CropLogic Limited has announced the increase in its industrial hemp trial farm in Oregon, USA.
This increase will see Industrial Hemp move from 150 to 500 acres to further integrate its agronomy, study of crops and soils, and agtech expertise.
It will also allow for its subsidiary, LogicalCropping, to evaluate data for different growing conditions such as soil type, land contours and elevation to optimise crop yields.
CropLogic will use drones, aerial imagery
CropLogic CEO James Cooper-Jones hopes the production will keep increasing.
“We feel the varying growing environments presents an opportunity for CropLogic to further vertically integrate its agronomy and agtech expertise,” he said.
Industrial hemp is used for any industrial (non-drug) use such as fabrics, biodegradable plastics, construction, health food and fuel.
With this trial CropLogic will also release 75,000,000 shares to sophisticated and institutional investors to raise $3 million at $0.04 per share.
It will be undertaken in two phases with the first one to release 42,490,411 shares and raise $1.7 million. The second phase consists of 31,509,589 shares to raise $1.3 million but will be subject to approval at the next general meeting in May 2019.