- PacRoots Cannabis entered into a 60:40 joint-venture with Rock Creek Farms to plant premium hemp CBD plants on 100-acre site in British Columbia
- As of mid-June, approximately 130,000 seedlings have been planted with initial harvest set to take place October 15, 2020
- Initial harvest expected to yield between 500,000-700,000 pounds of biomass
- Totality of harvest yield is already under sale to local processor at fair market rate
- Proceeds from JV will initially go towards repaying PacRoots’ capital contribution with profits thereafter split along terms of the JV
PacRoots Cannabis (CSE: PACR), a Canada-based company dedicated towards producing premium-quality strains and products by leveraging a genetics-focused approach, has recently provided an update on its 100-acre commercial hemp operation located in the ‘Golden Mile’ area in the South Okanagan Valley in British Columbia (https://cnw.fm/NIXhm). Pursuant to a press release published on May 29, 2020, PacRoots entered into a binding letter of intent with Rock Creek Farms to take a 60% stake in a joint venture with the intent to plant hemp CBD seedlings on 100 acres of prime arable land, with PacRoots providing $450,000 in capital and Rock Creek Farms contributing the commercial leases to the growing space.
The agreement was immediately preceded by an industrial hemp license issued by Health Canada on May 22, 2020, which permitted the operational JV to cultivate, sell, import, export, possess and process industrial hemp on…
NOTE TO INVESTORS: The latest news and updates relating to PACR are available in the company’s newsroom at http://cnw.fm/PACR
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