First Federally Permitted Hemp Seed Farm
IMD Acquires Freedom Seed and Feed, First Federally Permitted Hemp Seed and Fiber Farm in the United States
IMD Companies, Inc. (OTC:ICBU) is extremely excited to announce that it has acquired Freedom Seed and Feed, LLC of Lexington, KY., the first federally permitted hemp seed and fiber farm inthe United States.
In accordance with the terms of the agreement, iMD has made the first $50,000 cash payment to Freedom Seed and Feed (FSF). The purchase agreement also includes the subsidiary companies Freedom Seed & Feed, Healing Ground Farms, and Freedom Hemp. iMD will also make additional cash and securities payments for a total purchase price of $1.9 million for the acquisition.
Last February, Sen. Mitch McConnell and Sen. Rand Paul successfully sponsored a provision in the farm bill, passed by Congress, which repealed the long-term ban on growing hemp. Hemp crops are poised to be a significant catalyst to the agriculture industry in the State of Kentucky with the climate and the soil composition in the Blue Grass state being very conducive to growing hemp crops. Sen. Paul stated, in an opinion article on Feb. 6 in the Lexington Herald-Leader, that 94% of the nation’s hemp crops were grown in Kentucky prior to the ban in 1970.
“This acquisition is so key for us as we were not only able to obtain a one-of-a-kind company but it also gives iMD a source that is capable of leasing land, purchasing seed, clones and the equipment needed to grow industrial hemp,” said Larry Robertson, president of iMD Companies, Inc. “The bold vision that iMD management has in common with FSF’s David Hadland andMichael Lewis will help expedite our entrance into the industrial hemp market.”
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