By Diego Flammini, Farms.com
Companies from the states of Florida and Kentucky came together in a deal that, when completed, will come in being worth $1.9 million.
"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 Freedom Seed Farm’s (FSF) David Hadland and Michael Lewis will help expedite our entrance into the industrial hemp market."’’
There are more than 30 countries who grow hemp as an agricultural product and as a source of national income.
In 2011, Canada alone licensed more than 30,000 acres of land dedicated to growing hemp, which resulted in $10 million in product sales. Because the United States currently doesn’t allow industrial hemp production, judging the market value is difficult, but it’s estimated the value of all hemp-based items can be greater than $300 million annually.
Since 1970, the United States deemed hemp illegal to grow because of its similarity to marijuana. In 2005, the U.S. government allowed for hemp products to be imported.