Needle Rock Farms
Panacea Life Sciences, Inc. acquired Needle Rock Farms (NRF) located on the western slope of Colorado, in Crawford, in November 2019. Needle Rock Farms had been growing hemp for the past five years. The acquisition includes 240 acres of farmland, water rights, farm equipment, barns, greenhouses and irrigation systems. The acquisition also included the 2019 hemp grow cycle. The farm is slated to achieve its organic certification in 2020. The plans for 2020 include establishing the farm as a production facility and grow two of the most popular strains of hemp. Rocky mountain spring water is used for the grow which is crystal clear and high in nutrients.
Attention To Detail, Care, Soil Testing
The strategy behind the acquisition of the farm was two-fold. First, it was important to control our raw hemp materials and for the hemp farm to be certified, organic hemp farm. With this acquisition we now control the entire value chain for the production of our products. This was an important criterion for many retail stores and others that now require seed to sale tracking. Second, the hemp market is very volatile and also hemp is a very difficult crop to grow. Prices vary widely and overall quality is an issue. Nine out of ten samples we received last year were rejected.
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