DENVER, CO, Sept. 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Two Rivers Water & Farming Company (OTCQB: TURV), today released a transcript and highlights from its investor call held on September 10, 2019. Excerpts from the statement by Interim CEO Greg Harrington include:
“We have an aggressive goal of becoming a leading integrated seed-to-sale operator - which we hope to achieve by utilizing our existing footprint and then building out the downline businesses to deliver higher retail margins through acquisition and internal development.
“To position ourselves for 2020 and to raise the money to plant, grow, harvest, and process hemp on up to 1,000 acres, we needed to work out any kinks we found this year on the farms, develop our seed and clone inventory and gain experience on farming in this region.
“We tilled and prepared about 150 acres and had 90,000 female clones which [Greg Harrington] personally inspected during an onsite visit a few days before planting. Approximately 30,000 clones were planted when we ran into severe weather that caused a ten-foot section of a diversion ditch to blow out. It took a few days to repair the damage and restore water flow to the property - but this happened at a critical time and we lost plants because of it. We can’t control the weather, but this ditch issue is fixable for next year and the storms revealed the areas where maintenance investment is required before next season. The good news is that we were able to salvage about 20,000 hemp plants to harvest sometime next month - which will meet the needs of our internal product lines plans at Cannasmoke and Gramz. In addition, we have about 7,500 seedlings and clones of our high yield genetic strain in a greenhouse for 2020 and we anticipate a large inventory of seeds which we expect should save us hundreds of thousands of dollars next year.
“As a result of our experiences this year with farming in Butte Valley and the status of our relationship with Montverde, we have reached an agreement to wrap up our joint venture farm lease agreement and to purchase $900,000 of extraction equipment from them. These agreements will result in Two Rivers owning all of the 2019 hemp crop in Butte Valley, as well as the equipment to process and extract CBD. It also gives us a vehicle to more fully develop the Ekstract Labs concept and the in-house capability to produce the whole plant extract and CBD that we need for our own consumer products. We currently expect the agreement to result in over $500,000 in income in the fourth quarter for Two Rivers from the farm lease settlement and processing of the crop. Importantly, this agreement will not cause any dilution to Two Rivers shareholders as the purchase price for the extraction equipment will be paid by Easby Land and Cattle, which will then contribute it at no cost to Two Rivers as a follow on to the acquisition of Vaxa.
“In summary, I would like to reiterate the vision and how we think these pieces fit together. Our mission is to become a leading fully integrated seed-to-sale hemp-CBD company. We are starting with one of the biggest footprints in the U.S. market for hemp farming with 1,100 acres targeted in a farming region of Southern Colorado with accessible water that we own. We are in the process of finalizing the acquisition of extraction and processing equipment to handle the crops in the future without the need to joint venture. We have a consumer products plan in place with the acquisition of an established cigarette maker in Cannasmoke with a hemp smokable product poised to begin manufacturing in the fourth quarter. We have other consumer product development underway and additional acquisitions planned in the space. The transitional management team is focused with great urgency on capital formation, realigning operations and restructuring the balance sheet to position the company for a bright future.
“While it is true that Butte Valley will not produce what we hoped in the first year, we were very cautious (and we believe prudent) with the level of our investment this year while we tested the waters. Regardless of what happens in 2019 though, I want everyone to be clear that our aspirations for this business are to develop an industrial scale hemp operation with a downstream pipeline for the products: LAND – HEMP – CBD.”
The whole transcript can be found in the 8K filed by the company and can be found here. The audio from the call and more information on the company can be found on the company’s website 2riverswater.com
About Two Rivers
Two Rivers is a Colorado-based agribusiness company pursuing a mission to become a leading hemp-based seed-to-sale operator. The company owns agricultural land and water rights in Southern Colorado where it grows various strains of hemp with proprietary genetics. Two Rivers sells biomass, processes and extracts phytocannabinoids and is developing a consumer brand based on its Nature's Whole Spectrum™ approach. To learn more about Two Rivers, visit www.2riverswater.com and www.vaxaglobal.com.
Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors, including the inherent uncertainties associated with developing and acquiring land and water resources. There can be no assurance Two Rivers will be able to initiate and operate in accordance with its business plans. These forward-looking statements are made as of the date of this news release, and Two Rivers assumes any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.