In June 2016, LGC acquired a 10% interest in The Cuba Mountain Coffee Company Ltd (“CMC”), an English company founded in 2013 to promote, on a worldwide basis, single-origin gourmet coffee from Cuba’s famous Guantanamo Region, both as green beans and also via CMC’s own bespoke coffee brand, “Alma de Cuba”.
CMC has signed a Letter of Intent, in April 2015, and an International Economic Association Contract (“IEA”) has been discussed and is going through the various stages of Cuban government approval with Grupo Agro Forrestal and Empresa Procesadora de Café Asdrúbal López Vazquez (“AL”) for green bean coffee supplies. AL is a part of the Ministry of Agriculture/Grupo Agro Forrestal, which controls the majority of the green coffee processing in Cuba.
CMC is working towards formalising a definitive ten-year (extendable) IEA with AL in the Guantanamo Province that will provide, over a five-year period, capital and equipment to improve the processing and quality of green beans from the region. In return, CMC will obtain the rights to an increasing proportion of this production for global marketing. CMC is working towards finalising the definitive IEA by the end of 2016.
CMC has already established an E-commerce website (www.almacuba.com) for its Gourmet coffee brand, “Alma de Cuba” and retails its coffee through major retail outlets.