LVGI Subsidiary, Summit Harbor Holdings, Expands Reach as a Vertically-Integrated Industrial Hemp Holding Firm Through Acquisition of New Horizon Farms, LLC
May 01, 2019 09:00 ET | Source: Limitless Venture Group Inc.
Tulsa, OK, May 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Limitless Ventures Group, Inc. (OTC PINK: LVGI), through its wholly-owned subsidiary, Summit Harbor Holdings, Inc. (SHHI), has finalized all requirements for the acquisition of 100 percent ownership in New Horizon Farms, LLC (NHF).
“We are excited to add New Horizon Farms to the SHHI group of integrated companies,” said LVGI CEO Joseph Francella. “This is a core component of our vertically-integrated industrial holding firm positioned within the hemp industry targeted for 2019 and beyond.”
New Horizon Farms, newhorizonfarms.co, has commitments on more than 2,000 acres of land, initially in Oklahoma and Kansas, for the purpose of cultivating, processing and distributing commercial and industrial hemp. NHF will be separated into two farming operations to utilize the entire hemp plant – flower and stalk.
The first farming operation will focus on the current premier market of CBD and other cannabinoids oil sales for human and animal consumption, which is created from the hemp flower. This farm type will include 1,200 plants per acre and each plant will reach between 6-15 feet in height.
Based on historical projections, plant genetics and program customizations made by SHHI and New Horizon Farms, LVGI projects returns of $95,000 per harvested acre for CBD and other cannabinoid oil sales.
The second farming operation is fiber-based and will utilize the hemp stalk for industrial use. Hemp fiber can be utilized in building supplies, bio-plastics, textiles, bio-fuels and much more. LVGI projects returns of $3,500 per harvested acre based on the current market value of hemp fiber.
In addition to outdoor farming, the NHF agreement includes access to a commercial indoor greenhouse space that will allow for the growth and distribution of hemp seedlings year-round. The margins on seedling production in the central farming region is enhanced by the expedited rate of return. Seedling production produces a 350% return on investment.
The acquisition of New Horizon Farms marks the successful closing of the first three memorandums of understanding for Summit Harbor Holdings.
“This acquisition is critical to our long-term vision and we are very excited to have completed it at such an early stage in the hemp industry explosion,” stated Summit Harbor Holdings Vice President and COO, Matthew Habuda. “Together with New Horizon Farms, we intend to achieve our goal of becoming one of the leading producers of hemp in the United States.”
“With the approval of the 2018 Federal Farm Bill and Oklahoma’s Governor Stitt signing SB 868 into law, we are positioning SHHI to be the industry leader for hemp farming and the creation of hemp products and technologies, starting in Oklahoma and quickly expanding nationally,” said LVGI CEO Joseph Francella.
Although Grand Lake AG was named in the original memorandum of understanding, they were not included in the final acquisition agreement with New Horizon Farms.
The acquisition of New Horizon Farms, and the recent acquisition of Emergent Design-Build Solutions, allows SHHI and LVGI the opportunity to make a considerable social impact in addition to providing superior shareholder value.
“SHHI and LVGI want to use innovative health care and emerging science to make a difference in the world, all while bringing value to our shareholders,” added Habuda.
For example, SHHI and LVGI will be working with BooBeary Kares, a 501(c)3 organization founded by former NFL tight end Boo Williams, to build 15 homes constructed from eco-friendly industrial hemp products for families displaced by hurricanes on the Florida panhandle. This agreement has tremendous value for the industrial hemp industry, the social mission of SHHI, and LVGI shareholders.
“The continued identification of partners that align with our corporate mission equips us to meet our 2019 fiscal targets,” said Summit Harbor Holdings President Devon Diaz.
SHHI also announces the creation of Green Ocean Co., a majority-owned subsidiary of SHHI, which specializes in providing expansive marketing services for companies that support the growth of the industrial hemp and medical cannabis markets, as well as other sustainability initiatives. Website: gocomarketing.com.
“Our experienced team of creatives are excited about the opportunity to collaborate with Summit Harbor Holdings and our partner subsidiaries, in order to grow their success through innovative and strategic marketing,” said Green Ocean Co. President Charis Retherford. “We also look forward to working with other outside companies that serve the same mission; to explore alternative means and to propel sustainability within our modern world.”
“Having Green Ocean Co. as part of our family of companies brings tremendous value, as they are experts in digital marketing,” said Summit Harbor Holdings President Devon Diaz. “They will be able to develop growth strategies for SHHI companies, as well as other companies that require marketing services within the emerging health and science sectors.”
Summit Harbor Holdings strives to be the premier thought leader in the innovative health and sciences sector while providing superior value to LGVI shareholders. SHHI’s mission is to establish, acquire, fund and optimize early to mid-stage companies for the purpose of developing infrastructure and stability for subsidiary companies and for generating long-term shareholder returns. Additional information can be found on our website, www.summitharbor.com, or follow us on Twitter @shhinc.
Limitless Venture Group Inc., seeing the tremendous future in the emerging markets created through the recent passage of the Federal Farm Bill which legalized hemp and the trend to legalize medical cannabis in the Midwestern region has decided to focus its attention within these two innovative health and science sectors. Website: www.lvginc.com
Forward-Looking Statements: This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts, including, without limitation, statements that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development, may be deemed to be forward-looking statements. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. These statements are subject to risks and uncertainties. Forward-looking statements are based on current facts and analysis and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of the release. Except as may be required under applicable law, we assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
For more information, contact Elizabeth King at Elizabeth@ElizabethKingConsulting.com.
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