Source: SPI Energy Co., Ltd.
SANTA CLARA, Calif., Sept. 18, 2019 (GLOBE NEWSWIRE) — SPI Energy Co., Ltd. (“SPI Energy” or the “Company”) (NASDAQ: SPI), a global provider of photovoltaic (“PV”) solutions for business, residential, government and utility customers and investors, today announced the launch of its newly established hemp and CBD business.
The Company has recently executed a management services agreement with the Native American Agricultural Company (“NAAC”) to cultivate hemp in the Navajo Nation; and obtained licenses from the Navajo Nation to engage in lab testing, cultivation, processing, wholesale distribution, and retail sales of hemp. Currently, its hemp cultivation in the Navajo Nation is being overseen by a third-party management company on a 36-acre plot of land licensed by the NAAC. The Company expects to harvest its first crop of hemp in November 2019.
Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, “We are eager to enter the hemp market and happy to be working with the Navajo Nation. Some estimates have the global industrial hemp market growing from USD 4.41 billion in 2018 to close to USD 15 billion by 2026. We want to be part of that growth. The Navajo Nation and Native American Agricultural Company are excellent partners for us as we embark on this exciting venture.”