Isodiol International Inc. (CSE: ISOL) (OTC: ISOLF), one of the largest producers of hemp derived Cannabidiol oil in the world, has announced this morning that that the company has closed its acquisition of a 51% equity stake in Farmtiva Inc., a cultivator of hemp that also provides hemp farming and distribution support for farmers. The company concurrently announced that its partnership with Farmtiva Inc. has lead to the first farm bill compliant cultivation of industrial hemp in the state of California.
Farmtiva has recently partnered with non-profit group the Imperial Valley Conservation Research Center, to complete the first planting of industrial hemp on 60 acres on June 1, 2018. The 2014 Farm Bill, signed by former President Obama, made it legal for companies to grow industrial hemp for research purposes as long as it was done in conjunction with an educational or research based institution. Since California has passed prop 64, the sunshine state has not allowed the commercial growth of industrial hemp throughout the state in order to debate regulations thoroughly.
This deal states that Isodiol and Farmtiva will be allowed to conduct industrial hemp research on the ground of a former U.S. Department of Agriculture research facility on 140 acres that is currently leased to Farmtiva.
Isodiol CEO Marcos Agramont gave this statement in the press release:
“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. 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.”