+ 0.61
+ 0.21%
+ 0.88
+ 0.31%
+ 1.17
+ 0.34%
+ 0.84
+ 0.47%

International Land Alliance Forms JV With California Hemp Grower

October 12, 2020 1:21 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print More

International Land Alliance Inc. (OTCQB: ILAL) teamed up with a privately-held California hemp grower to form a joint venture to develop a commercial hemp operation.

According to the agreement between the company and the undisclosed grower, the newly formed JV would be owned 50% by each party.

The San Diego-based international land investment and development firm agreed to utilize 40 acres of its property in Southern California for the purpose.

Concurrently, Riverside County Agricultural Commissioner’s Office granted to ILA a hemp grower registration approval for the property.

The company bought the property last year for $1.1 million. At the time, it was comprised of three vacant 20-acre parcels and one 20-acre parcel, which included 8,000 square foot event site.

During the third quarter of last year, the company opted to sell one vacant 20-acre parcel for $630,000.

The company noted Monday it is commencing the production process.

Grower’s contribution to the JV would be required capital, consulting services, cultivation equipment, agricultural infrastructure as well as the ability to scale hemp operations.


Cannabis News Markets

Related Articles

GrowGeneration Expands Michigan Footprint Via Big Green Tomato Deal

GrowGeneration Corp. (NASDAQ: GRWG) confirmed the acquisition of Big Green Tomato. The Denver-based hydroponics retail chain, which serves the cannabis companies in the U.S, obtained the two-store chain, which generates approximately $16 million in revenue yearly. read more

Michele Harrington To Lead Education, Fundraising Efforts For CBD Sexual Wellness Brand

Foria, a health and sexual wellness brand, has enlisted Michele Harrington — the wife of Viola founder Al Harrington — as an advisor and head of strategic partnerships. read more

Cannabis Movers & Shakers: WeedMD, Khiron

Here is a summary of the latest leadership changes within the cannabis industry. WeedMD Taps Finance Veteran Lu Cacioppo To Board, Deborah Sikkema As CPO read more

Planet 13 Expands In Las Vegas, CEO Touts 'Record Sales' Despite Less Tourism

Cannabis company Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) disclosed Monday it's expanding its Las Vegas SuperStore dispensary. The Nevada-based company noted it would also include the new entertainment features. read more

Trulieve Continues Florida Expansion With 65th Store

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) is set to open yet another store in Florida. The new dispensary — located at 4804-4812 Manatee Avenue West in Bradenton — is the company's 65th retail location nationwide. read more