- Green Hygienics Holdings is in the process of completing the purchase of the Potrero Ranch property near San Diego, California
- The property offers ideal conditions for hemp cultivation, with the potential to harvest two crops per year at an estimated 1,200 to 1,500 pounds of hemp per acre, representing substantial new revenue opportunities
- The U.S. hemp-derived CBD market is now projected to triple in size, reaching $1.3 billion by 2022, while the global industrial hemp market is expected to surpass $10 billion by 2025
Green Hygienics Holdings Inc. (OTCQB: GRYN), a full-scope premium cannabis cultivation company targeting the high-end medical and adult-use recreational markets, is moving to purchase over 824 acres of prime pasture in California’s San Diego County with an eye toward planting hemp – the nation’s newest legal crop. Now in escrow, the ranch property will provide Green Hygienics Holdings with room to grow hemp in California’s rapidly expanding cannabis industry, which reaped approximately $2 billion in total sales in 2018, according to Benzinga (http://cnw.fm/RHg9I).
“Given that there is the potential to harvest 1,200 to 1,500 pounds of hemp per acre, we can produce two crops per year, and the price of hemp is at an average of $50 per pound, this initiative has the potential to produce significant revenues for the Company,” Vice President of Business Development Matt Dole stated in a news release announcing the planned purchase (http://cnw.fm/uGD0I). “This will also provide a base of operations for several other equally exciting initiatives. We have been working on this property acquisition for a very long time and are excited about the possibilities it opens up for the Company.”
The global industrial hemp market is expected to reach $10.6 billion by 2025, expanding at a compound annual growth rate of 14 percent, according to Grand View Research (http://cnw.fm/4qhKk). New Frontier Data estimates that the hemp-derived CBD market in the United States will grow to a $1.3 billion market by 2022, tripling in size from $390 million in 2018 (http://cnw.fm/rVen6).
Additional potential at the Potrero Ranch property is in the existing outbuildings, spanning 294,000 square feet, which are ideal for use as greenhouses or seed production and storage. The property also includes an updated home, an abundant water supply and soil with the type and pH levels identified as ideal for hemp cultivation.
The 2018 Farm Bill that legalized hemp is expected to transform the American farm industry, creating a new job footprint and bringing an infusion of investment funds to the hemp and cannabis space, according to an article published by CNBC (http://cnw.fm/hT1d5).
Hemp, while a cousin to cannabis, has very low traces of THC, the chemical responsible for inducing the “high” associated with marijuana. Hemp is an ancient plant used in products ranging from automotive parts, rope, furniture and textiles to food, beverages, beauty products and construction supplies. Hemp also contains cannabidiol (CBD), which is extracted and infused into products that are showing to be effective in combating anxiety, stress, chronic pain, childhood epilepsy and other ailments, as reported by Harvard Medical School (http://cnw.fm/mCd5M).
For more information, visit the company’s website at www.GreenHygienicsHoldings.com
NOTE TO INVESTORS: The latest news and updates relating to GRYN are available in the company’s newsroom at http://cnw.fm/GRYN
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