Roots Sustainable Agricultural Technologies Ltd (ASX:ROO) has been granted a trading halt by the ASX ahead of the release of an announcement regarding a US plant and hemp-based food venture.
Securities will remain halted until the start of normal trading on Monday, May 17, 2021, or until an announcement is released to the market.
Foundation for growth
The company made strong progress across the global cannabis industry and plant-based meat division during the March quarter, laying the foundation for growth in key operating sectors.
During the quarter, the company completed a global suppliers survey for hemp-based products in collaboration with Hempoint sro.
An initial letter of intent with Hempoint will be expanded, making Hempoint the consultancy arm of Roots’ plant and hemp-based meat department.
The establishment of US-based alternative meat operations is well advanced and partnerships are expected to be finalised shortly.
Also in the quarter, the company secured a A$51,700 sales contract with Puerto Rican cannabis company Caribbean CBD Farm Inc for more than 2,000 exchange probe units.