A Las Vegas-based international CBD wellness company is ramping up operations with distribution agreements and hemp acreage and processing facility purchases in New York.
Virtual Medical International Inc., announced Friday that it will acquire Cherry Valley Growers, Inc., a licensed industrial hemp cultivator and processor in Otsego, New York.
The purchase is part of a growth and expansion scheme for Virtual Medical, which earlier this month signed a distribution agreement with CBD company Cannonau Corp. and is contracted to purchase an 11,560-square-foot warehouse from Adler Properties.
“Since Adler Properties has a grow license for this facility, our goal is to expand the building and restructure it as both a grow and extraction facility,” said Virtual Medical CEO Larson Elmore.
“This site will support numerous hemp business operations.”
Under terms of the agreement, Virtual Medical will purchase Cherry Valley Growers’ 400-acre parcel and Adler Properties’ warehouse and all hemp licenses from both companies for $2 million in cash from debt proceeds.
Virtual Medical, which trades on the U.S. over-the-counter markets as QEBR, has plans to become a vertically integrated organization in the CBD wellness sector, and aims to acquire and open CBD stores in the U.S. and Europe under its wholly owned subsidiary Amsterdam Café.