Alternate Health Corp. is entering into a 30-year joint venture agreement with the Alturas Native Band to support the development, production, research and extraction of CBD‘s used to create medicinal products.
Currently, Alturas is operating a 25,000 square foot indoor cannabis grow facility and the joint venture will use its production to develop cannabis-related medicine for testing and ultimately selling in California and potentially worldwide.
On December 11, 2014, the US Justice Department held over that Native Americans can grow and sell cannabis on Native reserve lands in accordance with state laws.
“We are extremely excited to partner with the Alturas Band,” said Jim Griffiths, CFO for Alternate Health. “We will bring our expertise in extractions and medicinal products to create a strong, stable and federally legal cannabis production operation in the state of California. We believe this relationship strongly positions Alternate Health for success in the this market.”
The facility, a 12 acre compound, will allow Alternate Health to manufacture substantial volume of sublingual, dissolvable pills and patches that can then be distributed to the many state compliant collectives and medical entities.
Alternate Health expects to close the joint venture transaction in early February and commence business in the spring of 2017. Alternate Health will receive 45% of the proceeds and the Alturas Native Band will receive 55%.