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Holi Hemp, a subsidiary of India Globalization Capital, Inc. (NYSE:IGC), said Thursday that its application for the cultivation and harvesting of hemp was approved by Arizona’s Department of Agriculture under the terms of its industrial hemp program.
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The grow operation platform marks a significant step for the company in its bid to ensure quality production of CBD, CBG and other cannabinoids, IGC said in a press release.
The grow operation also "sets the foundation for CBD-based brand development, [fulfillment] and growth," the company said.
CEO Ram Mukunda elaborated on the company's choice of location.
“We selected Arizona after much analysis including assessing climate, cost of labor, political environment, local support, logistics, market penetration and competition, among other factors.”
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Mukunda said IGC plans to use 100 acres for extraction, with other acres set for R&D efforts.
"We anticipate having an extraction facility built in time for the November 2019 harvest, but various factors, for example, building permits, could cause a delay. If we are able to execute on our plans, 1 acre of hemp can potentially yield about 2,000 kgs of dry flower that can potentially be extracted and refined into approximately 50 kgs of THC-free CBD distillate with a current market value of $5,500 to $7,000 per kg,” Mukunda said.
IGC shares were rallying by 39.64% to $1.18 at the time of publication Friday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.