Hong Kong-listed construction and blockchain investment company Grandshores Technology has announced its plan to cultivate cannabis with a local partner in Heilongjiang on Wednesday evening.
Industrial cannabis, or hemp, contains a very low level of THC, the chemical responsible for marijuana’s psychoactive effect. Helongjiang is the second Chinese province, after Yunnan, which has legalized the cultivation of industrial cannabis.
Grandshores Technology’s local partner, Daxinganling Baicheng Hemp Planting Farmers Professional Cooperative, can tend more than 1,000 acres of industrial cannabis. Grandshores Technology has reportedly already cleared at least 3,000 acres of land and has permission to plant industrial cannabis, according to ODaily, an online media outlet with a focus on the blockchain industry.
Grandshores Technology, a construction services provider formerly known as SHIS Ltd., expanded its business operation to invest in blockchain startups and cryptocurrency projects in May 2018.