DENVER, CO–(Marketwired – Feb 27, 2015) – Mountain High Acquisitions Corp. (OTCQB:MYHI) (“Mountain High” or the “Company”) is pleased to announce that it has completed a Letter-of-Intent to acquire Freedom Seed and Feed, Inc. (“Freedom Seed and Feed”), the owner and operator of the first federally permitted hemp seed and fiber farm in the United States.
Alan Smith, President of Mountain High, commented, “Freedom Seed and Feed is in a unique position at the forefront of the rapidly expanding industrial hemp and CBD sector in the United States. Their competitive advantage as a federally permitted and fully operational industrial hemp company, their hands-on growing experience, and their well-established connections across the entire industry make them ideal partners and hemp/CBD sources for anyone in the business. This also makes them a very complementary and synergistic potential acquisition for Mountain High and its CBD focused subsidiary, GreenLife Botanix.”
Based in Lexington, Kentucky, Freedom Seed and Feed, Inc., through its wholly owned subsidiaries, Healing Ground Farms and Freedom Hemp Works, is an innovative industrial hemp cultivation, processing, and marketing company. In 2014, following the passage of the federal Agricultural Act of 2014 and the State of Kentucky Farm Bill, the Kentucky Department of Agriculture (KDA) awarded six licenses for the cultivation and testing of industrial hemp. Five of the six KDA licenses were awarded to academic institutions and one was awarded to Michael Lewis, COO of Freedom Seed and Feed. As a result of the federal and state legislation, and the KDA license, Mr. Lewis became the first federally permitted hemp farmer in the United States since 1937.
Healing Ground Farms operates a 128 acre farm in the state of Kentucky. The company’s 2014 hemp harvest is currently being used for research and development purposes with a global branded clothing manufacturer, and nutraceutical and pharmaceutical development partners. In addition, the company also conducted yield trials on high CBD strains of outdoor grown certified organic hemp. This plant material is set for processing into sample products in partnership with a U.S. pharmaceutical company.
The Freedom Seed and Feed management team includes David Hadland, President, and Michael Lewis, Chief Operating Officer.
David Hadland, Freedom Seed and Feed’s President, is the former president of the Kentucky Hemp Growers Cooperative Association and a state appointed member of the Kentucky Industrial Hemp Commission. For the last 5 years, Hadland has played a leading role in the effort to legalize hemp in the USA and Kentucky, and has worked with the Kentucky Department of Agriculture, the Kentucky Senate and House, and the U.S. Senate and House to draft Senate Bill 50 and push for the amendment to the U.S. Farm Bill. Passed in late 2013, the purpose of Senate Bill 50 is to help Kentucky move to the forefront of industrial hemp production and commercialization of hemp products. Hadland has been a part of the Hemp Pilot Program since its inception.
Michael Lewis, Freedom Seed and Feed’s COO, and director of Growing Warriors, is a Kentucky Proud farmer and a veteran of the 3rd US Infantry Regiment (The Old Guard). In 2012, he founded the first U.S. military veteran oriented food security organization, The Growing Warriors Project, to equip, assist, and train U.S. military veterans in self-reliant agriculture production. He has served as a member of the Kentucky Industrial Hemp Commission and operates Healing Ground Farms, America’s first federally permitted industrial hemp farm since 1937, with the help of his fellow veterans.
Michael Lewis stated, “We have fought for many years to see legal industrial hemp production return to the United States. It’s good for American farmers and it’s good for America. Now after new federal and state legislation, hemp is poised to make a big comeback and the Blue Grass State of Kentucky is getting ready to return to its former position as the nation’s top hemp growing state.”
Lewis concluded, “The combination of Freedom Seed and Feed’s industrial hemp business and Mountain High’s vertically integrated hemp and CBD focused strategy will allow us to leverage our mutual and individual strengths, and more rapidly execute our expanded business plan. I look forward to working closely with Mountain High and their partners to build Freedom Seed and Feed into the premier industrial hemp company in America.”
The closing of the proposed acquisition is subject to several terms and conditions, including completion of customary due diligence, the execution and delivery of definitive agreements and related documentation, acceptance of audited financial statements, and financing. There can be no assurance that any transaction will be completed as proposed or at all.
Mountain High Acquisition Corp. files reports with the Securities & Exchange Commission on EDGAR, including a Form 8-K detailing this proposed transaction. The Company’s filings can be viewed at www.sec.gov.
About Mountain High Acquisitions Corp. (MYHI)
Mountain High Acquisitions Corp. (www.mountainhighac.com) is a diversified holding company focused on the acquisition and development of businesses within the hemp and CBD nutraceutical sectors. The Company’s wholly owned subsidiary, GreenLife BotaniX, Inc. (www.greenlifebotanix.com), is a California-based developer and marketer of the “SuperCBD” brand of CBD hemp oil infused nutraceutical products.
Disclaimer/Safe Harbor: This Mountain High Acquisitions Corp. news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include failure to meet schedule or performance requirements of the Company’s contracts, the Company’s ability to raise sufficient development and working capital, the Company’s liquidity position, the Company’s ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur as planned or at all. The Company does not and will not grow, harvest, distribute, or sell cannabis or any substances that violate United States law or the Controlled Substances Act, nor does it intend to do so in the future.
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