SAN DIEGO, U.S. — CLR Roasters, a Miami, Florida based company and wholly owned subsidiary of Youngevity International, Inc., announced today an expansion of their operating partnership with H&H Coffee Group Export as the parties have entered into an exclusive arrangement to cultivate hemp grow and the extraction of hemp derived cannabinoids into hemp-based crude oil in the Chagüitillo, Sebaco – Matagalpa region of Nicaragua for sales and distribution of hemp derived ingredients abroad.
The program will leverage the intellectual property of YGYI‘s Khrysos Industries, which manufactures Hyper Super Critical CO2 extraction systems, with CLR Roasters and H&H Coffee Export Group’s expertise in agriculture and the creation of field to finish products.
This project has been approved by the Nicaraguan Investment Authority, and is being fully supported by all agricultural ministries, as well as national and regional regulatory bodies. The designated hemp grow areas will have oversight from the National Compliance Bureau of Nicaragua to ensure that the hemp crop complies with all government approved specifications.
The new partnership will consist of YGYI making the necessary investment in providing the initial purchase and installation of the required CO2 Hyper Super Critical Extraction Systems while H&H Coffee Group Export will contribute the initial land for the program. As the project scales, H&H Coffee Group Export will contribute up to 1,000 acres of fertile lands with proper water rights in Chagüitillo, Sebaco – Matagalpa for the Hemp grow and harvest and the partnership will finance equipment needs as necessary.
“H&H Coffee Group has always been committed to the welfare of the community, and we are proud to continue expanding our presence in Sebaco – Matagalpa. Moreover, we are overwhelmed with gratitude to the state entities that have made this investment possible,” says Alain Piedra Hernandez, Owner and CEO, H&H Coffee Group Export.
This new venture will have an immediate economic impact, including significant investment in infrastructure by local and regional Government Agencies of Nicaragua as they provide road improvements, expanded electrical services and oversight, security, and social improvement programs which is estimated to bring over 1,000 new jobs to the people in the Sebaco – Matagalpa region.
Marisol Siles, President, H&H Coffee Group Export C.I. LTD. added, “We are incredibly grateful and excited to have been given an opportunity to develop a new industry with both social and economic benefits for the people of Nicaragua.”
Dave Briskie, President and CFO of Youngevity stated, “We have invested heavily in our Nicaragua based operations over the last several years. We believe we are now beginning to recognize sustainable returns on this investment. We have immense gratitude for the hard work and dedication provided by Ernesto Aguila, the President of our Coffee operations, and with our loyal partners Alain Piedra Hernandez and Marisol Siles of H&H. We strongly believe that this new venture will further strengthen our partnerships in Nicaragua and anticipate that this project will open up opportunities for other countries in Central America.”
Dr Dwayne Dundore, the President of Khrysos Industries, stated, “We just received our Hemp Seed Dealer License from the State of Florida last week and it looks like we will be putting it to good use on this project. We believe the climate in Nicaragua is conducive to several hemp harvests per year. I am really impressed with the forward thinking of Nicaragua’s national and local agencies that makes this project possible and it will be gratifying to see our extraction capabilities setting a standard for the Hemp Industry in Central America.”