SAN DIEGO, CALIFORNIA, March 25, 2021 (GLOBE NEWSWIRE) — International Land Alliance, Inc. (OTCQB:ILAL), (“ILA” or the “Company”), an international land investment and development firm, is expecting its first harvest from its joint venture partner’s indoor growing operations at its Southern California property by the end of May 2021. Additionally, site preparation was completed on the initial three-acre outdoor growth area with the planting of four top-shelf, high-CBD-percentage hemp strains expected in the first week of May 2021.
“This inaugural harvest is an important milestone of our CBD hemp joint venture, which we expect to be a meaningful contributor to our 2021 operating performance,” said Jason Sunstein, Vice President of International Land Alliance. “With an adept cultivation team in place and proper growing conditions, this operation has the ability to produce perpetual harvests, yielding great returns on investment for this use of land. Partnering with our project manager for this joint venture gives our team the flexibility needed to execute against our operational objectives with our developments in Baja California, which remain the core focus of ILA.”
ILA announced the signing of the joint venture, which will be 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 will be the use of the 40 acres of land and existing indoor commercial space. The Grower will contribute all required capital, consulting services, cultivation equipment, agricultural infrastructure and ability to scale hemp operations.
ILA acquired this property in Q1 2019 for $1,100,000, which included three vacant 20-acre parcels, and one 20-acre parcel with an existing 8,000 square foot event venue currently generating revenue. In Q3 2019, the Company sold one vacant 20-acre parcel for $630,000. After careful due diligence, the Company has determined that this joint venture is the best use and return on investment for the remaining two vacant 20-acre parcels without the Company issuing any common stock or expending additional capital.
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.
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