Business
LVGI Subsidiary, Summit Harbor Holdings, Expands Reach as a Vertically-Integrated Industrial Hemp Holding Firm Through Acquisition of New Horizon Farms, LLC
LVGI Subsidiary, Summit Harbor Holdings, Expands Reach as a Vertically-Integrated Industrial Hemp Holding Firm Through Acquisition of New Horizon Farms, LLC.
About this update from Limitless Venture Group Inc.
[{"type":"text","content":"\nTulsa, OK, May 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Limitless Ventures Group, Inc. (OTC PINK: LVGI), through its wholly-owned subsidiary, Summit Harbor Holdings, Inc. (SHHI), has finalized all requirements for the acquisition of 100 percent ownership in New Horizon Farms, LLC (NHF).\n “We are excited to add New Horizon Farms to the SHHI group of integrated companies,” said LVGI CEO Joseph Francella. “This is a core component of our vertically-integrated industrial holding firm positioned within the hemp industry targeted for 2019 and beyond.” New Horizon Farms, newhorizonfarms.co, has commitments on more than 2,000 acres of land, initially in Oklahoma and Kansas, for the purpose of cultivating, processing and distributing commercial and industrial hemp. NHF will be separated into two farming operations to utilize the entire hemp plant – flower and stalk.  The first farming operation will focus on the current premier market of CBD and other cannabinoids oil sales for human and animal consumption, which is created from the hemp flower.  This farm type will include 1,200 plants per acre and each plant will reach between 6-15 feet in height.  Based on historical projections, plant genetics and program customizations made by SHHI and New Horizon Farms, LVGI projects returns of $95,000 per harvested acre for CBD and other cannabinoid oil sales. The second farming operation is fiber-based and will utilize the hemp stalk for industrial use. Hemp fiber can be utilized in building supplies, bio-plastics, textiles, bio-fuels and much more. LVGI projects returns of $3,500 per harvested acre based on the current market value of hemp fiber.    In addition to outdoor farming, the NHF agreement includes access to a commercial indoor greenhouse space that will allow for the growth and distribution of hemp seedlings year-round. The margins on seedling production in the central farming region is enhanced by the expedited rate of return.  Seedling production produces a 350% return on investment. The acquisition of New Horizon Farms marks the successful closing of the first three memorandums of understanding for Summit Harbor Holdings. “This acquisition is critical to our long-term vision and we are very excited to have completed it at such an early stage in th...