The project is located in the Bayinnaoer Region of Inner Mongolia on 110,000 acres of agricultural land. The first year expected planting area is approximately 5,000 acres, second year is 10,000 acres, and the third year is 30,000 acres. Yasheng Group is responsible sales and marketing and providing seeds, seedlings, planting techniques, and fertilizer. Meng Yuan is responsible for the daily management of the crops including pruning, watering, fertilization, and weeding.
Hemp grown in Northwest China is known for the quality of its fiber, which is used to produce high-end clothing for export to Europe and Japan. Demand for hemp seed has also increased in recent years due to its popularity as a health food.
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the company’s various filings with the Securities and Exchange Commission. The company assumes no obligation to update these forward-looking statements.