A biodiesel subsidiary has just received a line of credit to buy land to grow hemp … just as the company completed its first mobile hemp-to-biodiesel production unit. This article in Biodiesel Magazine says Extreme Biodiesel Inc.’s subsidiary XTRM Cannabis Ventures received the $5 million line of credit.
XTRM plans to use the credit line for purchasing real estate for the purpose of hemp cultivation, medical marijuana cultivation and commercial real estate related to dispensaries so long as its use is deemed legal.
Company President Joseph Spadafore stated, “Extreme has already identified several properties that we feel fit the company’s needs. We also want to assure investors that this line of credit does not involve a debt conversion or anything that can be converted to XTRM stock.”
The company also announced that XTRM Cannabis Ventures has just completed assembly of its first mobile hemp-to-biodiesel production unit.
The article goes on to point out that the recently signed Farm Bill helped make this happen, as some longstanding restrictions on the growth of cannabis/hemp are being lifted. Hemp seeds are seen to have a similar oil content as canola and other seeds but a better cloud point and cetane value.