Pac Roots Cannabis Corp. has finalized the plans for a joint venture in British Columbia just in time to plant for the 2020 season. The firm will be working with Rock Creek Farms on a 100-acre plot.
The venture has been established under the name Outdoor Premium Hemp Joint Venture Company. Ownership of the company goes to Pac Roots for 60% and Rock Creek Farms gets the remaining 40%. Pac Roots invested $450,000 into the deal as part of the agreement.
“The Joint Venture team has been extremely busy preparing and planting the 100 acres with Hemp CBD cultivars. We are thrilled with the short-term progress, making it possible for a 2020 production scenario to cultivate industrial Hemp in the ‘Golden Mile’. Our operational partners at Rock Creek Farms bring decades of generational farming expertise in one of Canada’s pre-eminent growing regions. It will be an exciting outdoor growing season for the Joint Venture as we anticipate a successful harvest in the fall.” Patrick Elliott, President and CEO of Pac Farms, said in a press release.
Planting at the site, which is in Rock Creek, BC, has already begun with 42,500 hemp seedlings already planted across 35 acres. The rest of the plot will be filled up in the next few weeks.
Rock Creek is an established agricultural haven. Situated in the South Okanagan Valley, many different crops are already produced there. The location’s mild climate makes it famous for fruit and other crops.