OrgHarvest, Inc., a U.S.-based cannabis cultivation company to achieve a Regulation A+ qualification, announced that the Company has signed a binding agreement to sell controlling interest in the Company to First Seed Farms, Inc., a subsidiary of First Seed International, Inc., a company focused on hemp seed genetics, farm and ranch partnerships, cultivation, processing, manufacturing, private label and proprietary branding and distribution of hemp products and services.
“Just before the Thanksgiving holiday, I received approval from our Board of Directors to move forward with a binding agreement that would transfer controlling interest of OrgHarvest to First Seed Farms, Inc. and First Seed International, Inc.,” stated Frank Celecia, CEO of OrgHarvest. “We believe this could be a major opportunity for OrgHarvest.”
The acquisition will be made in an all stock purchase, where controlling interest of OrgHarvest is being transferred to First Seed Farms, Inc. and First Seed International, Inc (collectively, “First Seed”). Management suggests that with the support of First Seed, there would potentially be greater interest in ramping up funding to the Company. Additionally, with this transaction, the company has completed the sale of all the remaining shares in its Reg A+ plus offering of 80,000,000 shares.
The closing is scheduled for month-end, December 2019, and is anticipated to come to fruition timely. This would inevitably fast track the potential of the Company’s business model and should position OrgHarvest to become a major player within the cannabis and hemp industries as a U.S.-based cultivation operation.
Mr. Celecia concluded, “We are pleased that First Seed has identified OrgHarvest as the most suitable Company for them to pursue their cannabis and hemp endeavors with. We will work diligently to make this venture a huge success and will continue to provide shareholders with updates pertaining to this transaction and its overall value proposition.”