LAS VEGAS -- Virtual Medical International Inc., a wellness company in the hemp-derived CBD sector, announced its agreement to acquire Cherry Valley Growers Inc., an industrial hemp cultivator and processor with a 400-acre parcel located in Otsego County, New York.
This acquisition continues Virtual Medical's growth and expansion in the cannabis industry following the recent announcement of its distribution agreement with Cannonau Corp. Cherry Valley Growers possesses both a Hemp Grow license and a Hemp Processing License with the State of New York, and they have applied to renew their CBD Extraction and Manufacturing License with the New York State Department of Health.
Virtual Medical International also has contracted to purchase an 11,560 square foot warehouse on 1.3 acres from Adler Properties LLC, which is located in East Syracuse, New York. Larson Elmore, CEO of Virtual Medical International, stated that "since Adler Properties has a grow license for this facility, our goal is to expand the building and restructure it as both a grow and extraction facility. This site will support numerous hemp business operations."
Under to the terms of the agreement, Virtual Medical International will purchase Cherry Valley Growers, Inc and Adler Properties, LLC. for $2 million in cash from debt proceeds in exchange for the property consisting of 400 acres, the warehouse and all hemp licenses.
About Virtual Medical International
Virtual Medical International, (OTC: QEBR), through its wholly-owned subsidiary, has trademarked the brand name "Amsterdam Café: Welcome to Your Whole Health"™. The diversified, multi-channel business model is positioned to derive revenue from product sales through company-owned retail stores, franchise stores, domestic and international franchise activities, third party contract manufacturing, e-commerce and corporate alignments.