Business
Virtual Medical International Signs Agreement To Purchase FarmShare, LLC
Virtual Medical International Signs Agreement To Purchase FarmShare, LLC.
About this update from Virtual Medical International, Inc.
[{"type":"text","content":"\n\n\n\nVirtual Medical International Signs Agreement To Purchase FarmShare, LLC\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nVirtual Medical International Signs Agreement To Purchase FarmShare, LLC\nThe North Carolina Hemp Farm and Processing Facility Is The First Acquisition Following The Company's Transition To The CBD Sector\nPR Newswire\nLAS VEGAS, Nov. 30, 2020\n\n\n\nLAS VEGAS, Nov. 30, 2020 /PRNewswire/ -- Virtual Medical International Inc. (OTC: QEBR), a Wellness company in the hemp-derived CBD sector, today announced that it has entered into an agreement to purchase FarmShare, LLC, an industrial hemp cultivation and processing operation headquartered in North Carolina with a combination of stock and cash.\nVirtual Medical International's mission is to help consumers improve the health and quality of their lives with an array of high quality, CBD-centric products consistent with a healthy lifestyle. To that end, Virtual Medical formed 'Amsterdam Café', a wholly owned subsidiary that has taken the first steps to becoming a comprehensive, vertically integrated organization within the CBD sector. \nFarmShare manages a 50-acre farm in La Grange, North Carolina, which it is transitioning from tobacco to industrial hemp;and a 5,000 square foot processing facility with 50-gallon/daily capacity. In the 2020 season, FarmShare harvested 50 acres of hemp and manufactured 258 gallons of CBD oil under the brand name FarmShare QD. Currently, management expects to plant 75 acres of industrial hemp and produce 400 gallons of CBD oil for the 2021 season. \nBlair  Merriam,  Managing  Director of FarmShares stated that \"the FarmShares contracted hemp farm production model is producing positive results where many other farm operations are struggling to break even.This is credited to our focus on partnering with the right farm and extraction operations and identifying the hemp varietals that will perform the best in the soil and climate conditions that we have identified as essential to maximizing hemp production.\"\nAccording to the terms of the agreeme...