Cannabis Sativa, Inc. has entered into an agreement to acquire a 49 percent ownership stake in a 9-acre property in Los Angeles County, California with plans to lease it to an industrial hemp farmer, the company announced in a press release.
The operator will cultivate industrial hemp under the provisions of California’s Adult Use of Marijuana Act, which was approved by voters during the November’s General Election. The farm plans to grow its hemp organically and create products from the crop.
“We are excited to play a role in what we anticipate will be one of California’s first hemp farms under Prop. 64,” Cannabis Sativa President Davis Tobias said in the release.
Farming activities at the site are expected to begin next month.
Cannabis Sativa owns “hi Casual Cannabis” branded dispensaries — the first of which opened in Portland, Oregon — as well as Wild Earth Naturals. The company was previously headed by Libertarian Party Presidential nominee Gary Johnson, a former two-term governor of New Mexico. According to the company website, Cannabis Sativa is currently accepting applications for interested parties to partner with the firm to open hi Casual Cannabis shops in states with both medical and adult-use markets.