued immediately and 120,000 will be issued every six months thereafter. All shares are subject to a four month hold period in accordance with applicable Canadian securities law.