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CropLogic receives Oregon licence to cultivate industrial hemp

The company is expected to produce 80,000 to 150,000 kilograms of hemp biomass on its 150 acres of land.

The 150-acre trial farm is in the highly productive Deschutes County of Oregon

CropLogic Ltd (ASX:CLI) has been issued a registered industrial hemp growers licence by the Oregon Department of Agriculture for the 2019 growing season.

The company will begin harvesting in September and is one of the first ASX-listed companies with a US hemp growers licence.

“Very excited about this significant milestone”

CropLogic chief executive officer James Cooper-Jones said: “The licence 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 and has seen a significant increase in demand for products that contain the therapeutic products of CBD, a derivative of industrial hemp.

“This follows the 2018 federal Farm Bill signed into law by President Donald Trump in December 2018, which legalised production federally and further legitimising and simplifying the production and commercialisation of industrial hemp and CBD in the USA.”

To showcase “agronomy and digital agtech technologies”

The company is working through a series of milestones for cropping of industrial hemp, including developing farm plans and preparations around this property.

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.”

The price for hemp varies between grade and variety, but prices of US$35 to $45 per pound were reported in CropLogic’s recent investigations into the industry.

Quick facts: CropLogic Ltd

Price: 0.031 AUD

Market: ASX
Market Cap: $12.91 m

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