SAN DIEGO, Jan. 20, 2021 /PRNewswire/ — International Land Alliance, Inc. (OTCQB:ILAL), is pleased to announce its joint venture partner has broken ground and commenced indoor growing operations at its Southern California property, with an anticipated first harvest in approximately 12 weeks.
The Company announced the signing of the joint venture on October 12, 2020. The first phase of the development includes a 1,500 square-foot indoor facility slated for growing, germination, processing and storage, as well as 3 acres of outdoor. Indoor grows can have nearly perpetual harvests if the growing conditions are right and a good cultivation team is in place. Outdoor plants are usually larger and contain more buds in many cases, but with multiple harvests, the yield for indoor plants can be much larger depending on the number of plants, as well as the other factors that can impact output.
“While we continue to remain focused on our core developments in Baja California, we are excited about the successful start of operations by our joint venture partner and project manager and the ability to supplement our consolidated 2021 revenues,” said Jason Sunstein, Vice President of International Land Alliance.
As previously announced, the Company entered into a joint venture, which will be owned 50% by the Company and 50% by Grower. The Company’s contribution to the Joint Venture will be the use of the 40 acres of land and existing indoor commercial space. Grower will contribute all required capital, consulting services, cultivation equipment, agricultural infrastructure and ability to scale hemp operations.
The Company acquired this property in Q1 2019 for $1,100,000, which included three vacant 20-acre parcels, and one 20-acre parcel with an existing 8,000 square foot event venue currently generating revenue. In Q3 2019, the Company sold one vacant 20-acre parcel for $630,000. After careful due diligence, the Company has determined that this Joint Venture is the best use and return on investment for the remaining two vacant 20-acre parcels without the Company issuing any common stock or expending additional capital.
About International Land Alliance, Inc.:
International Land Alliance, Inc. (OTCQB:ILAL) is an international land investment and development firm based in San Diego, California. As its’ core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.
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SOURCE International Land Alliance, Inc.