International Land Alliance has formed a 50-50 joint venture with a privately-held California hemp grower to develop a commercial hemp operation on 40 acres of the company’s Southern California property, slated for production this fall.
International Land Alliance’s contribution to the joint venture will be the use of the 40 acres of land. The hemp grower will contribute all required capital, consulting services, cultivation equipment, agricultural infrastructure and ability to scale hemp operations.
International Land Alliance acquired the property in the first quarter 2019 for $1.1 million, which included three vacant 20-acre parcels, and one 20-acre parcel with an existing 8,000-square-foot event venue currently generating revenue. In the third quarter 2019, the company sold one vacant 20-acre parcel for $630,000. After careful due diligence, the company has determined that the joint venture is the best use and return on investment for the remaining two vacant 2
