Isodiol believes the partnership between the Imperial Valley Conservation Research Center and Farmtiva will harvest the first legally grown hemp in California in 24 years with authorization pursuant to the Agricultural Act of 2014 § 7606 (“2014 Farm Bill”).
VANCOUVER, British Columbia, June 04, 2018 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL) (OTC: ISOLF) (FSE: LB6A.F) (the “Company” or “Isodiol”), a global CBD innovator specializing in the development of pharmaceutical and health and wellness products and now supporting the pharmaceutical industry at large with its recently approved CBD as an Active Pharmaceutical Ingredient, announces that it has closed its acquisition of a 51% equity stake in Farmtiva Inc. (“Farmtiva”), a cultivator of hemp that also provides hemp farming and distribution support for farmers and other industry participants.
Farmtiva has a partnership agreement with the not-for-profit group, Imperial Valley Conservation Research Center (“IVCRC”), and together they completed the first commercial planting of an approximately sixty (60) acre hemp crop as of June 1, 2018. Both California and Federal rules define the manner in which hemp may be grown. 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, together with the IVCRC, believe they are the first group to legally cultivate hemp in the State of California for more than only fiber and oilseeds.
This project is the first of its type in California for hemp legally grown as an "established agricultural research institution," under Food and Agricultural Code (FAC) Section 81000, the project is exempt from registration and is authorized to grow industrial hemp in Imperial County, California and the Agricultural Act of 2014 § 7606 (“2014 Farm Bill”).
This partnership enables Farmtiva 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.
Farmtiva CEO, Chris Boucher stated, “By planting an initial crop of approximately sixty (60) acres, we will have the ability to stage our initial planting and harvesting with the planting and harvesting of the remaining tracts of land, which will allow us to hedge against any potential crop loss risks and have a greater continuity of operations throughout the year.”
This is a historic moment in California hemp history, as Boucher grew a hemp crop at the same facility in 1994 when it was operated with the USDA.
“Chris Boucher truly is a pioneer in California industrial hemp, and I can’t think of anyone who better understands the spirit of the Farm Bill or is better suited to re-establish industrial hemp farming in the state,” said CEO of Isodiol, Marcos Agramont. “Isodiol is proud to support Farmtiva in their efforts, and we are excited about this opportunity for our shareholders. Having a captive supply of Farm Bill compliant industrial hemp is yet another example of how Isodiol continues to be a step ahead of its competition.”
Under the terms of this agreement, Isodiol will issue and exchange stock equal to US$1,500,000 based on the closing price of Isodiol’s common stock on the Canadian Securities Exchange on April 30, 2018, which will be subject to thirty-six (36) month lock-up/leak-out guidelines.
For more information on Isodiol, please visit www.isodiol.com
About Isodiol International Inc.
Isodiol International Inc. is the market leader in pharmaceutical grade phytochemical compounds and the industry leader in the manufacturing and development of CBD consumer products.
Isodiol is the pioneer of many firsts for the cannabis industry including commercialization of 99%+ pure, pharmaceutical grade cannabinoids, micro-encapsulations, and nanotechnology for the highest quality consumable and topical skin care products and most recently received approval as having the first CBD designated as an Active Pharmaceutical Ingredient as was announced April 26, 2018.
Isodiol’s growth strategy includes the development of over-the-counter and pharmaceutical drugs, expanding its phytoceutical portfolio and will aggressively continue international expansion into Latin America, Asia, and Europe.
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ON BEHALF OF THE BOARD
Marcos Agramont, CEO & Director
INVESTOR RELATIONS:
Ir@isodiol.com
www.isodiol.com
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend, to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
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