International Land Alliance Inc. 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.
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