Jacksonville, FL -- March 06, 2018 -- InvestorsHub NewsWire --
mCig, Inc. (MCIG) (www.mciggroup.com), a leading distributor of
innovative products, customized packaging solutions, technologies,
and services for the global medical cannabis industry, announced
today that on February 26, 2018 FarmOn! Foundation was granted
permission to conduct an Industrial Hemp Agricultural Research
Pilot program through the New York State Department of Agriculture
& Markets.
The operation will be conducted through a joint venture between
NYAcres, Inc., a subsidiary company of mCig, Inc., and FarmOn!
Foundation. It is currently on schedule to organically plant its
first industrial hemp seed on 40 acres immediately.
In preparation of receiving the research permit, NYAcres Project
has been advancing and expanding its infrastructure and preparing
acreage and three green houses on the 220-acre Empire Farm, home to
FarmOn! WITH the NYAcres Project.
Industrial hemp is projected to increase 700% by 2020 from
current revenue forecasts at $600 million in New York State,
which has focused on economic development with expansion of
Industrial Hemp Research Permits, giving mid-size New York State
farms the opportunity to implement sustainable and organic
practices to promote efficiency and profitability with industrial
hemp research in CBD, food products and oil, textiles and pest
management. The partnership between mCig and FarmOn!
Foundation brings a significant, mutually beneficial opportunity,
investing in infrastructure for economic development in New York
State to help rebuild rural American farming.
“The business opportunity between NY Acres Inc. and FarmOn!
Foundation fosters innovative, profitable and organic farming
practices. We look to industrial hemp as an economic driver
in the great state of New York, with the state supporting our
agricultural community, having vision to rebuild local agriculture
for sustainable practices and rural prosperity through research and
investment,” said Tessa Edick, Chief Executive Officer of NYAcres,
Inc.
NYAcres expects to harvest 1,000 to 1,500 plants per acre of the
initial farmed 40-acres in its first harvest, with 80-acres planned
for the second harvest. Rotation of the acreage-parcels will
add balance to the farms nutrients, assuring the best soil
conditioning. This translates into approximately $100,000 per acre
in revenue, or a projected revenue of more than $4,000,000 for the
first harvest. Should we be able to plant second crop this
year, expanding to 80 acres, we will gross $12,000,000 in revenue
in the first two crop seasons. Net proceeds not reinvested in
infrastructure and expansion of services will be distributed 80% to
MCIG and 20% to FarmOn! Foundation. With a total of 180 acres of
farmable land, the NYAcres Project seeks to reach $35 million
annually by year three.
“Our Joint Venture with FarmOn! Foundation, puts MCIG in the CBD
business in a big way and opens the door for growing, researching,
developing premium hemp and CBD oil,” comments Paul Rosenberg, CEO
of mCig, Inc.
About MCIG Group (OTCQB: MCIG)
Headquartered in Jacksonville, Florida, mCig, Inc.
(www.mciggroup.com) is a diversified company servicing the legal
cannabis, hemp and CBD markets. mCig, Inc. is committed to being
the leading distributor of technology, products, and services to
fit the needs of a rapidly expanding industry.
For more information visit our
websites: https://www.mciggroup.com
About NYAcres, Inc., and The NYAcres Project: Owned by mCig,
Inc., the NYAcres Project is a joint venture between NYAcres, Inc.,
(80%) and FarmOn! Foundation (20%).
About the FarmOn! Foundation:
FarmOn! Foundation is a 501c3 non-profit organization + public
charity that creates and funds youth educational programming and is
working to preserve family farming in America. The FarmOn!
Foundation is a movement dedicated to bringing awareness to food
choices and sources, reinvigorating respect for farming and
inspiring young people to choose agricultural careers that will
create an economic engine connecting rural and urban marketplaces
to build local economies. Join our movement
today: http://farmonfoundation.org.
Safe Harbor
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained herein are
based on current expectations but are subject to a number of risks
and uncertainties. The factors that could cause actual future
results to differ materially from current expectations include, but
are not limited to, risks and uncertainties relating to the
Company’s ability to develop, market and sell products based on its
technology; the expected benefits and efficacy of the Company’s
products and technology; the availability of substantial additional
funding for the Company to continue its operations and to conduct
research and development, and future product commercialization; and
the Company’s business, research, product development, regulatory
approval, marketing and distribution plans and strategies.
Contact:mCig, Inc. Paul Rosenberg – CEO paul@mciggroup.com