Marijuana Company of America and Global Hemp Group Provide Update on CBD Farm Joint Venture in Scio, Oregon
May 15 2018 - 8:00AM
via NetworkWire –
MARIJUANA COMPANY OF AMERICA
INC. (“
MCOA” or the
“
Company”) (OTC:MCOA) and joint venture partner
Global Hemp Group Inc. (CSE:GHG) (OTC:GBHPF) (FRANKFURT:GHG) (the
“Partners”) are pleased to provide an update on their CBD hemp
farming project in Scio, Oregon (the “
Project”).
Garden operations are well underway at the farm. The initial
nursery and propagation rooms for clones have recently been
expanded to an additional attached greenhouse as the team continues
to produce clones for planting in the current season. In order to
maximize planting density, an additional 20,000 high yielding CBD
hemp clones are being purchased and will be delivered before the
end of May to meet the targeted planting schedule of early
June.
Five additional greenhouses have now been purchased for the
project. The first two 30ft. x 120ft greenhouses are currently
being installed and will provide an additional 7,200 sq. ft. of
greenhouse space for the project. The three remaining 42ft x 96ft
greenhouses will begin installation before the end of May. When
installed, these additional greenhouses will increase greenhouse
space by a further 12,096 sq. ft., for a total of 19,296 active
greenhouse space.
The team will be planting the clones on the first 35 acres at
the farm. They will be planted “orchard style”, 4 to 5 feet on
center, with rows 5 feet apart to provide space for each plant to
receive sufficient sunlight, water and nutrients, and mature to
maximum size to produce the highest CBD yield possible upon
harvest.
The Scio farm will employ both traditional outdoor orchard style
cultivation and perpetual harvest in greenhouses. The Partners are
currently evaluating additional greenhouse technologies for
expansion of indoor cultivation space to augment its perpetual
harvest model square footage. This dual strategy will optimize
revenue generation throughout the year to minimize the impact of
single crop harvesting in October when most other hemp CBD farms
harvest and typically drive prices down. Market prices tend to
climb throughout the year as less biomass is available for
processing and distribution, as is occurring with current market
prices. Starting in August, it is expected that full spectrum CBD
oil will be in tight supply and prices will continue to climb until
after the October 2018 harvest season is processed.
The team is in the process of ordering the required equipment to
facilitate farm operations from planting through harvesting, drying
and storage.
In addition, the Partners are currently evaluating a field
analytics software application to be employed for data collection
and analysis to optimize farming operations. The software will be
used to evaluate the three cultivation methods being employed by
the Partners in 2018; high yielding CBD cultivars grown orchard
style outdoors in Scio, Oregon, perpetual harvest in greenhouses
also at Scio, and traditional dense field cropping with lower
yielding CBD cultivars in New Brunswick, Canada. Results will
assist the team in determining optimal yield per acre for future
expansion of acreage in both the United States and Canada.
"Our evolving project in Scio, Oregon highlights the quality of
the team in place as they continue to lean on their many years of
experience cultivating hemp. Activities such as these will
help to secure the raw oil that we will need for our hempSMART
brand of CBD infused products," says Donald Steinberg, CEO of
Marijuana Company of America. See our products at
www.hempsmart.com
“The Scio, Oregon high yielding CBD hemp project is something
that we have been working on putting together most of this year.
It’s great to see that the project is now officially underway, and
we look forward to sharing pictures and results of the operation as
we go forward,” stated Charlie Larsen, President of Global Hemp
Group.
About Marijuana Company of America,
Inc.MCOA is a corporation which participates in: (1)
product research and development of legal hemp-based consumer
products under the brand name “hempSMART™”, that targets general
health and well-being; (2) an affiliate marketing program to
promote and sell its legal hemp-based consumer products containing
CBD; (3) leasing of real property to separate business entities
engaged in the growth and sale of cannabis in those states and
jurisdictions where cannabis has been legalized and properly
regulated for medicinal and recreations use; and, (4) the expansion
of its business into ancillary areas of the legalized cannabis and
hemp industry, as the legalized markets and opportunities in
this segment mature and develop.
About Global Hemp Group Inc. Global Hemp Group
Inc., is headquartered in Vancouver, BC, Canada, with base
operations in Montreal and Los Angeles. The Company is focused on a
multi-phased strategy to build a strong presence in the industrial
hemp industry in both Canada and the United States. The first phase
of this strategy is to develop hemp cultivation with the objective
of extracting cannabinoids (CBD, CBG, CBN & CBC) and creating a
near term revenue stream that will allow the Company to expand and
develop successive phases of the strategy. The second phase of the
plan will focus on the development of value-added industrial hemp
products utilizing the processing of the whole hemp plant, as
envisioned in the Company’s Hemp Agro-Industrial Zone (HAIZ)
strategy.
Forward Looking Statements This news release
contains "forward-looking statements" which are not purely
historical and may include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such
forward-looking statements include, among other things, the
development, costs and results of new business opportunities and
words such as "anticipate", "seek", intend", "believe", "estimate",
"expect", "project", "plan", or similar phrases may be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Actual results could
differ from those projected in any forward-looking statements due
to numerous factors. Such factors include, among others, the
inherent uncertainties associated with new projects, the future
U.S. and global economies, the impact of competition, and the
Company's reliance on existing regulations regarding the use and
development of cannabis-based products. These forward-looking
statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that any beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance that
any such beliefs, plans, expectations or intentions will prove to
be accurate. Investors should consult all of the information set
forth herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-12G, our quarterly reports
on Form 10-Q and other periodic reports filed from time-to-time
with the Securities and Exchange Commission. For more information,
please visit www.sec.gov.
For more information, please visit the Company’s websites
at:
MarijuanaCompanyofAmerica.comhempSMART.comNetworkNewsWires/MCOA
Corporate Communications Contact:
NetworkNewsWire (NNW) New York, New York www.NetworkNewsWire.com
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