Genetics specialist High Grade Hemp Seed (HG) of Colorado has been acquired by Santa Fe Farms, a New Mexico company that has mapped out a broad-based industrial hemp portfolio.
Sante Fe acquires HG’s significant seed inventory of proven hemp varieties, a strong background in R&D of new industrial and hybrid strains, and an established network of U.S. and international customers. HG has distribution in Europe through Swiss Cannabinoid, Stabio, Switzerland.
Terms of the deal were not disclosed.
HG is a fit, in part, based on Santa Fe’s existing Latin American joint venture with AgribiotecnologÍa de Costa Rica, which also develops hemp genetics, the companies said in a press release.
“In addition to their expertise in the cannabinoid genetics space, High Grade Hemp Seed brings expertise in the industrial hemp space,” Santa Fe’s CEO and Chairman Steven Gluckstern said of the acquisition.
High Grade Founder Bodhi Urban said the deal positions his company to further expand its work with fiber hemp varieties. “It feeds nicely into the Santa Fe Farms ecosystem that has ties to industrial research, as well as the ongoing pursuit of genetics for CBD as an ingredient,” Urban said.
Santa Fe is pursuing opportunities up and down the industrial hemp supply chain and across several sectors. Beyond genetics, the company set up units in cultivation and post cultivation services, processing and manufacturing, consulting, wholesale, white label and retail sales – spanning such sectors and business activities as cannabis testing laboratories, trading and management of feminized seed, biomass and flower, chemical applications and building materials and systems.
The company is also developing HempTraxx, a hemp supply chain tracking service based on Smart Contract as a Service (ScaaS) blockchain technology, and has plans to build a hemp processing factory.
New Mexico grower
Santa Fe Farms, based in Moriarty, New Mexico, said it harvested hemp from more than 130 acres and 17,000 square feet of greenhouses last year.
HG will maintain offices in Colorado, where it is based in Longmont.
In its most recent previous acquisition in September 2020, Santa Fe acquired New Mexico-based FathomNM’s post cultivation services to add to its hemp operations in the state.