DALLAS, Jan. 7, 2015 /PRNewswire/ — Algae International Group, Inc. (OTC: ALGA), through its operating subsidiary American Seed amp; Oil Company, today announced having secured financing to construct a new facility to grow medical marijuana in the State of Maine. The Company has previously announced plans to expand an existing medical marijuana operation in the State of Maine. The financing announced today will enable the previously announced expansion with the construction of a multi-room indoor grow facility to include a client reception and waiting area. A private lender has agreed to provide funds secured by the facility and the forecasted performance of the grow operation.
Look for more information on the State of Maine operation to be published on the Company website in the near future: www.americanseedandoil.com
Vermont Hemp Operations
In addition to the medical marijuana operations in the State of Maine, the Company announced in October 2014 that it had conducted the largest legal hemp harvest within the State of Vermont in nearly 60 years.
The Company recently secured commitments from farmers in the State of Vermont that could potentially enable cultivation of 1,000 acres of hemp in 2015. The Company continues to work in building interest from farmers throughout the State over the winter season to attract grow partners to increase total Hemp acreage to be cultivated in the upcoming season.
Steven Rash, the CEO of Algae International Group, Inc. commented, In addition to our operations in Vermont and progress in New York, we are very pleased to announce the filing of an application to potentially expand our Hemp operations into the State of Kentucky. The possible expansion into Kentucky will assist in expanding our Industrial Hemp production, and increase inventories for processing the hemp biomass into CBD oil and other refined products.