LAS VEGAS, PHOENIX, and WILLCOX, Ariz., May 16, 2019 /PRNewswire/ -- HempWave today announced it has entered into long-term agreements to acquire two existing Arizona-based greenhouses to grow industrial hemp seeds and clones.
The two greenhouses (based in Phoenix and Willcox, Arizona, respectively) have a combined total of over 210,000 square feet of arable land that HempWave will dedicate to growing commercial hemp. The purpose of the growing operations with these greenhouses is year-round production of hemp seeds and clones (or "starts") for use with the company's aggressive plans for expanding hemp-growing operations throughout the United States.
"We're pleased to bring in two impressive assets as we continue to grow our capabilities in the hemp space," said David Soto, HempWave CEO. "These properties include an established, full-service hydroponic growing facility and retail operation in the heart of Phoenix, while the greenhouse and farmland in Willcox increases our greenhouse capacity considerably. We now have the ability to annually supply farmers with over 500,000 seeds and 4.5 million clones per year. These acquisitions further establish HempWave and Celexus as industry leaders in the hemp and CBD space."
Cannabis, Hemp and Marijuana
Recent interest in medical and recreational marijuana (combined with passage and signing of the Agriculture Improvement Act of 2018 that legalized industrial hemp throughout the United States), has led to a lot of misunderstanding about the differences and similarities between hemp and marijuana. The primary difference, however, is tied to the psychoactive properties of either "strain" of cannabis.
In reality, industrial or commercial hemp contains 0.4 percent or less of THC (tetrahydrocannabinol), the chemical compound that gets users "high." And although both hemp and marijuana plants contain cannabidoils (aka, CBDs), most CBD products today tend to be derived from hemp.
According to the National Center for Biotechnology Information, preliminary clinical 2018 research on cannabidiol included studies of anxiety, cognition, movement disorders, and pain.
Formed in 2018, HempWave partners with farmers across the country to grow, cultivate, and harvest commercial-grade hemp plants and seeds to produce medicinal grade cannabidoils (CBD oils) and other hemp byproducts.
Celexus, Inc. (CXUS) a strategic partner for HempWave is an acquisition, management and holding company for early and mid-stage high growth businesses and technologies within the hemp industry. It is the objective of Celexus to represent every aspect of the hemp-farming industry from seeds and extraction to wholesale and retail distribution. For more information, please visit the Celexus website at www.celexus-inc.com.
This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For additional information regarding such forward-looking statements, see, https://hempwave.co/forward-looking-statements.
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