Corix Bioscience (OTCQB:CXBS) signed an agreement with Positively Green Organics for the resale of up to 22,000 pounds of industrial hemp per month.
As quoted in the press release:
Positively Green Organics LLC. (PGO) grows industrial hemp on a 160-acre plot of land just south of Carson City, Nevada for the production of CBD oil, the main medicinal cannabinoid found in industrial hemp. Of their 160 acres, Corix plans to sell up to 22,000 pounds of hemp from 150 acres of PGO’s harvest monthly.
Under the agreement, PGO will deliver their industrial hemp flower or “bud,” to one of Corix’s facilities, where Corix will package it for storage and then sell the product on the open pharmaceutical market where it can bring approximately $575 per pound. The sales of the hemp will yield Corix 34% of the gross proceeds.
Jason Taylor, President of PGO, states, “We expect to harvest well over 100,000 dry pounds of industrial hemp this season and recognize that Corix has one of the best names and reach in the CBD industry, so it made perfect sense to enter into this agreement with them to sell our product.”