“Our CBD hemp joint venture is a resounding success thus far, with the inaugural harvest of the plants in our indoor facility completed earlier this week,” said Jason Sunstein, Vice President of International Land Alliance. “Our partner is autonomously managing the growing process end-to-end, allowing our team to focus on the development, sales and marketing of our real estate projects while realizing a meaningful contribution to our near-term operating performance. These results confirm our determination that this joint venture is an excellent use of land and return on investment, and we look forward to the next phase of the joint venture with four top-shelf, high-CBD hemp strains planted at our outdoor growth space.”
Following the inaugural harvest, two additional high-CBD strains are being replanted in the indoor growing facility. Products using the CBD hemp from ILA’s harvest will be available for sale on a retail platform that is currently under development, set to be launched within 30 days.
ILA announced the signing of the joint venture, which is owned 50% by the Company and 50% by the Grower, on October 12, 2020. The first phase of the development includes a 1,500 square-foot indoor facility slated for growing, germination, processing and storage, as well as three acres of outdoor growth area. The Company’s contribution to the Joint Venture is the use of the 40 acres of land and existing indoor commercial space. The Grower contributes all required capital, consulting services, cultivation equipment, agricultural infrastructure and ability to scale hemp operations.
About International Land Alliance, Inc.:
International Land Alliance, Inc. (OTCQB:ILAL) is an international land investment and development firm based in San Diego, California. As its’ core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.
Safe Harbor Statement
The press release may include certain statements that are not descriptions of historical facts but are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as “may,” “expects,” “believes,” “anticipates,” “intends,” “projects,” or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.
CONTACT:
Investor Relations:
Brooks Hamilton
MZ Group – MZ North America
(949) 546-6326
ILAL@mzgroup.us
www.mzgroup.us
