Marijuana Company of America and Joint Venture Partner Global Hemp Group Announce Start of Commercial Planting at Hemp Farm
High-yielding CBD hemp farming project on 35-acre land in Scio, Oregon
ESCONDIDO, Calif., June 18, 2019 (GLOBE NEWSWIRE) -- via NetworkWire - MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTCQB: MCOA), an innovative hemp and cannabis corporation, along with joint venture partner Global Hemp Group (CSE: GHG/ OTC: GBHPF/ FRA: GHG), are pleased to announce the start of its commercial planting at its hemp farm in Scio, Oregon.
Marijuana Company of America previously announced its high-yielding cannabidiol (CBD) hemp farming project with joint venture partner Global Hemp Group in 2018. The Scio, Oregon, farm, operating under the name Covered Bridge Acres Ltd. (“CBA”), has finished preparing the 35-acre land for planting, which is now in the process of laying the last of the mulch and drip line. CBA is also in the process of obtaining organic certification. This season’s harvest was more environmentally friendly, with biodegradable plastic mulch brought in from Canada to eliminate the end-of-season environmental waste, thus reducing labor costs associated with its removal from the field.
The hemp plants used for this year’s cultivation have been produced from either sprouted seed or through CBA’s cloning operation that is done onsite at the Company’s greenhouses fully controlled by the CBA team. Genetics being used this year are of higher quality and more stable than those planted last year. The team expects to plant 40,000 to 50,000 plantlets this year, with a CBD content ranging from 12 percent to 15 percent. Any excess clones not required for the field will be sold or used for expansion. This year’s cloning operation has eliminated the need to purchase clones from third parties, as was required last season. This will reduce operating expenses in the current year by approximately $200,000.
The CBA team continues to prepare the greenhouses for constant harvest to produce high-quality, smokeable hemp flower. Trimmed, high-end flower, with less than 0.3 percent THC, currently wholesales for 10 times the price of CBD biomass that is going to extraction.
About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GHG) (OTC: GBHPF) (FRANKFURT: GHG) 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 Company is headquartered in Vancouver, British Columbia, with hemp cultivation operations in New Brunswick and Oregon. The first phase of this strategy is to develop hemp cultivation with the objective of extracting cannabinoids (CBD, CBG, CBN, and 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.
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 recreational 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 Our hempSMART Products Containing CBD
The United States Food and Drug Administration (FDA) has not recognized CBD as a safe and effective drug for any indication. Our products containing CBD derived from industrial hemp are not marketed or sold based upon claims that their use is safe and effective treatment for any medical condition as drugs or dietary supplements subject to the FDA’s jurisdiction.
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.
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Released June 18, 2019