There is no more harvest...
From the WSRC annual report April 2019:
In September 2018, the Company entered into an agreement to acquire 100% of Western Colorado Farming Initiatives, LLC, a Colorado limited liability company (WCFI) for a combination of stock and cash. Company stock sufficient to complete the acquisition is held by the Law Firm handling that transaction; and the cash portion of that transaction has been substantially raised through 3rd party capital sources—also in exchange for equity in the Company. The calculation for closing the cash portion of the acquisition is, in part, subject to final accounting for the 2018 Fall Harvest. The Fall Harvest has thus far yielded in excess of 21,000 pounds of kief ad resulted in hundreds of kilograms of broad-spectrum, winterized and decarboxylated crude oil and refined CBD distillate having been produced. That yeild was obviously for WCFI, as the deal was never closed.
Not eventually closing that deal by year end 2018 was a setback, imo for GRPS/RSHN (thru wsrc). But this is where GRPS changed their plan.
From GRPS Quarterly 3/31/19
The Company entered into a tentative agreement to terminate the August 1, 2018 agreement for the acquisition of a 12½% interest in a 15-acre cannabis farming, harvesting, processing, extraction and product infusion operation in Colorado, and 12½% interest in certain water rights, independently appraised at $40,500,000. Instead, the Company feels that it is in its best interest and the best interest of its shareholders to instead pursue and use its resources to acquire a somewhat similar but much more robust set of rights in connection with a plan involving many more acres and a much larger aquifer. This replacement endeavor (aka $400 million grant initiative) is with the Company’s subsidiary, New Earth Development Corporation. The principal focus of New Earth Development Corporation, by contrast, is hemp farming, for the production of biomass, including the production of graphene through hemp cultivation and processing. Graphene is superconductive, extremely lightweight and the hardest substance known to mankind. It is a rare earth, currently only available by mining efforts. This new/substitute venture seeks to develop High Performance Active Carbon materials, high-strength, reinforced carbon fiber and bio resin plastic, including as a
bio-carbon neutral fuel source. The Company intends to do so while partnering with Manchester University, Harper International and the US Department of Energy. The facility is in Arizona with 500,000 acres available for growing. It also includes 2,000,000,000,000 gallons of water available for farming and processing of hemp, as well as for sale to third parties.
In addition to that, instead of both grps and rshn investing $6.25 million for 12.5% interest in 12.5 acre extraction facility, they have New Earth Development (Owned by grps) and both GRPS and RSHN have about $4,750 into New Earth as their starting equity interest. It could be more now because GRPS has sinced grouped their balance sheet item for "investments in joint venture".
GRPS & RSHN will have no issues getting CBD oil through Theramu or other sources if they can get some money raised with the 1-A Offering that is expected anytime.
