CANADA: Alternate Health has entered into a 30 year joint venture agreement with the Alturas Native Band to support the development, production, research and extraction of CBD’s used to create medicinal products in this state-of-the-art cannabis production facility. According to a company news release, the cannabis produced at this facility will be extracted on-site to create highly valuable cannabidiol for use in producing exclusive products that utilize Alternate Health’s patented delivery systems.
Currently, Alturas is operating a 25,000 square foot indoor cannabis grow facility and the joint venture will use its production to develop cannabis related medicine for testing and ultimately selling in California and potentially worldwide.
On December 11, 2014, the US Justice Department held over that Native Americans can grow and sell cannabis on Native reserve lands in accordance with state laws. The joint venture plans to operate a state compliant production, extraction and manufacturing facility using its patented delivery system for CBD related medicine in the state of California.
“We are extremely excited to partner with the Alturas Band,” said Jim Griffiths, CFO for Alternate Health. “We will bring our expertise in extractions and medicinal products to create a strong, stable and federally legal cannabis production operation in the state of California. We believe this relationship strongly positions Alternate Health for success in the this market.”
The facility, a 12 acre compound, will allow Alternate Health to manufacture substantial volume of sublingual, dissolvable pills and patches that can then be distributed to the many state compliant collectives and medical entities.
Alternate Health expects to close the joint venture transaction in early February, 2017 and commence business in the spring of 2017. Alternate Health will receive 45% of the proceeds and the Alturas Native Band will receive 55% (In accordance with typical sovereign rights contracts).