SAN DIEGO, CALIFORNIA, Aug. 31, 2020 (GLOBE NEWSWIRE) — International Land Alliance, Inc. (OTCQB:ILAL), is pleased to announce the execution of a Letter of Intent (“LOI”) with a privately-held California hemp grower (“Grower”) to develop a commercial hemp operation on 40 acres of the Company’s Southern California property, slated for production this fall.
On August 26, 2020, the Company entered into an LOI with Grower for the formation of a Joint Venture, which will be owned 50% by the Company and 50% by Grower. The Company’s contribution to the Joint Venture will be the use of the 40 acres of land. Grower will contribute all required capital, consulting services, cultivation equipment, agricultural infrastructure and ability to scale hemp operations.
The Company acquired this property in Q1 2019 for $1,100,000, which included three vacant 20-acre parcels, and one 20-acre parcel with an existing 8,000 square foot event venue currently generating revenue. In Q3 2019, the Company sold one vacant 20-acre parcel for $630,000. After careful due diligence, the Company has determined that this Joint Venture is the best use and return on investment for the remaining two vacant 20-acre parcels without the Company expending additional capital. It is anticipated that a formal Joint Venture Agreement governing the hemp operations will be executed on or before September 15, 2020. The Company will provide additional details at closing.
About International Land Alliance, Inc.:
International Land Alliance, Inc. (OTCQB: ILAL) is an international land investment and development firm based in San Diego, California. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.
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