California-based Limoneira Co. and Cadiz Inc. have announced the expansion of their existing agricultural development plan. Limoneira has acquired 200 acres of lemon trees from Cadiz and one of its tenant companies for $1.2 million, and under a new lease agreement between the two companies, Limoneira now has the right to plant up to 1,480 acres of lemon trees over the next three years at Cadiz’ Cadiz Ranch operation in the Cadiz Valley, California. The new trees will be productive by the beginning of fiscal year 2017, and the project aligns in a complementary way with recent investments that Limoneira has made in Chile and Arizona, and plays to its long-term growth strategy of adding productive properties to its portfolio. For Cadiz, the agreement is a positive addition toward its commitment to the sustainable agricultural development of its Cadiz Valley operation.
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