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Syndicate seeks $50 million to buy farm land
California based Western Farmlands Inc plans a land investment syndicate to buy drought stricken farms and lease them back. Investors must commit at least $1 million to raise 20 to 50 million. Critics warn the move could erode family farms and trigger broader economic risks. Congress members Panetta and Scott call for hearings and tighter limits on non agricultural investors.
MENTIONED IN THIS ARTICLE
Western Farmlands, Incc
California
Malcolm MacNaughton
U.S. House of Representatives
Leon Panetta
D-Cal
Agriculture Committee
Panetta
John W. Scott
National Grange
the Grange
A-Land Fund 1