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HempNova Lifetech Corp. announced Thursday it has purchased Seven Oaks Hemp Center's assets in Southern Oregon through its subsidiary, HNL2 Holdings LLC.
Tha Vancouver-based hemp grower paid just over $2 million to acquire five acres of farmland, along with processing equipment.
The deal includes 23.6 square feet of 7Oaks' newly built operational facilities, including 9,600 square feet of hemp drying space, an insulated warehouse of 6,000 square feet, and 8,000 square feet greenhouse.
The company also received water rights and permits associated with the 7Oaks' business.
HempNova expects to expand obtained assets over the next couple of years by setting up additional greenhouses, drying, and processing facilities for smokable flowers, and oil extraction facilities.
"We are very excited about this strategic acquisition," said Ken Cai, Chairman and CEO of HempNova. "Southern Oregon produces the premium smokable hemp flowers in the world."
Over the past year, 7Oaks' hemp has been awarded several times, including 1st place in "Top Terpenes", 1st place in "Judges Favorite Flower," and 3rd place in "Highest CBD Hemp".
The company said it received an ODA Hemp Grower License for the current year.
It also plans to grow hemp on its newly acquired 35 acres in Southern Oregon.
"After our success in biomass drying in 2019, this strategic acquisition not only permits our Company to expand its business into Southern Oregon quickly but also helps HempNova in reaching its goal to become a leading vertical integrated one-stop service provider to hemp growers," added Cai.
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.
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