NewBridge forms a joint venture with King Hemp NM for industrial hemp

The joint venture will use the most advanced farming and genetics techniques.

The US public company NewBridge Global Ventures, Inc., focused on the dynamic and emerging regulated and legal cannabis industry, has reportedly announced that it has inked a joint venture partnership deal with King Hemp NM, LLC, to form King Hemp Farm, LLC (KHF). The joint venture will grow, process and distribute industrial hemp CBD.

According to the press release by NewBridge, the King Family has a 100-year history of ranching, public service, and farming in New Mexico. It controls thousands of acres of land. Corn, wheat and alfalfa have been recently included in their main crops. Industrial hemp will be cultivated for the first time this year.

Bob Bench, Interim President and CFO, NewBridge, reportedly stated that the partnership is an exceptional opportunity for the company to become one of the largest producers of hemp in New Mexico.

NewBridge has planned to develop 20 acres on the Farm of Sam L. King. The company will reportedly build tissue culture seed breeding center, a processing facility, a lab and greenhouses across the developed farm. The joint venture will use the most advanced farming and genetics techniques. It will process the fresh biomass by using the NewBridge’s licensed patented water-based energy wave technology.

Sam King reportedly stated that the partnership will enable them to process the significant industrial hemp production rapidly with the help of NewBridge’s patented water-based energy wave technology. This will be economically beneficial for local area and the State of New Mexico, as well as environment, he further added.

NewBridge will issue 1 million shares of its common stock to King Hemp NM, LLC, for a 10-year lease on two 10-acre parcels of land for developing its campus.

For the record, the King Family has been farming near Stanley, New Mexico since 1917, after the Model T was traded by patriarch for a homestead.