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$ALGA Begins Production of Hemp in the State of Vermont

(NEW YORK)--Algae International Group, Inc. (OTC:ALGA), through its operating subsidiary American Seed & Oil Company, Inc., is embarking on the production of hemp as feedstock for its pending hemp oil business.

Hemp Production in Vermont

The Company has already begun the process on hemp production in the state of Vermont to grow hemp for feedstock for their future hemp oil business. According to their website, the Company has already contracted hemp growers within the state of Vermont, and that planting for this crop has already been completed.

The hemp that will be produced will be developed as a feedstock for the production of hemp oil for the commercial market, and will also explore a number of other cannabis related consumer health products as well.

In June 2014, Vermont signed into law a bill that legalizes the cultivation of cannabis sativa, a relative of marijuana that proponents say could be a lucrative value-added crop for Vermont farmers.

ALGA is a relatively new player in the active sector, but with such a low float, and hemp production already moving ahead, ALGA could draw in traders interested in the marijuana sector and place this deal on some new radars.

Share Structure

ALGA currently has 30 million shares issued and outstanding, with a public float of only around 450,000 shares. Based on a current price of $0.07 per share gives ALGA a current market capitalization of only $2.1 million.

To get an idea of similar companies active within the hemp oil market you can look at Medical Marijuana, Inc. (OTC:MJNA), and Discovery Minerals, LTD (OTC:DSCR).

Pending Updates

The Company team has been busy wrapping up conferences, and has been busy wrapping up their initial planting of Hemp in Vermont. Going forward from here the company anticipates providing a number of updates in the coming weeks and months on their initial harvest, and plans for hemp oil production, and products.
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