Bethesda, Md.-based India Globalization Capital, Inc. is working with TerraSphere Systems and Greenlife Ventures to develop multiple facilities to produce organic leafy green vegetables, with plans to eventually transition the facilities to produce legal cannabis, according to a news release from the company.
The facilities, planned for unspecified locations in the U.S. Northeast and Canada, will utilize TerraSphere’s advanced pesticide free organic indoor farming technology, according to the release. The transition to support the legal cannabis industry will occur when there are clear rules on the cultivation of cannabis in each region, according to the release. TerraSphere designs and builds contained vertical farming systems, according to the release.
“We are excited to partner with TerraSphere as we look to both develop proven pesticide-free organic growing intellectual property and secure a meaningful footprint of high tech facilities, in important states, for ultimately growing legal cannabis,” chief executive officer Ram Mukunda said in the release. “In the interim, we expect these facilities to generate accretive revenue from other plants as part of our strategic short-term goal of building profit, while simultaneously moving IGC closer towards meeting our long-term goal of becoming a dominant player in the emerging legal cannabis space.”
The release did not say what organic vegetables will be cultivated or when the facilities would be operational, and a spokesman for the company could not be reached July 9.
Each of the four planned facilities will range in size from 10,000 to 30,000 square feet and will feature LED lighting for developing faster growing plants with additional yields of up to 20%, according to the release.
When the facilities are operational, India Globalization Capital will own 51% of each venture. The company will make a cash investment in the venture and will receive a seven-year option to purchase the venture for cash and shares of its common stock, according to the release.