Australia’s Caason Group stated its latest buy of a 1,047-hectare farm matches with the corporate’s plans to develop industrial hemp crops in Australia’s Northern Territory.
Caason Group bought the property, Oolloo Farm, situated 200 miles north of Alice Springs, for AU$6.1 million (US$4.6 million). The property, which has a 1,000-megaliter-per-year water extraction license and 6 heart pivots, has been a producer of irrigated hay.
“We count on the group’s current pursuits in industrial hemp will profit from the acquisition and, topic to related approvals, allow the group to proceed its growth on this thrilling development sector,” stated Caason Group managing director Craig Astill. Astill stated Oolloo Farm can be run by subsidiary Ti Tree Meals and Fodder.
Australia’s Northern Territory issued its first business hemp rising license final October.
The Territory’s hemp legislation established a framework for farmers and researchers to work collectively facilitating funding and job creation alternatives in regional areas primarily based on industrial hemp. The licensing scheme governs things like possession, cultivation, provide, processing and analysis.
The Oolloo farm can even assist Caason Group’s innovation agenda in creating new crops, soil administration methods and agritech, the corporate stated.
Caason is working with Hemp Farms Australia and ECS Botanics to ascertain finest practices for a deliberate industrial hemp heart at Aileron Station, a Caason-owned cattle station. The corporate has stated it’s investing about AU$500,000 (US$340,000) within the Aileron mission.