CANADA: Isodiol International Inc., a global CBD innovator specializing in the development of pharmaceutical and health and wellness products, has announced that it has entered into a binding agreement to acquire 51% of Farmtiva, a cultivator of hemp with operations in California that provides hemp farming and distribution support for farmers and other industry participants.
Farmtiva has an exclusive partnership agreement with the not-for-profit group, Imperial Valley Conservation Research Center, and together they anticipate planting the first California hemp crop within the next three weeks. This project will be a first in California for hemp legally grown under the Agricultural Act of 2014 § 7606 (“2014 Farm Bill”) in California. As an “established agricultural research institution,” under Food and Agricultural Code (FAC) Section 81000, the project is exempt from registration and may currently grow industrial hemp in California.
California defines the rules under which hemp may be grown in Division 24 of the California Food and Agricultural Code. However, California has yet to establish a mechanism by which a farmer may grow industrial hemp pursuant to local registrations that have not yet been established. Therefore, Farmtiva and Isodiol believe they are the first group to cultivate legally grown hemp in California for more than only fiber and oil seeds.
Hemp Pioneer and Farmtiva CEO, Chris Boucher said, “This partnership enables us to operate an industrial hemp research and grow operation on the grounds of the former U.S. Department of Agriculture research facility, creating new jobs and investments in the community.” The facility consists of 160 acres, with 140 acres divided into small research plots that are leased to clients including Farmtiva. In addition to the research plots, the center houses five greenhouses and a soil testing laboratory.
This is a historical moment in California hemp history, as Boucher grew a hemp crop at the same facility in 1994 when it was operated with the USDA. “We have waited over 24 years for the laws to change and now we are very excited to move California’s agriculture hemp future forward, said Boucher.”
“Farmtiva is committed to the research and development of industrial hemp, and with the IVCRC partnership, the goal is to develop a complete industrial hemp business model whereby commercialization opportunities will be implemented to ensure use of all of the hemp by-products after CBD extraction is completed, said CEO of Isodiol, Marcos Agramont
Under the terms of this agreement, Isodiol will issue Farmtiva $1,050,000 USD in stock based on the closing price April 30th, 2018, subject to 36-month escrow guidelines, and based on Farmtiva implementing the contract rights set forth in the outstanding memorandum of understanding with IVCRC.