DENVER, Colorado, Oct. 03, 2019 (GLOBE NEWSWIRE) -- Two Rivers Water & Farming Company ("Two Rivers") (OTCQB: TURV), a vertically integrated agricultural, water rights and consumer products company, announces its forecast for the hemp crop planted on the Butte Valley Farm in Huerfano County, Colorado. The crop consists of approximately 15 acres and is expected to be ready to harvest during the first or second week in November. The yield on the crop is expected to sufficiently supply the hemp requirements for the internal Gramz whole-plant based consumer brand line and the specialty smokable line, Cannasmokes. After the harvest, Two Rivers also expect to have sufficient seedlings for a full planting on the 158-acre existing farm in Butte Valley and has started a propagation facility in Springfield, CO to grow additional seedlings for next year. The company is planning to share crop the remaining irrigated 300+ acres next season.
As discussed in the September investor call, one of the goals of this pilot farming program in 2019 was to test the existing farming and water infrastructure, including the water diversion dam used for irrigation for larger scale future plantings. The severe weather experienced this season exposed deficiencies in the infrastructure caused by improper maintenance of the ditch and dam for the property during previous years. Additionally, the company determined that a lack of proper onsite management exacerbated the problem which the company plans to correct in the operating plan for 2020. The maintenance issues were primarily the result of a lack of funding and misspent resources over the last several years.
“The unfortunate lack of attention from onsite management, combined with the previous management team’s failure to keep these water systems in place put our 2019 harvest at great risk. Under the circumstances, we feel fortunate to have recovered 15 acres of hemp.” says Greg Harrington, CEO of Two Rivers. “Our tenant farmer planted their crop about a month prior to us and they lost 90% of their harvest due to the same circumstances. When the storms hit us, the diversions were unable to handle the water flow and they failed. Fortunately, we can fix these issues for the future.”
About Two Rivers
Two Rivers is a Colorado-based agribusiness company pursuing a mission to become a leading hemp-based seed-to-sale operator. The company owns agricultural land and water rights in Southern Colorado where it grows various strains of hemp with proprietary genetics. Two Rivers sells biomass, processes and extracts phytocannabinoids and is developing a consumer brand based on its Nature's Whole Spectrum™ approach. To learn more about Two Rivers, visit www.2riverswater.com and www.vaxaglobal.com.
Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors, including the inherent uncertainties associated with developing and acquiring land and water resources. There can be no assurance Two Rivers will be able to initiate and operate in accordance with its business plans. These forward-looking statements are made as of the date of this news release, and Two Rivers assumes any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
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