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Croplogic Limited(ASX:CLI) is a global agricultural technology company based out of West Perth, Australia. It offers agronomy services such as infield soil moisture monitoring, yield prediction, infrared aerial imagery and telemetry based on scientific research and cutting-edge technological innovations to horticultural growers, across the United States and New Zealand.
On March 7th, 2019, the company informed that it has submitted an industrial hemp grower application to the Oregon Department of Agriculture. Upon successful approval of the license, Croplogic will be able to begin the cultivation of industrial hemp from the current season onward at its trial farm in Deschutes County, Oregon, USA.Â
Oregon is one of the few states in the USA, that have legalised industrial hemp production for quite a few years even prior to the passing of the Farm Bill in late 2018, implying a good pre-existing infrastructure and knowledge around hemp production relative to the other locations. Moreover, CropLogicâs expertise in agronomy and precision agriculture accompanied by its strong presence and regional knowledge of the Pacific Northwest for 30 years will immensely facilitate in making the most of the opportunity.
The company previously announced on February 22nd, 2019, that it had sourced and agreed terms for the lease (up to three years) of a 150-acre property in the highly productive Deschutes County, Oregon. Currently, CropLogic is progressing on a series of milestones to actually begin the cropping of industrial hemp this season which usually runs from May to October. The works include development of farm plans and other arrangements around the site such as plant spacing, soil sampling, irrigation infrastructure and scheduling.
Although the final production targets are yet to be finalised, the company has observed a similar acreage producing hemp biomass between the range of 180,000 lbs to 337,500 lbs (81,647 kg to 153,087 kg). Besides, CropLogicâs recent investigations into the industry revealed the approximate price range of USDD 35 to USD 45 per pound (lb) for hemp biomass, which also differs on the basis of grade and variety.
As per CropLogicâs activities report for the quarter ended December 31st, 2019, the company continued to develop regional partnerships and engagements in the Australian market. The growth strategy for the 2019 growing season in Columbia Basin and Idaho was also formulated during the period and is progressing. Besides, the company also raised around $ 2.6 million via a placement of 173.3 million ordinary shares at an issue price of $ 0.015 per share. One of the key strategic milestones for the company was the receipt of the first order for its realTime technology in the Mildura region.
At the end of the period, the net cash and cash equivalents stood at AUD 2.51 million, mainly boosted by cash inflows of AUD 2.33 million from financing activities.
At the end of the market session on March 7th, 2019, the CLI stock closed at a sell-off price of AUD 0.012, diving by 7.692%. Today, the stock has soared by 25%, trading at A$0.015 (As at 3:00 PM AEST).
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