Cadiz Inc. is focused on realizing the long-term highest and best use of our significant assets. This year, we have completed transactions to improve our balance sheet and have begun implementing a business plan that includes more actively developing agricultural operations while continuing to pursue our water project – which will deliver much-needed water to communities in need. Thus far, we have prepped 1,000 acres for new plantings – including 240 acres of hemp, drilled three new wells expanding our irrigation capacity to 18,000 acre-feet per year, and prepared for our first commercial hemp harvest.
We now have over 2,000 acres under irrigation for lemons, vegetables and hemp and continue to plan for additional acres to be developed in 2021 based on the success of our crops. We will also continue permitting and developing the assets required for the Water Project, as we seek to help solve the continued demand for sustainable solutions to California water challenges. Our Water Project development will be conducted in complement to our agricultural expansion.
As we continue development of our assets, it is prudent to secure the flexibility to finance investments in our business plan as they become needed. On Monday, we filed an S3 registration statement that allows for potential issuances of debt and equity securities up to $150 million in the event we deem certain issuances the best option for our company and shareholders in the coming months. The objective is to facilitate our ability to accommodate the smartest investment vehicle for our company should we choose to utilize it. This is a proactive strategy to prepare for positive asset development.
We have 3 years to make any issuances under this S3. Any issuance of securities would be noticed to the market via a Prospectus Supplement filing.