Village Farms' U.S. outdoor hemp production program on track for first sales
Village Farms' program for outdoor cultivation of high-cannabidiol hemp and CBD extraction is progressing on plan. The company's joint venture for hemp production and processing in the Eastern U.S., Village Fields Hemp, has planted out nearly 600 acres in Virginia, North Carolina and South Carolina and expects to begin harvesting in August of this year, with initial sales of hemp biomass to commence in Q4. Village Fields Hemp is now well advanced in planning and engineering work to establish its centralized extraction operations, which will be based in Georgia. Village Fields extraction operations are expected to be operational in 1Q20. In addition, the company's joint venture for hemp production and processing in Colorado, Arkansas Valley Green and Gold Hemp, has planted out 120 acres and expects to begin harvesting in October. The company continues to expect Arkansas Valley Green and Gold Hemp to have extraction operations in place and begin processing crude CBD oil in early 2020. In anticipation of beginning large-scale outdoor hemp production this year, Village Farms secured sufficient quantities of hemp seed early in 2019 to enable production at its planned scale.