Media Release: CropLogic Signs Lease for 150 Acres for Trial Hemp Farm in Oregon, USA
CropLogic Limited (ASX:CLI) (“CropLogic” or “Company”) is pleased to announce its wholly owned Oregon-based subsidiary LogicalCropping LLC (“LogicalCropping”) has now signed a lease for 150 acres in Oregon, USA, with the view to crop industrial hemp on this trial farm beginning with the upcoming 2019 growing season.
As announced on 22 February 2019, CropLogic has sourced and agreed terms for the lease of a 150 acre property in the highly productive Deschutes County, Oregon, USA. The property will be leased for a period of three (3) years with an option to sub-lease in years two and three.
James Cooper-Jones, CEO of CropLogic, said:
“The signing of this lease is another milestone achieved in CropLogic’s plans to farm industrial hemp on this trial farm in the coming 2019 growing season.”
This 150 acre trial farm is located in the highly productive Deschutes County, Oregon. CropLogic is now in the process of working through series of milestones for cropping of industrial hemp this season, including developing farm plans and preparations around this property.
The outcome of these plans will strongly favour and influence CropLogic’s final production targets for this 150 acre trial farm however similar acreage producing hemp biomass of between 180,000 lbs. to 337,500 lbs. (81,647 kg to 153,087 kg) has been observed. 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.
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/