HempNova Lifetech Corp., a company in Oregon that grows and dries hemp, has purchased its second hemp operation this year.
For a total of $2.03 million, HempNova has purchased Seven Oaks Hemp Center in Central Point, Oregon. The acquired assets include:
- 45 acres of farmland with water rights and irrigation.
- A brand new drying facility that measures at 9,600 square feet.
- A 6,000 square foot insulated warehouse.
- An 8,000 square foot greenhouse.
- An abundance of processing and farming equipment.
- All permits issued to Seven Oaks.
Over the following years, HempNova plans to expand Seven Oaks into a massive hemp service center that will include top-notch greenhouses, processing facilities for smokable flowers, drying shops for biomass, and extraction facilities to produce hemp crude oil.
This year, the company plans to use 35 acres to grow premium hemp at the Seven Oaks location and provide services, such as drying, for local hemp growers.
In the announcement made on Thursday, Chairman and CEO of HempNova, Dr. Ken Cai, stated:
“We are very excited about this strategic acquisition. Southern Oregon produces the premium smokable hemp flowers in the world. After our success in biomass drying in 2019, this strategic acquisition not only permits our company to expand its business into Southern Oregon quickly but also helps HempNova in reaching its goal to become a leading vertical integrated one-stop service provider to hemp growers.”
Second Purchase of 2020
Two months prior to this acquisition, HempNova also purchased a 90% stake in Creekside Hemp for a total of $4.5 million.
This purchase included:
- Over 36 acres of farmland that includes natural gas and water rights.
- Nine greenhouses.
- A mix of farming, harvesting, and processing equipment.
- A 15,000 square foot facility to be used as a drying shop.
Wrap Up
HempNova is quickly expanding on their total acreage for growing hemp. With the acquisition of two separate facilities already this year, you can expect them to produce a large amount of hemp while assisting local growers and farmers with theirs as well.
This is good news for the hemp industry as a whole, and especially for the industry in Oregon as they continue to expand on their hemp production. As of September 2019, the state had a total of 62,000 acres being used for hemp production.
