Queensland Bauxite kicks off mass hemp food production and farming, ready to hit market in January

Queensland Bauxite ASX QBL hemp food production Vitahemp

Queensland Bauxite’s (ASX: QBL) subsidiary Medical Cannabis has kicked-off mass hemp food production and farming for its Vitahemp product suite which is scheduled to hit the market next month.

About 60 tonnes of hemp seed has been stockpiled in storage ready for incorporation into Medical Cannabis’ Vitahemp product suite.

The initial sample range was introduced to Queensland Bauxite shareholders at the Health and Innovation Expo earlier this week which, according to the company, was a “success” with shareholders snapping up the free samples and multiple orders placed from the wholesale market.

About 20t of the stored hemp seed was transported to the Waltanna Farms processing facility to develop oil, protein and flour. Joint venture company Waltanna Hemp Group will be carrying out the processing.

An additional 10t is planned for delivery to Hemp Hulling Co for seed processing, which combined with the Waltanna products, will form the majority of the upcoming Vitahemp launch.

With mass hemp food production underway, in Australian first, Medical Cannabis imported 20 tonnes of seed, which the company’s contract farmers will plant.

The Australian Quarantine and Inspection Service cleared the country’s largest hemp food sowing seed shipment which, once planted, is expected to yield an extra 500t of seed.

Queensland Bauxite claims this may assist with meeting the scheduled Vitahemp production ramp up in March 2018.

To satisfy the burgeoning demand for Vitahemp products, Medicinal Cannabis will also plant a larger autumn crop.

The Queensland Bauxite board said it was “pleased to see the team at Vitahemp meeting its milestones under its business plan for the roll out of its premier gold star quality brand.”

Vitahemp is now working on filling its wholesale market orders, which it plans to complete in the coming weeks after the first bulk production run.

By early afternoon trade, Queensland Bauxite’s share price had risen 10% to sit at A$0.077.

Lorna has more than 10 years’ experience as a finance journalist and editor. She has written for an array of industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has covered a myriad of small and large cap ASX and dual-listed stocks.