Media Release: CropLogic Receives Oregon Licence to Cultivate Industrial Hemp
- Industrial hemp growers licence issued
- First crop planned for this upcoming 2019 growing season – harvest to commence September ‘19
- One of first ASX listed companies with US hemp growers licence
- 150 acres estimated to produce between 80,000 kg to 150,000 kg of hemp biomass
- Production to showcase CropLogic agronomy and digital agtech technologies
CropLogic Limited (ASX:CLI) (CropLogic or Company), award-winning global agricultural technology company providing digital agricultural cutting edge technology for decision support, is pleased to advise that its wholly owned Oregonian subsidiary LogicalCropping LLC has been issued a registered industrial hemp growers licence by the Oregon Department of Agriculture.
CropLogic is now legally permitted to crop industrial hemp in Oregon for this upcoming 2019 growing season, harvesting to commence September ’19.
CropLogic previously advised (announced 13 March 2019) that it had signed a lease for 150 acres of agricultural land in Deschutes County, Oregon, USA. Implementation of the production plan is underway, and the Company will keep shareholders appraised as to progress.
James Cooper-Jones, CropLogic CEO, said:
“The license permits CropLogic to produce and sell industrial hemp this season and potentially participate in the exceptional returns CropLogic has observed from other growers in Oregon.
“CropLogic is very excited about this significant milestone in its strategy to crop 150 acres of industrial hemp this season. Consumer demand for products that contain the therapeutic products of CBD, a derivative of industrial hemp, has seen a significant increase in demand. This follows the 2018 federal Farm Bill signed into law by President Trump in December 2018, which legalised production federally and further legitimising and simplifying the production and commercialization of industrial hemp and CBD in the USA.
James Cooper-Jones continued:
“As one of the first ASX listed US hemp growers, the 150-acre trial farm will also allow CropLogic to demonstrate its agronomy and digital agtech technologies, particularly CropLogic realTime, which will be used to optimise yields.”
This 150-acre trial farm is located in the highly productive Deschutes County, Oregon, USA. CropLogic is now in the process of working through a series of milestones for cropping of industrial hemp, including developing farm plans and preparations around this property. Similar acreage is producing hemp biomass of between 180,000 lbs. to 337,500 lbs. (81,647 kg to 153,087 kg). The price for hemp biomass varies between grade and variety, but prices of USD$35 to USD$45 per pound (lb.) were reported in CropLogic’s recent investigations into the industry.
About Oregon Hemp and CropLogic Trial Farm
Oregon has been a long supporter of industrial hemp and has been amongst a handful of USA states that have legalised the production of industrial hemp for some years prior to the passing of the Farm Bill in late 2018, thereby Oregon has been in the top three industrial hemp producing USA states. This means that infrastructure and knowledge around hemp production in Oregon is good when compared to other states.
CropLogic feels its agronomy and precision agriculture team is well placed to crop industrial hemp in Oregon. CropLogic has a strong presence and regional knowledge of the Pacific Northwest (Washington State, Idaho and Oregon) with an agronomy team that has serviced this region for up to 30 years and with a market share as high as 30% in some crops. CropLogic’s digital applications, namely CropLogic realTime and CropLogic aerial imagery will also have direct application to optimising the yields and grade of the company’s hemp biomass crop.
For further information please contact:
James Cooper-Jones, Chief Executive Officer
M: 0419 978 062
E: [email protected]
Rod North, Managing Director
Bourse Communications Pty Ltd
T: (03) 9510 8309, M: 0408 670 706
E: [email protected]
CropLogic is an award-winning New Zealand agricultural technology company listed on the Australian Securities Exchange (ASX). After launching its product into Washington State, USA in 2017, CropLogic is currently servicing a significant portion of horticultural growers in this region, with a market share as high as 30% in some crops. Following significant growth (2017-2018) in Washington State and Northern Oregon, in 2018, CropLogic expanded into the Idaho market. CropLogic offers growers of irrigated crops with digital agricultural technology expertise based upon scientific research and delivered with cutting edge technology – science, agronomy and technology interwoven into an expert system for decision support. For more information please visit: http://www.croplogic.com/