Shineco, Inc. (“Shineco” or the “Company”;NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, specialized textiles, and various health and well-being focused plant-based products in China, announced today that the Company, through its wholly owned subsidiary Tenjove NewHemp Biotech Co., Ltd. (“TNB”), entered into a strategic cooperation agreement (the “Agreement”) with the Xingshan People’s Government of Hegang City of Heilongjiang Province (the “Government”).
Pursuant to the Agreement, both parties agree to actively promote the development of a complete industrial chain for industrial hemp including cultivation, harvesting, initial processing and fine extraction to form a local industry integration model and to achieve a new industrial scale economy.
As part of the Agreement, both parties plan to develop a 20,000 mu (approximately 3,295 acres) high-quality industrial hemp project and expect to complete the cultivation of the first 500 mu in 2019. Besides conducting joint research and development on several new varieties of industrial hemp, both parties also agree to establish an industrial hemp farm, a CBD Extraction Industrial Park, an Industrial Hemp Research Center affiliated with the China’s Academy of Science, and an Industrial Hemp Workstation sponsored by the City of Hegang of Heilongjiang Province.
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