HempWave announced today that it has initiated planting its first fields in Arizona in partnership with industrial farms.
“We’re pleased to take this next crucial step in the process,” said HempWave CEO David Soto. “The climate at our partner farm here in Arizona and the outstanding quality of our material allow for a strategic approach to planting, so it’s exciting to get this phase underway. With this planting, we are one step closer to our profit projections.”
The planting marks the first of multiple successful joint ventures for HempWave with Arizona farms transitioning to industrial hemp. Arizona’s southern latitude and diverse elevations will allow some locations to achieve up to four growing cycles annually.
HempWave partners with farms under a Joint Venture Program giving the farm access to benefits including HempWave’s state-by-state licensing, an established supply chain, and industry-specific expertise in agronomy and horticulture. This model allows HempWave to cultivate industrial hemp in virtually any county or state where licensing is available.
“The Joint Venture Program is designed to be a win-win no matter where we go,” said Soto. “Farmers who are established members of their communities can make a significant positive impact on their local economy by participating in this expanding industry. We’re here to help farms that are entering into the hemp business become successful.”
In addition, HempWave is working with independent farmers to ease the transition to farming hemp by offering 90-to-120-day financing on seeds and clones as well as assistance selling the harvested material. This financing model promises to be less than current farm financing programs.
“Farmers are trying to enter this exploding market,” said Soto. “We are going to do whatever we can to help them get involved, whether by providing access to capital, education or raw materials.”
HempWave is also building out its supply chain by facilitating transactions of high-quality biomass, seedlings, clones, and other hemp material.