California Gold Mining (CSE: CGM) (OTCQX: CFGMF) on Wednesday announced its execution of an agreement with a North Carolina-based private hemp-CBD production company for the sale of CBD Isolate produced from the company’s wholly-owned, high-CBD hemp biomass. Per the update, the agreement is in addition to one previously announced on January 15, 2020 related to the sale of the company’s Zero-THC Distillate. “The execution of a second sale agreement within a few days of executing the first is a testament to the high quality of CGM’s various refined products, and management’s commitment to achieving positive cash flow in Q1 2020,” California Gold’s President and CEO, Vishal Gupta, said in the news release. “CGM’s board of directors recognizes that diversification of the company’s revenue stream will be critical to long-term sustainability of positive cash flow in this nascent hemp-CBD sector. With this goal in mind, management continues to explore additional avenues for revenue generation from the company’s hemp business segment.”
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About California Gold Mining Inc.
California Gold Mining Inc. is focused on continued development of a high-quality gold resource on its 100%-owned Fremont property in Mariposa County, California. The Fremont property consists of an entirely private and patented land package totaling 3,351 acres of historically producing gold mines, with a state highway, PG&E electric substation and abundant water present on the property itself. The Fremont property lies within California’s prolific Mother Lode Gold Belt that has produced over 50 million ounces of gold. The company purchased the Fremont property in March 2013. The company also has an outdoor, high-CBD industrial hemp biomass cultivation operation on its Grove Road Farm property in Kendall County, Illinois. The company plans to use a portion of cash flow from its hemp biomass and hemp seed operations to continue development of its gold business, with minimal dilution for shareholders. The company’s technical report in respect of the Fremont Property prepared pursuant to National Instrument 43-101 is available on SEDAR at www.sedar.com and on the company’s website at www.CaliGold.ca.
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