Cadiz Inc. describes itself on its website as a “publicly-held natural resources company that owns 70 square miles of property and water resources in Southern California.” (https://www.cadizinc.com/)
According to a recent press release, the company is also now entering the hemp market through a joint venture, which will bring hemp and hemp-derived products to the market. The joint venture is with Glass House Farms, a division of California Cannabis Enterprises.
Together, the two will cultivate in a sustainable manner industrial hemp on the Cadiz Ranch, located in the San Bernardino County. This may be the right time for such a venture. New Frontier Data found that total sales of hemp-derived products reached $1.1 billion in 2018, and may double by 2022.
Scott Slater, CEO of Cadiz, stated in the press release,
“In the early 1900s, hemp was an approved crop on original deeds for the Cadiz area properties. And today, this relationship makes perfect business sense for us and our holistic land management plans given the well-documented low water demand of the crop. We see tremendous revenue potential for hemp, with the exploding market demand and our competitive advantage of being in California, where we can cost effectively and legally grow hemp outdoors in the sun without the traditional risks of farming in concentrated agricultural environments.”
He added, “We are grateful to be executing on this vision with trusted partners Glass House Farms and CCE’s family of companies. We look forward to fully maximizing SoCal Hemp Co.’s potential to deliver value to our company, shareholders, partners, community and consumers.”
Graham Farrar the president of Glass House Farms, also stated in the press release,
“The sun-drenched, isolated natural environment at the Cadiz Ranch is ideal for the commercial production of organically sun-grown hemp and natural hemp-derived products, including CBD, which are presently driving market growth. With plants already in the ground at the largest agricultural operation in San Bernardino County, we are working closely with the team at Cadiz to leverage our collective strengths. We look forward to bringing our full operation online and being a long-term, trusted partner and resource to the local community, our customers and clients.”