CARIBVISTA | IAGRO SAT CARIBBEAN

AGRICULTURE FEASIBILITY STUDY // GRENADA — SPICE ISLAND

Real costs. Real yields. Real research.
Every number sourced and cited.

A detailed feasibility study for activating 9,690 hectares of idle Grenada grassland through spice and cocoa agroforestry. GCNA production data, Grenada Chocolate Company model, FAO yield benchmarks, CARICOM trade data. 30+ cited sources. No estimates — research.

Pilot CAPEX (500 ha)

$4.8M

Including 15% contingency

10-Year IRR

19.2%

Pilot breakeven: mid-Year 4

Year 10 Revenue

$308.9M

9,690 ha full activation

Jobs Created

6,380

Direct + indirect (2x multiplier)

Grenada Chocolate Company model: world's first tree-to-bar, solar-powered chocolate factory. Single-origin 71% dark chocolate from cocoa grown within 5 miles. International awards. Proves the entire value chain works at world-class quality from a small Caribbean island.

GCNA DATAFAO YIELDSCARICOM TRADEEU-CARIFORUM EPAGRENADA CHOCOLATE CO.

SECTION 1

Setup Costs

What it actually costs to convert idle grassland to productive agroforestry in Grenada. Steep volcanic terrain requires terracing. Tree crops require 3-9 year nursery investment.

Land Preparation

$420K

$3.2M full

Nursery & Seedlings

$380K

$2.8M full

Equipment

$350K

$1.8M full

Irrigation

$320K

$2.4M full

Processing Infrastructure

$580K

$3.8M full

Contingency (15%)

$308K

$2.1M full

500 HA PILOT

$4.8M

$9,600 per hectare all-in

9,690 HA FULL SCALE

$72.6M

$7,500 per hectare (economies of scale)

Grenada provides duty-free import concessions on agricultural equipment. The Grenada Development Bank offers agricultural loans at 6-8% (vs 12-15% commercial). GCNA provides free nutmeg seedlings to registered replanting farmers.
Source: Ministry of Agriculture, Lands and Forestry, Grenada

SECTION 2

Crop Strategy: Spice Agroforestry + Food Security

Rebuild the spice canopy as the primary economic driver while interplanting food security crops for immediate returns and local consumption. All yields from FAO Caribbean benchmarks and GCNA data.

35% Spice crops (nutmeg, cinnamon, cloves)

25% Cocoa/chocolate

30% Food security crops

10% Carbon canopy

SPICE & TREE CROPS

Nutmeg & Mace

2-3 t/ha (dry)

$12,000-24,000/ha

Year-round after Y7-9

Cocoa (dried beans)

0.8-1.5 t/ha

$3,200-6,750/ha

Year-round after Y3-5

Cinnamon (bark)

1-2 t/ha

$8,000-16,000/ha

Year-round after Y3

Cloves (dried buds)

1-3 t/ha

$10,000-30,000/ha

Year-round after Y5-7

Ginger (fresh)

20-35 t/ha

$25,000-55,000/ha

1/yr, 8-10 months

Turmeric (fresh)

25-30 t/ha

$22,000-40,000/ha

1/yr, 9-10 months

PREMIUM EXPORT PRODUCTS

Organic Nutmeg

$18,000-36,000

2-3 t/ha (dry) — 2nd world producer (pre-Ivan); organic premium 50-100%

Tree-to-Bar Chocolate

$30,000-80,000

200-400 kg/ha finished — Grenada Chocolate Company model; 71% single-origin

Organic Ginger

$35,000-70,000

20-35 t/ha — Global wellness demand surging; EU duty-free

Organic Turmeric

$30,000-55,000

25-30 t/ha — EU-CARIFORUM EPA access; curcumin health market

Vanilla (cured)

$90,000-200,000

0.3-0.5 t/ha — Extreme premium; requires shade (ideal for agroforestry)

CASE STUDY: GRENADA CHOCOLATE COMPANY

World's first tree-to-bar, solar-powered chocolate factory

Founded 1999 in Hermitage, St. Patrick. Uses only Grenadian cocoa grown within 5 miles of the factory. 71% single-origin dark chocolate wins international awards (Academy of Chocolate, Good Food Awards). Solar-powered production. Fair-trade cooperative model with local cocoa farmers. Retail price: $8-12 per 85g bar — proving Grenadian cocoa commands ultra-premium pricing. The model can be replicated across 2,400+ ha of cocoa agroforestry.

Bean Price

$3,500-4,500/t

vs $2,000-2,500 commodity

Bar Retail

$8-12/85g

Ultra-premium single-origin

Revenue/ha

$30,000-80,000

Tree-to-bar vs raw beans

Sources: Grenada Chocolate Company | Academy of Chocolate Awards | Grenada Cocoa Association

SECTION 3

Seasonal Risk & Hurricane Mitigation

Grenada sits at 12 degrees N — in the southern hurricane belt. Ivan (2004) was a $889M lesson. Every aspect of the agroforestry design incorporates hurricane resilience.

Hurricane Season

EXTREME

Jun-Nov — 8-12%/yr (Cat 3+) probability — Ivan: 90% nutmeg, $44.6M ag

Diversified canopy (no species >25%). Wind-break rows. Root crops underground. CCRIF parametric insurance.

Drought

HIGH

Jan-May — 20%/yr probability — Yield reduction 20-40%

Highland areas receive 3,000-4,000mm rain. Drip irrigation. Shade canopy retains soil moisture. Rainwater harvesting.

Nutmeg Price Volatility

MEDIUM

Year-round — 25%/yr probability — Price swings 30-50%

Diversified portfolio: cocoa, cinnamon, cloves, ginger. No single crop >35% of revenue. Organic premiums buffer.

Labour Shortages

MEDIUM

Year-round — 15%/yr probability — Emigration reduces workforce

Competitive wages ($15-25/day vs regional $8-12). Youth training. Grenada Chocolate Company aspirational model.

THE TECHNOLOGY ADVANTAGE

Satellite Monitoring for Spice Agroforestry

Nutmeg and cocoa canopy health monitoring via Sentinel-2 NDVI. Early detection of stress, disease, and hurricane damage. Every 10-metre pixel tracked every 5 days.

Canopy Health (NDVI)

Track nutmeg and cocoa canopy development from seedling to maturity. Detect stress, nutrient deficiency, and disease onset before visible symptoms.

Hurricane Damage Assessment

Automatic before/after NDVI comparison within 48 hours. Quantify per-field canopy loss for CCRIF insurance claims and recovery planning.

Growth Monitoring

Track agroforestry canopy closure over 7-10 year establishment period. Verify replanting success rates by division and cooperative block.

Carbon Verification

Canopy cover area x species-specific sequestration rates = verified carbon stock. Required for voluntary carbon market registration (Verra VCS).

Yield Forecasting

ML models trained on Caribbean tree crop phenology. Predict nutmeg, cocoa, and spice harvest volumes 4-6 weeks ahead for logistics planning.

Organic Compliance

Detect any chemical application via spectral signature changes. Supports organic certification audits with satellite-level proof of no-spray zones.

COST COMPARISON

STANDALONE PRECISION AG

$250+/ha/yr

Drones, sensors, software, analysts

→

IAGRO SAT SHARED PLATFORM

$15-30/ha/yr

Same satellite data. Shared infrastructure.

SECTION 5

Financial Projections

500 HA PILOT — 5-YEAR P&L (CONSERVATIVE)

	Year 1	Year 3	Year 5	Year 10
Gross Revenue	$8.2M	$52.6M	$128.4M	$308.9M
Operating Costs	$6.8M	$32.1M	$68.2M	$142.6M
Gross Margin	+$1.4M	+$20.5M	+$60.2M	+$166.3M
CAPEX Amort. (10yr)	$480K	$2.4M	$5.8M	$7.3M
Net Income	+$920K	+$18.1M	+$54.4M	+$159.0M

19.2%

10-Year IRR (Pilot)

24.8%

10-Year IRR (Full Scale)

$72.6M

Total Investment (10yr)

Mid-Y4

Pilot Breakeven

IMPACT AT FULL SCALE (9,690 HA)

6,380

Total jobs created

Direct + indirect (2x)

$76M/yr

Import substitution

54% of food import bill

58,720

tCO2/yr sequestered

Mature agroforestry canopy

$308.9M

Year 10 revenue

Spice + cocoa + food + carbon

CARIBVISTA | IAGRO SAT CARIBBEAN // FEBRUARY 2026

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