Medical Marijuana production has taken a giant step as Corona, California's Extreme Biodiesel's subsidiary XTRM Canabis Ventures announced the purchase of 40 acres of land at a currently undisclosed location in California.
For all practical purposes, the passage of the Farm Bill has helped to end what was the 21st Century equivalent of Prohibition. Already the mention of Medical Marijuana stock has caused a buying frenzy – all are on fire, even getting attention from CNBC's Jim Cramer.
In an exciting development, XTRM Cannabis Ventures says it's planning to develop the land (which it acquired using a $5 million line of credit from Coastal Mortgage Group) to have five 20,000 sq ft warehouses for indoor marijuana or cannabis growth, 20 acres for outdoor Hemp cultivation for biodiesel, and an industrial center to process marijuana / cannabis into smokeless products.
Joseph Spadafore, the President, Chief Executive Officer and Chief Financial Officer of Extreme Biodiesel, said "XTRM wants to jump right out ahead of the curve, we have just entered our due diligence period and look forward to developing this property and becoming a leading Cannabis producer. We are consulting with leading horticulture / farming experts to assure the maximum use of the property. The build out of this project will comply with the law, and we will be posting video and pictures of the land in the coming days on the XTRM Cannabis Website."
The Role Of The Farm Bill
The “curve” that Mr. Spadafore is referring to is one that was created when the U.S. House Of Representatives passed the Farm Bill, thus legalizing the cultivation of industrial hemp on a Federal level.
When President Obama signed the Farm Bill on February 4th, he said “This bill provides certainty to America’s farmers and ranchers, and contains a variety of commonsense reforms that my Administration has consistently called for, including reforming and eliminating direct farm subsidies and providing assistance for farmers when they need it most. It will continue reducing our deficits without gutting the vital assistance programs millions of hardworking Americans count on to help put food on the table for their families. And it will support conservation of valuable lands, spur the development of renewable energy, and incentivize healthier nutrition for all Americans.”
According to MarketWatch, the Farm Bill paved the way for industrial hemp pilot programs in Colorado, Washington, California, Kentucky, Maine, Montana, North Dakota, Oregon, Vermont and West Virginia – states where growing the plant was already legal.
And guess who fought to retain the legislation allowing this? Kentucky's GOP Senator Mitch McConnell. Senator McConnell was the lead negotiator in getting hemp included on the Farm Bill: "We are laying the groundwork for a new commodity market for Kentucky farmers,” the Senator said.
What's not popularly known is that Hemp is used for a wide variety of purposes. Hemp is used in rope and in clothing, and in soap and lotions and in nutritional additives. According to an Associated Press article, Presidents George Washington and Thomas Jefferson grew hemp before the Federal government banned the plant in its anti-drug efforts through the 1970 Controlled Substances Act. According to the aforementioned article, it wasn't until 1999 that the Drug Enforcement Administration (DEA) issued a hemp permit for an experimental plot in Hawaii on a quarter acre of land.
The passing of the Farm Bill has changed that climate and paved the way for the development of an exciting new industry – one that XTRM Cannabis Ventures is poised to take advantage of. About Extreme Biodiesel And XTRM Cannabis Ventures Extreme Biodiesel is an alternative fuel and recycling company who's mission is to provide a cost-effective, high-quality alternative diesel fuel, create "green" jobs, reduce the environmental impact of fossil fuels and diminish US reliance on foreign oil. Extreme Biodiesel is currently repositioning itself into a holdings corporation with focuses on Bio Diesel, Real Estate, Technology and Cannabis Sectors
XTRM Cannabis Ventures is a wholly owned subsidiary of Extreme Biodiesel focused in the sector of Medical Marijuana, Cannabis and Hemp related products.
Mr. Spadafore wants it known that in all cannabis-related actions Extreme Biodiesel is conferring with counsel to be sure any business activities are deemed legal. XTRM requests that all investors visit the website being developed at http://xtrmcannabisventures.com