A Canadian marijuana company planning to start hemp production, Pac Roots Cannabis Corp., has settled a joint venture in British Columbia in time to grow and sell hemp products in 2020.
Pac Roots announced the joint venture with privately held Rock Creek Farms on Tuesday.
The new company is called the Outdoor Premium Hemp Joint Venture Co., which is growing hemp on 100 acres.
The joint venture is 60% owned by Pac Roots, which is spending $450,000 on the deal, and 40% owned by Rock Creek Farms, which contributed two commercial leases for the growing space, plus cultivation equipment
The joint venture says that approximately 42,500 hemp seedlings have been planted across 35 acres. The plants are being grown for CBD production.
Pac Roots trades on the Canadian Securities Exchange as PACR.