The agreement includes provisions for jointly pursuing retail distribution and direct sales to commercial growers, new product development utilizing ONIT as an ingredient or additive to Agtech Global’s products, and assistance in developing new Agtech products by ONIT’s science team. Additionally, ONIT will leverage Agtech Global’s strong presence in Australia and New Zealand to expand into those expansive and highly lucrative territories.
“Agtech Global and ONIT Sciences are on parallel trajectories in the organic cannabis and hemp industry,” stated Gerry Martin, ONIT’s chief executive officer. “Agtech is committed to the same principles that drive ONIT: helping growers produce healthier, more disease resistant and higher yielding plants through the use of organic, natural, non-GMO input technologies. This agreement is expected to help accelerate ONIT’s growth plan, as it touches all phases of business, including R&D, marketing, distribution, and sales.”
The first project ONIT and Agtech will jointly service is a 1,600-acre hemp grow in Kings County, California. This project is expected to yield significant recurrent revenue to both companies. The growers have secured options to expand operations to as much as 25,000 acres, making the potential value of this single project a multi-million dollar a year opportunity.