Boustead Client Allied Corp. (OTCQB: ALID) Signs Additional Supply Contracts
Kelowna, BC, Canada – August 23, 2021 Boustead Client Allied Corp. ("Allied" or the “Company”) (OTCQB: ALID) is pleased to announce that it has secured two agreements with one of the Australian medicinal cannabis companies that has received Major Project Status from the Australian Department of Industry, Science and Technology. Allied has signed two binding agreements with this company to supply initially 5 kilograms of CBD isolate, as well as a second agreement to supply 5 kilograms of cannabis flower, both of which we believe are moving towards monthly contracts with increased volumes. This agreement to supply cannabis flower is the first of its kind that Allied has signed following the announcement by the Colombian Government regarding the approval to export Colombian produced cannabis flower.
As evidenced by Allied’s several successful exports from Colombia, it has demonstrated the advantages that its Colombian operations provide to the international export community. Allied now has an average 97% success rate on its plant propagation system. This involves cloning and phenotyping of its genetics through several rounds of selecting the strongest plants and euthanizing the rest. Allied has demonstrated a consistent 900 gram per plant average yield with each hectare being harvested 6-7 times per year given the supplemental lighting system and proprietary nutrient delivery system. This provides Allied’s cultivation fields a continuous replenishment of flowering plants that are already 4-weeks into their 12-week growth cycle. A steady supply of vegetative plants which replenish the flowering plants for harvest leads to a consistent weekly supply of flower that can be offered to international markets.
“We applaud President Duque for signing the decree lifting the prohibition on exporting dried cannabis flower from Colombia. We have not spared any time in locking in our early supply agreements for the provision of Cannabis flower to the international marketplace and into countries where it is legal to export. Producing and exporting flower is logistically and financially so much more streamlined from a production and import/export perspective. We are excited to continue to scale with the sale of flower out of Colombia.” said Calum Hughes, CEO of Allied.
About Allied Corp
Allied Corp. is an international cannabis company with its main production center in Colombia and is one of the few companies that has exported from Colombia internationally. In preparing for US legalization, Allied also has the option to purchase a US cannabis license in the US (Nevada). In addition to this, Allied has three CBD-brands to market with products selling in the United States. Lastly, Allied has both Cannabinoid and psilocybin products in the pharmaceutical development track seeking pharma drug indications for depression, anxiety and PTSD.
About Boustead Securities, LLC
Boustead Securities, LLC is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority-owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information visit please visit: www.boustead1828.com
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