- 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://ibn.fm/xtZNq). 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 the leased land until March 15, 2021.
Planting commenced on the site in mid-June, with approximately 130,000 premium hemp CBD plants currently in the ground across the two 50-acre parcels comprising the site. Seedlings have been planted systematically in rows in the field after spending the first month in greenhouses, which has enabled the Company to ensure optimal growth while minimizing environmental influences during the early stage of the process.
“The Joint Venture team has been extremely busy preparing and planting the 100 acres with Hemp CBD cultivars,” said PacRoots Cannabis Corp. President and CEO Patrick Elliot. “We are thrilled with the short-term progress, making it possible for a 2020 production scenario to cultivate industrial Hemp in the ‘Golden Mile’. Our operational partners at Rock Creek Farms bring decades of generational farming expertise in one of Canada’s pre-eminent growing regions. It will be an exciting outdoor growing season for the Joint Venture as we anticipate a successful harvest in the fall.”
PacRoots and Rock Creek Farms have deployed several traditional and customized hemp farming techniques to help ensure the quality of the end-product being cultivated on the site. A complex irrigation system has been installed to help ensure direct nutrient and spring water delivery to each plant site; cultivars measuring up to 18 inches have been systematically planted to provide the maximum opportunity for growth and resilience, while row compaction procedures and weed control processes have been adopted to enable a successful harvest.
Harvesting is now expected to begin on October 15, 2020 with an initial projected yield of 500,000 – 700,000 pounds of biomass. The totality of the product from the plantation has already been placed under sale contract with a processor at a fair market value.
Profits from the joint venture will be distributed first to PacRoots until its capital contribution has been repaid, and thereafter in accordance with the interest in the join venture held between PacRoots Cannabis and Rock Creek Farms.
For more information, visit the company’s website at www.PacRoots.ca.
NOTE TO INVESTORS: The latest news and updates relating to PACR are available in the company’s newsroom at http://ibn.fm/PACR
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