The company is calling this specific operation XTRM Cannabis Ventures and is crediting President Obama and the $1 trillion Farm Bill he signed earlier this month. That bill legalized growing hemp in 10 states, including the Golden State. Extreme Biodiesel says it can use the land to house more than two acres of warehouses for indoor hemp growth in addition to 20 more acres for outdoor hemp cultivation. No word on how much biodiesel can be produced from that much hemp or how many farmers will get a case of the munchies (sorry, couldn't resist).
Hemp use isn't exactly new for the automotive industry, though the biodiesel angle appears to be novel. In 2010, Motive Industries showed off Canada's first bio-composite-bodied electric car, which included hemp in its composite mix. Additionally, in the early 1940s, Ford experimented (OK, maybe that's the wrong term to use here) with using hemp in the plastic materials of a car prototype's body. You can see the latest update in Extreme Biodiesel's press release below.
Feb 24, 2014 (ACCESSWIRE via COMTEX) -- New York, NY / ACCESSWIRE / Extreme Biodiesel, Inc.'s (pink:XTRM) mission is to provide a cost-effective, high-quality alternative diesel fuel, create "green" jobs, reduce the environmental impact of fossil fuels and diminish U.S. reliance on foreign oil. While the company resides in the energy arena, it has gotten creative in another industry to make its energy plan work, and in the process, stumbled upon what could be two very lucrative futures - a future in energy and a future in cannabis.
Extreme Biodiesel formed XTRM Cannabis Ventures to operate in the marijuana industry, and at first, it may have seemed like an unusual marriage, but as the company's business plan takes shape, it's starting to make a lot of sense. Originally the company's intent was to generate hemp in order to develop a more cost effective product it could convert into biodiesel. But, when 40 acres of prime growing land in California entered the picture, an entire business model was formed that could generate revenues in a number of areas for its investors.
All of the pieces started falling into place when President Obama signed the $1 trillion Farm Bill earlier this month legalizing the cultivation of hemp in 10 states including Extreme Biodiesel and XTRM Cannabis's home state of California. With XTRM Cannabis just completing assembly of its first Mobile Hemp to Biodiesel production unit, the energy sector and the marijuana industry officially merged through Extreme Biodiesel.
This merger was made possible by the passage of the Farm Bill because it will likely decrease the cost of hemp which should benefit an industry that has continued to search for more cost-effective products to convert into biodiesel. These two industries merging on the idea of a potential product that can benefit biodiesel users was just the beginning for this company. Executives at Extreme Biodiesel/XTRM Cannabis also plan to use XTRM Cannabis to focus on other medical marijuana, cannabis and hemp related products.
In a recent corporate update, company President Joseph Spadafore stated "I am very pleased to report that escrow has been going quite well. I am confident that we will close escrow on the parcel much faster than expected, most likely as soon as the beginning of March 2014." Well, with the start of March just days away, this is excellent news for investors as this property could very well be the key to an explosive future in the marijuana industry.
The company opened escrow on this 40 acre parcel of land in California which it plans to use to cultivate hemp and marijuana. The initial plans also call for the construction of several massive indoor grow facilities. XTRM Cannabis Ventures stated that it would like to develop the 40 acres to house up to five 20,000 square foot warehouses for indoor cannabis (marijuana) plant growth, 20 acres for outdoor hemp cultivation for biodiesel, and an industrial center to process the marijuana/cannabis into smokeless products.
With a recent announcement by the Obama Administration paving the way for legal banking between legitimate marijuana businesses and banking institutions in the U.S., it enables a legalized marijuana industry to operate in states that approve it. Because of the Farm Bill and the move to loosen banking restrictions, the company could potentially create other revenue streams by using the land and the indoor facilities to house additional legitimate businesses looking to grow marijuana to produce their own products.
So, for investors, the key is the 40 acres of property the company has opened escrow on and continues to move to close quickly. With a corporate announcement late last week stating that due diligence has determined that a well can be placed on the land which will provide plenty of irrigation, that preliminary title results show a clean title, and that the executives have already been advised by a hemp cultivation expert that the crop will thrive on the property, closing sooner rather than later seems to be a strong likelihood. But, more importantly, success with a very aggressive business plan seems even more likely.
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About Extreme Biodiesel and XTRM Cannabis Ventures
Extreme Biodiesel is an alternative fuel and recycling company. Our mission is to provide a cost-effective, high-quality alternative diesel fuel, create "green" jobs, reduce the environmental impact of fossil fuels and diminish US reliance on foreign oil. Extreme Biodiesel is currently repositioning itself into a holdings corporation with focuses on Bio Diesel, Real Estate, Technology and Cannabis Sectors.
XTRM Cannabis Ventures is a wholly owned subsidiary of Extreme Biodiesel focused in the sector of Medical Marijuana, Cannabis and Hemp related products.
XTRM Cannabis Ventures Disclaimer
The Company would like to assure all investors that in all cannabis related actions the Company is conferring with counsel to be sure any business activities are deemed legal. XTRM advises all investors to see the website being developed at http://xtrmcannabisventures.com/