Business
Cadiz Inc.’s First Commercial Hemp Crop Set for March Planting at its Mojave Desert Farm
LOS ANGELES--(BUSINESS WIRE)-- Cadiz Inc. (NASDAQ: CDZI) (“Cadiz”, the “Company”) announced today that its joint venture (“JV”) subsidiary with Glass House
About this update from Cadiz, Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nCadiz Inc. (NASDAQ: CDZI) (“Cadiz”, the “Company”) announced today that its joint venture (“JV”) subsidiary with Glass House Group to farm, harvest, process and market hemp and hemp-derived products will plant its first commercial hemp crop in March 2020.\n\n\nLand preparations for the spring commercial planting are nearly complete and So Cal Hemp JV will begin cultivation of organic hemp in 2020 on up to 1,280 acres at the Cadiz Ranch. New labor force housing, three new irrigation wells and piping have been installed over the last several months to support commercial production. Soil enhancement via organic green compost fertilizer application have prepped the soils to support natural, pesticide-free hemp growth.\n\n\n“Progressing into a viable commercial organic hemp operation provides tremendous growth opportunities for our company, and also aligns with our core mission to deliver organic, sustainable products to help American corporations reduce their carbon footprint,” said Scott Slater, CEO & President of Cadiz Inc. “We believe a sun-grown, organic, low water using hemp product from Cadiz can service rising demand across all industries for products that support a more sustainable climate and environment, and offer tremendous benefits for humans, plants and animals.”\n\n\nThe commercial planting will follow the recent completion of two successful trial crops, the first of which was planted during the height of the summer in 2019 and the second during the winter. The completed trials confirmed the appropriate planting cycle, weather conditions and varietals for successful organic hemp growth in the unique Mojave Desert environment at Cadiz and further demonstrated hemp’s commercial viability for the Company’s agricultural operations.\n\n\n“The Cadiz Ranch offers fertile ground for growing unique, organic, California hemp suitable for a variety of hemp-derived products, including cannabinoid products and fiber, plastic and building material substitutes increasingly sought by the global consumer,” said Graham Farrar, President of Glass House Group. “We believe our hemp-derived product will be attractive to American businesses competing for market share among sustainability-conscious households and buyers seeking natural health and beauty products as well as alternatives to carbon intensive mate...