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Agrios Asia acquires Greenfields; jv to develop hemp fibre-based products
Vancouver, Canada-based Agrios Global Holdings Ltd, a data analytics driven agriculture technology and services company advancing the latest innovations in indoor growing science, has acquired Greenfields Agritech Limited , pursuant to a securities exchange agreement between Agrios, the Company's wholly-owned subsidiary, Agrios Asia Holdings Limited Greenfields and the sole shareholder of Greenfields. Under the transaction, Greenfields becomes a wholly-owned subsidiary of Agrios Asia.
Greenfields is engaged in the business of investment and acquisition of hemp projects in Asia. Greenfields formed a joint venture (jv) company with China’s Yunnan Hua Fang Health Management Co Ltd. Greenfields and Hua Fang hold a 65% and 35% ownership interest, respectively, in the jv. The jv is focused on research and development of hemp cultivation; processing and sales of hemp products; biotechnology research and application and import and export of goods and technology.
Through the jv, Agrios Asia intends to develop or acquire technology for using hemp fibre to replace high demand plastic products such as disposable utensils and as an alternative to wood fibre for items such as toilet paper. Once required licenses are in place, Agrios Asia will make use of the low-cost supply of hemp fibre to develop household products for the Chinese consumer market and for export outside of the Yunnan Province. Agrios expects to focus its business in China solely on the Yunnan Province for the next 12-24 months.
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