Launches Outdoor Growth Operations with Initial 2500 Hemp Plants
SAN DIEGO, CALIFORNIA, June 14, 2021 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB:ILAL), (“ILA” or the “Company”), an international land investment and development firm, completed its first harvest from its indoor hemp growing operations at ILA’s Southern California property. Additionally, the Company launched its growing operations at its three-acre outdoor growth area initially consisting of 2500 plants.
“Our CBD hemp joint venture is a resounding success thus far, with the inaugural harvest of the plants in our indoor facility completed earlier this week,” said Jason Sunstein, Vice President of International Land Alliance. “Our partner is autonomously managing the growing process end-to-end, allowing our team to focus on the development, sales and marketing of our real estate projects while realizing a meaningful contribution to our near-term operating performance. These results confirm our determination that this joint venture is an excellent use of land and return on investment, and we look forward to the next phase of the joint venture with four top-shelf, high-CBD hemp strains planted at our outdoor growth space.”
Following the inaugural harvest, two additional high-CBD strains are being replanted in the indoor growing facility. Products using the CBD hemp from ILA’s harvest will be available for sale on a retail platform that is currently under development, set to be launched within 30 days.
ILA announced the signing of the joint venture, which is owned 50% by the Company and 50% by the Grower, on October 12, 2020. The first phase of the development includes a 1,500 square-foot indoor facility slated for growing, germination, processing and storage, as well as three acres of outdoor growth area. The Company’s contribution to the Joint Venture is the use of the 40 acres of land and existing indoor commercial space. The Grower contributes all required capital, consulting services, cultivation equipment, agricultural infrastructure and ability to scale hemp operations.
About International Land Alliance, Inc.:
International Land Alliance, Inc. (OTCQB:ILAL) is an international land investment and development firm based in San Diego, California. As its’ core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.
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