Categories
Marijuana

Village Farms International Inc. (NASDAQ:VFF) To Convert Half The Permian Basin Greenhouse For Hemp Activities

Village Farms International Inc. (NASDAQ:VFF) has announced that with the House of Representatives agreeing with the changes made by Senate on the House Bill 1325 it will now become law in Texas pending approval from the governor by June 16, 2019.

Village Farms to convert half of the Permian Basin facility for hemp activities

Following the amendments to the Texas Hemp Legislation, Village Farms has started converting half of its 1.3 million sq ft ultra-modern Permian Basin greenhouse for growing of high CBD hemp and CBD extraction. The legislation will require the company to have hemp cultivation and processing licenses. Village Farms will apply for these requisite licenses once it is permitted to do so under the amended legislation.

The company began converting around 635,000 square feet of cultivation area in the Permian Basin greenhouse for hemp growing with the construction team has already removed the tomato crop. The process of conversion includes all the necessary systems for all year hemp growing, but Village Farms could begin hemp cultivation if licensed to do so.

Production in Permian Basin to commence in Q3 2019

The company expects the Permian Basin facility to be ready for production in Q3 2019 with extraction operations expected to be added later. With the passage of the Farm Bill last year the company began preparing site-specific cultivation and technical systems in readiness for conversion once the Texas hemp bill is passed.

Village Farms CEO Michael DeGiglio said that with the possibility of the Texas hemp bill being passed they already had prepared part of the Permian Basin facility which means the company will be a first mover in the hemp industry in the state. He added that the CBD market is expected to reach $16 billion by 2025 and with the passage of the bill, the company will now aggressively work towards hemp cultivation and extraction in Texas.

The Permian Basin facility is the most technologically advanced in the globe and its bases on Village Farms’ novel Gates technology that uses complex computer systems and software to regulate the greenhouse.

By Steven Russell

Steve covers business and investing in emerging medical marijuana markets. Steve graduated from the university of New Orleans with a degree in Broadcast Journalism. Steve has published several articles in professional journals and magazines. His experience gives readers an inside look at the intersection of his specialties, business and medical marijuana.

Leave a Reply

Your email address will not be published. Required fields are marked *

Village Farms International Inc (NASDAQ:VFF) Aims To Become A First Mover In The Hemp Industry Of Texas And Starts Preparations For Hemp Cultivation And Extraction

Pin It on Pinterest