CanaFarma Hemp Products Corp (CSE:CNFA) announces that it signed a lease for 100 acres of farmland in Cato, New York. That more than doubles the size of the farm the Company had in 2019.
In 2019, CanaFarma Hemp worked a 55-acre farm in New York State and delivered 128,000 lbs. of Hemp Biomass, achieving a yield of over 2,300 lbs. per acre which is 50% better than the average farm yield of 1,500 lbs. per acre. Furthermore, the CBD potency of the Biomass was over 14% compared to the average potency of 10%, according to the company. CanaFarma Hemp is also actively looking at further expanding its Farm acreage both in New York State and in neighboring States. David Lonsdale, CEO of CanaFarma commented: “We are obviously very pleased with the harvest we achieved in 2019 and look forward to continuing this level of performance in 2020”.
The company said in its public filings, “On April 16, 2019, the Company acquired a 49% interest in Simple Solutions by Hemp Inc. (Simple Solutions), which leases a 55-acre hemp farm located in New York State, for the stated intention to control its own supply chain by refining the biomass produced by the farm into high-quality Hemp oils for use in the Company’s product lines. The location of the farm presents the ability to grow rare strains of hemp on a large scale using organic farming methods….. The Company intends to acquire the remaining 51% interest by March 31, 2020, after formal approval by the State of New York Department of Agriculture. The acquisition was funded through the issuance of 5 million shares of common stock valued at $0.10 per share for a total consideration of $500,000.
CanaFarma Hemp is a full-service company operating in the hemp industry offering a full range of hemp-related products and services. These products and services include growing top-quality hemp, providing hemp-processing services, and offering hemp-based products to consumers utilizing a direct-to-consumer marketing approach.