Acquires 50% of LP Biosciences LLC. Comstock acquired 50% of the equity of Lakeview Energy LLC’s subsidiary, LP Biosciences LLC (LPB), and agreed to provide the financing needed to retrofit LPB’s industrial scale solvent extraction and valorization facility in Merrill, Iowa to produce wholesale products from up to 200 thousand pounds per day of industrial hemp. Comstock issued 3,500,000 restricted shares of its common stock to LPB. Comstock also acquired 100% of MANA Corporation (MANA), an industrial hemp technology, development, marketing, and management company for 4,200,000 restricted shares of Comstock.Strength through collaboration. Agreements between Comstock, MANA and Lakeview call for Lakeview to provide construction, operating, administrative, logistics, commodities, and risk management services to LPB as they retrofit, operate, and expand capacity of the LPB facility. MANA has agreed to provide technology and marketing services with a focus on acquiring and using existing and new feedstock and offtake arrangements to supply the LPB facility.Increasing production profile. Once retrofits are complete in mid-2022, the LPB facility is expected to scale up to its nameplate capacity of 200 thousand pounds per day, or 36,500 tons per year of industrial hemp during its first few years of operation. The company projects throughput of 27,397 pounds per day in 2022, 50,000 pounds per day in 2023, 100,000 pounds per day in 2024, and 200,000 pounds per day in 2025. It will extract, remediate, and refine oil from industrial hemp, which represents a small portion of total feedstock biomass. The remainder is comprised mostly of cellulose which has a variety of applications.Rating is Outperform. In our view, Comstock is positioning itself as a leader in the future of sustainable and eco-friendly technologies that will meet the evolving needs of the 21st century economy. We think the company’s investments in battery recycling and cathode production, mercury remediation and gold extraction, and biosciences provide the company early entry into these nascent markets that offer attractive return potential. Read More >>