Amfil Technologies Inc (OTCMKTS:AMFE) shares rose 26.86% to $0.0222 on Thursday then retreated 20.14% in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.03. The company has a market cap of $15.01 million at 791.92 million shares outstanding.
In a press release yesterday, Amfil Technologies Inc gave an overview of its GROzone product line. These Antimicrobial Systems were originally developed for the medical marijuana industry as a safer, healthier and more environmentally friendly alternative to using pesticides and other harsh cleaning products in cultivation facilities.
The company also shared that two licensed medical marijuana producers in Canada voluntarily recalled products due to the presence of the prohibited chemicals myclobutanil, bifenazate and pyrethrins last year. These were banned for use on cannabis under the Pest Control Products Act. Last month, Health Canada confirmed that they had received a total of 11 adverse reaction reports, specific to the recalled products.
Since then, Health Canada pledged to “begin random testing of medical cannabis products produced by licensed producers, to provide added assurance to Canadians that they are receiving safe, quality-controlled product” and this is where GROzone comes in. This product could help growers avoid the risk to public health and recalled products by using this organic alternative to the pesticides and fungicides.
“We intend to continue the campaign and petition Health Canada to standardize the use of ozone as an antimicrobial substitute for pesticides and harsh chemicals, especially for any producer representing their product as organic,” the company stated.
Also, Amfil Technologies Inc mentioned that GROzone has been working diligently to gain market share in the North American sectors to target producers of cannabis, cannabis extracts, producers of edible products as well as hydroponic equipment manufacturers and retailers. It has been able to finalize a joint venture with a well-established hydroponic equipment manufacturer.
Lastly, the company has also begun initial discussions regarding a potential acquisition of an industry related infused vodka, gin and wine brand and will be formalizing an LOI within the week.
Amfil Technologies Inc is a company that operates through its subsidiary, Interloc-Kings Inc. which offers landscape construction and snow removal services in Canada. Interloc supplies and installs residential and commercial hardscape construction projects, including interlocking stone driveways, walkways, back patio’s, retaining walls and steps, fences, decks and pools, among others during the summer season. It also provides residential winter services in Markham, including winter maintenance services.
The company also owns the rights to Medium Scale Prospecting Mining Permits to over nine sites totaling approximately 10,300 acres in Guyana for exploration of gold. Also, it holds approximately 50% interest in mPact-GROZONE Antimicrobial Systems with distribution rights across the world. The Company’s other subsidiaries include Snakes & Lagers Inc. and Snakes & Lattes Inc., which operate board game themed bars and cafes in downtown Toronto, Ontario, Canada.