ENTITY STRUCTURE & GOVERNANCE
Two Entities, One Mission — Grenada Chapter
A brother-sister dual entity model: CaribVista Land Trust Grenada (non-profit) activates idle spice land and employs local farmers. IAGRO SAT Caribbean (for-profit) provides satellite monitoring technology at arm's length pricing. Grenada's chapter integrates the GCNA and Grenada Cocoa Association as core governance partners.
BROTHER-SISTER MODEL // INDEPENDENT ENTITIES // COOPERATIVE GOVERNANCE
01 // ENTITY RELATIONSHIP
FOUNDER / COMMON LEADER
CEO of IAGRO SAT · Board of CaribVista (ex-officio, non-voting on conflicts)
SATIAGRO SAT Caribbean
FOR-PROFIT TECHNOLOGY COMPANY
Products:
- Sentinel-2 satellite monitoring (10m)
- ML canopy health classification
- NDVI/EVI vegetation indices
- Hurricane damage assessment
- Carbon MRV verification
- Spice crop yield forecasting
Owns all technology IP. Can serve any client.
CLTCaribVista Land Trust — Grenada
PROPOSED NON-PROFIT // NOT YET INCORPORATED
Mission:
- Lease idle spice land from Crown/private owners
- Employ and train local farmers
- Rebuild nutmeg/cocoa canopy at scale
- Partner with GCNA and GCA
- Coordinate with Grenada Chocolate Company
- Reduce food imports, create jobs
Non-profit. All revenue reinvested in mission.
ARM'S LENGTH SERVICE CONTRACT
CaribVista contracts IAGRO SAT for satellite monitoring at published market rates. Independently approved by board majority. Annual audit. Development finance partner right of review.
02 // GRENADA INSTITUTIONAL PARTNERS
Grenada's Agricultural Institutions
Grenada has mature agricultural cooperatives with decades of experience. The GCNA has managed nutmeg production since independence. The Grenada Chocolate Company proves world-class value chains are possible. CaribVista Grenada integrates these existing institutions rather than competing with them.
Grenada Cooperative Nutmeg Association (GCNA)
COOPERATIVE // STATUTORY BODYManages all nutmeg and mace marketing, quality control, grading, and export. Statutory body established by act of Parliament. Provides free seedlings for replanting. Central to post-Ivan recovery.
Role in CaribVista: Primary partner for spice production, quality standards, and market access. Board representation on CaribVista Grenada chapter.
Source: Grenada Cooperative Nutmeg Association Act, Chapter 100
Grenada Cocoa Association (GCA)
COOPERATIVE // INDUSTRY BODYSupports cocoa farmers with extension services, fermentation training, and market access. Partners with Grenada Chocolate Company. Promotes fine-flavour Grenadian cocoa internationally.
Role in CaribVista: Cocoa production partner. Extension services for farmer training. Quality assurance for export-grade and chocolate-grade cocoa.
Source: Grenada Cocoa Association registration, Ministry of Agriculture
Grenada Chocolate Company
FOR-PROFIT // SOCIAL ENTERPRISEWorld's first tree-to-bar, solar-powered chocolate factory. Founded 1999 in Hermitage, St. Patrick. International award-winning 71% single-origin dark chocolate. Fair-trade cooperative model.
Role in CaribVista: Technology and brand partner for chocolate value chain expansion. Model for vertical integration of cocoa production.
Source: grenadachocolate.com
Marketing & National Importing Board (MNIB)
GOVERNMENT // STATUTORY BODYHandles agricultural export logistics, trade documentation, and market development. Government body responsible for connecting Grenadian producers with international markets.
Role in CaribVista: Export logistics partner. Trade documentation and market intelligence. EU-CARIFORUM EPA compliance.
Source: MNIB Act, Government of Grenada
Ministry of Agriculture, Lands and Forestry
GOVERNMENT // MINISTRYNational agricultural policy, land allocation, forestry management. Administers duty-free import concessions for agricultural equipment. Oversees Grenada Lands Development Authority.
Role in CaribVista: Policy alignment, land access facilitation, regulatory approval. Duty-free equipment import concessions.
Source: Government of Grenada ministerial portfolio
03 // BOARD GOVERNANCE
Board Composition
7 board seats with mandatory independent majority. GCNA and GCA have permanent representation ensuring farmer voice in all decisions. Development finance observer seat provides funder oversight.
Independent Chair
Grenadian agriculture or business leader (non-GCNA, non-GCA)
INDEPENDENTGCNA Representative
Appointed by Grenada Cooperative Nutmeg Association board
INDEPENDENTGCA Representative
Appointed by Grenada Cocoa Association
INDEPENDENTCommunity Representative
Elected by farming cooperatives (annual rotation)
INDEPENDENTLegal/Finance Expert
Attorney or CPA with non-profit governance experience
INDEPENDENTCDB Observer
CDB-appointed representative (non-voting)
INDEPENDENTFounder
Ex-officio, non-voting on conflict matters
FOUNDERGOVERNANCE SAFEGUARDS
Independent Board Majority
CDB Procurement Procedures 2021At least 5 of 7 board members have NO financial relationship with IAGRO SAT
GCNA/GCA Representation
Grenada cooperative governance modelGrenada's two primary agricultural cooperatives have permanent board seats — ensures farmer voice
Written Conflict of Interest Policy
Grenada Companies Act Cap. 158Adopted at incorporation, signed annually by all board members and officers
Recusal Protocol
CDB conflict of interest standardsFounder recuses from ALL votes on own compensation and any IAGRO SAT contract
Arm's Length Pricing
OECD Transfer Pricing GuidelinesAll IAGRO SAT services priced at or below market rate, with competitive bids documented
Annual Independent Audit
Grenada Companies Act / CDB requirementBy external firm with no relationship to either entity
Public Disclosure
CDB due diligence requirementEntity relationship disclosed in annual reports, grant applications, board minutes
Separate Bank Accounts
Grenada Companies Act Cap. 158No commingling of funds between CaribVista and IAGRO SAT
04 // SERVICE PRICING
IAGRO SAT Service Pricing
Transparent, tiered pricing that decreases per hectare at scale. Published rates, independently verifiable against market comparables (Farmonaut, EOSDA, Cropin, Planet Labs).
| Scale | Base Fee | Per Ha | Hurricane | Total | Effective $/ha |
|---|
| Pilot (500 ha) | $18,000 | $42 | $4,000 | $43,000 | $86/ha |
| Medium (2,500 ha) | $18,000 | $35 | $8,000 | $113,500 | $45/ha |
| Full (9,690 ha) | $18,000 | $28 | $15,000 | $304,320 | $31/ha |
Market comparables: Farmonaut ($3-8/ha/month), EOSDA ($30-100/ha/year), Planet Labs ($100-500/ha/year for daily imagery). IAGRO SAT at $31-86/ha/year is competitive at the lower end of the market range.
Source: OECD Transfer Pricing Guidelines | Published vendor pricing 2024-2025
05 // REVENUE TRAJECTORY
10-Year Financial Trajectory
| Year | Hectares | CV Revenue | CV Expenses | CV Net | IAGRO Fee | IAGRO Net |
|---|
| Year 1 | 500 | $8.2M | $6.8M | $1.4M | $43K | $-15K |
| Year 3 | 2,500 | $52.6M | $32.1M | $20.5M | $114K | $35K |
| Year 5 | 5,000 | $128.4M | $68.2M | $60.2M | $208K | $88K |
| Year 10 | 9,690 | $308.9M | $142.6M | $166.3M | $304K | $160K |
Key insight: IAGRO SAT's revenue from Grenada alone is modest ($304K/year at full scale). The business case for IAGRO SAT is the multi-country portfolio — 15 countries with 459,500 ha accessible idle land (filtered from 10.3M ha satellite grassland through tenure, infrastructure, soil, and protected-area exclusions). CaribVista Grenada's net income of $166.3M at Year 10 is reinvested entirely into the mission: spice replanting, farmer wages, food security, and the Social Impact Fund.
06 // CHOCOLATE PARTNERSHIP MODEL
Grenada Chocolate Company Partnership
The Grenada Chocolate Company has proven that tree-to-bar chocolate production is viable and profitable from a small Caribbean island. CaribVista proposes a partnership to scale cocoa production from 500 ha to 2,400+ ha, expanding the factory and creating a second production line.
CURRENT STATE
Single factory in Hermitage, St. Patrick
Approximately 50-100 ha of cocoa supply
Award-winning 71% single-origin bars
Solar-powered, carbon-neutral
Limited production capacity
PROPOSED EXPANSION
Second factory line funded by CaribVista/development finance
2,400+ ha cocoa agroforestry supply base
Multiple origin-designated product lines
Expanded solar capacity, zero-emission
Revenue: $30,000-80,000/ha (tree-to-bar)
07 // DEVELOPMENT FINANCE PATHWAY
Development Finance Investment Pathway
Tranche 1: 500 ha pilot in St. Patrick
$4.8MYear 0-1: Historical nutmeg/cocoa belt. Land preparation, nursery, short-cycle crops. GCNA seedling partnership.
Tranche 2: Scale to 2,500 ha
$18.5MYear 1-3: Expand to St. Andrew, St. David. Processing infrastructure. Chocolate factory expansion. First organic certification.
Tranche 3: Scale to 5,000 ha
$24.3MYear 3-5: Full spice processing facility. Cold chain. Carbon credit registration. MNIB export terminal upgrade.
Tranche 4: Full 9,690 ha activation
$25.0MYear 5-10: All 7 divisions. Mature canopy carbon monetisation. Regional spice hub. Hurricane resilience infrastructure.
TOTAL INVESTMENT
$72.6M
Over 10 years across 4 tranches
$25-30M
Development Finance (CDB/IDB)
Grant + concessional loan blend
$15-20M
EU Co-financing
EPA trade facilitation
$15-20M
Private Sector
Grenada Chocolate Co. + processors
$5-10M
Gov. In-kind
Land, duty-free, extension
08 // REGIONAL CONTEXT
Grenada in the 15-Country Initiative
JM
Jamaica
85,000 ha
Phase 2TT
Trinidad & Tobago
22,000 ha
Phase 2GY
Guyana
180,000 ha
Phase 3SR
Suriname
45,000 ha
Phase 3DO
Dominican Republic
143,000 ha
Phase 3Grenada's 9,690 ha is modest in absolute terms, but its spice and chocolate value chain generates revenue per hectare that exceeds most other countries. The Grenada chapter serves as the premium product model for the broader Caribbean Land Trust Initiative.
CARIBVISTA | IAGRO SAT CARIBBEAN // FEBRUARY 2026
© 2026 IAGRO SAT Caribbean. All rights reserved.
Sources: Grenada Companies Act, GCNA, GCA, Grenada Chocolate Company, MNIB, CDB, OECD
CaribVista Land Trust is a proposed entity — not yet incorporated.
CONFIDENTIAL — For named recipients only. Do not redistribute.