$30 Million Hemp Joint Venture in Nicaragua
By Joel Stott-Jess
Youngevity International, and industrial producer of Hemp based in Chula Vista, California, in conjunction local partners, is making an eight figure investment in the hemp business in Nicaragua.
Youngevity, via it’s two subsidiaries, CLR Roasters LLC and Khrysos Industries, is partnering with the Nica Hemp Co-operative and H&H Coffee Group Export Corp. ,
The joint venture will acquire 2,200 acres in the Sebaco & Matagalpa region of North Nicaragua. An area well known for its fertile land and prodigious coffee production.
The Chaguitillo Farms property being acquired will see major improvements. 45,000 square feet of buildings, 15,000 amp electrical connections, wth land and total improvements valued at $30,000,000.
Youngevity is providing $3 million in equipment to the joint venture. Nica Hemp Co-operative is providing up to $20 million in capital, and H&H Coffee Export group is providing the farm, valued at $10 million.
The joint venture aims to produce 129,000 litres per year of winterized crude oil annually, with gross revenues of $64 million, within three years.
The global industrial hemp market was valued at $4.71 billion in 2019. The market is expected to grow to $9.64 billion by 2025 (Source: Global News Wire)
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Joel Stott-Jess
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