LAS VEGAS, NV, Dec. 04, 2017 (GLOBE NEWSWIRE) -- mCig, Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis markets, is pleased to report that its wholly owned subsidiary, NYAcres, Inc., is focused on hemp propagation, production, research, and distribution of organic industrial hemp and hemp by-products, projects a total revenue of $10 Million in its first year of operation.
With the cultivation process underway, using temperature-controlled greenhouses for propagation, unique and cutting-edge irrigation and proper field preparation for Industrial Hemp planting, using chemical-free pest and mold mitigation, NYAcres expects to harvest 800 plants per acre of the 40-acre farm in the first harvest. In the same season, another 80-acre parcel is planned for the second harvest, with 800-1000 plants per acre. Rotation of the acreage-parcels will add balance to the farms nutrients, assuring the best soil conditioning. This will translates into approximately $90,000 per acre in revenue, or a projected revenue of more than $10,000,000 in a first year of operation, where 80% proceeds from sales will be distributed to MCIG and 20% to FarmOn! Foundation. After the 1st harvest, plans to re-invest into the farm infrastructure, to expand from the initial 40 acres, will only benefit and speed up the ultimate profits. $20m annually is a reasonable goal for this project. With New York’s current favorable horticultural and economic climate for hemp in place, NYAcres, Inc. is moving aggressively to scale up projects and negotiate deals with Northeast US Farms.
“We look forward to combining our technology, equipment and know-how in the cultivation of a high yield and superior quality organic industrial hemp, contributing to the booming market while getting positioned and taking a foothold.” comments Tessa Edick, CEO of NYAcres, Inc. and Chairwoman of FarmOn! Foundation.
Being that the FarmOn! Foundation and its partnership with SUNY and Cornell College of Agriculture and Life Sciences, actively research farming in many ways providing young adults the opportunity to learn agriculture, NYAcres first 40-acre harvest will teach many things about growing the farm larger in each season with high-CBD producing varieties of industrial hemp plants permitted by the State of New York. The success of the farm and high-quality essential oils produced will generate the ability to produce innovative new products for the Hemp-based consumer market. Expected to grow 700 times in 2018, the Hemp and CBD Industry is a huge focus of the US Agriculture Industry. In partnership with FarmOn! Foundation, MCIG will create a strategic advantage in this exploding market, not only generating a large revenue stream, but also working within the research and development of organic and sustainable farming techniques and nutraceutical, holistic product manufacturing and distribution.
NY acres plans to bring to the market finished products including CBD-Rich Full Spectrum Essential Oils, Distillate, and Isolate. Also R&D will take place with FarmOn!’s kitchen and culinary skills to develop hemp based CBD products for retail sale or white labeling. Bulk CBD may be offered on the commodity market to CBD product manufacturers. House-made products will wholesale and retail as desired.
“Our Joint Venture with FarmOn! Foundation, puts MCIG in the CBD business in a big way and opens the door for growing, researching, developing, and selling premium hemp and CBD oil, which contains a broad range of cannabinoids used to treat a growing population of CBD oil consumers. MCIG is now strategically positioned in both the fast-growing hemp market as well as the cannabis market.” comments Paul Rosenberg, CEO of mCig, Inc.
Hemp is a fast growing, high margin closely-related business to the cannabis business growing at a 22% CAGR currently valued at over $688 million, and estimated to grow to $1.8 billion by 2020 in the USA.
About the FarmOn! Foundation: FarmOn! Foundation is a 501(c)(3)non-profit organization and public charity that creates and funds youth educational programming and is working to preserve family farming in America. FarmOn! Foundation is dedicated to bringing awareness to food choices and sources and reinvigorating respect for farming, inspiring young people to choose agricultural careers to create an economic engine connecting rural and urban marketplaces to rebuild local economies. Join the movement today: http://farmonfoundation.org.
LAS VEGAS, NV--(Marketwired - Nov 29, 2017) - mCig, Inc. ( OTCQB : MCIG ), a diversified company servicing the legal cannabis markets, announced today that the company has entered into a definitive Joint Venture agreement with Empire Farm's FarmOn! Foundation in Copake New York. Together the partnership has formed NYAcres, Inc., a corporation 80% owned by mCig, Inc. focused on hemp propagation, production, research, and distribution of organic industrial hemp and hemp by-products.
The company is pleased to announce that cultivation process will start immediately on the initial harvest of 40 acres, allowing for a second harvest in late fall. The program will expand each year over 3 years, scaling up to 120 acres of organic industrial hemp bi-annually.
Uniquely located on the corner of three states, New York, Massachusetts and Connecticut. Empire Farm is a certified organic 220-acre working farm, home to the FarmOn! Foundation, founded in 1830 and associated with the Astor family. Nestled in an agricultural community in the heart of the Columbia County, the FarmOn! Academy is in partnership with SUNY and Cornell College of Agriculture and Life Sciences, providing young adults the opportunity to learn agriculture on an established working farm. Now home to NY Acres, Inc., the farm also offers 4 four-season heated hi-tunnel greenhouses lending its rich 'black gold' soil, suitable for hemp cultivation.
FarmOn! Foundation includes a strong collaboration of professional farmers, educators, influencers, supporters, nutritionists, students, and community leaders who believe in investing in the future of local agriculture by helping to rebuild local economies, enabling them to be resilient with sustainable agriculture. FarmOn! Foundation partners include SUNY, Cornell University, Google NYC Farm to Table Project, TasteNY, John Varvatos, Bronx Zoo, NYS Department of Agriculture & Markets, New World Foundation/Local Economies Project, Bloomberg Philanthropies, Christy & John Mack Foundation, Hudson Valley Fresh, Maple Hill Creamery, Yelp, Whole Foods Market, Modern Farmer, NBA, The Walt Disney Company, MLB at Yankees SI, Applegate, Edible Schoolyard Project and LetsMove.org
Industrial hemp is projected to increase 700% by 2020. New York State has focused on the economic development and expansion of Industrial Hemp Research Permits under Governor Andrew Cuomo, giving mid-size farms the opportunity to implement sustainability and organic practices to promote efficiency and profitability. The partnership between mCig and FarmOn! Foundation brings a significant, mutually beneficial opportunity, investing in infrastructure to help rebuild rural American farming.
"The opportunity between mCig and FarmOn! Foundation fosters innovative, profitable and sustainable farming. We look to industrial hemp as an economic driver in the great state of New York, with the leadership of Governor Cuomo supporting our agricultural community, having a vision to rebuild for sustainability and rural prosperity through research and investment," said Paul Rosenberg, CEO of mCig.
The Chairwoman of FarmOn! Foundation and CEO of NYAcres, Inc., Tessa Edick, brings a lifetime of agricultural and business experience, strategic partners and a wealth of knowledge in food and agricultural cultivation to the joint venture. Tessa Edick is connected to a lifetime of practical farming, is an established author, school food activist, food entrepreneur, founder and executive director of the FarmOn! Foundation, a 501(C)3 non-profit organization and public charity.
In 2016, Edick was appointed by Governor Andrew Cuomo to the Task force on Safe and Healthy Foods to develop NY Grown & Certified brands, and in 2015 appointed by executive order to the New York State Council on Food Policy and the Advisory Board for Edible Schoolyard by mentor Alice Waters. Edick was featured in the Oprah Magazine "O" list twice, as well as 16 SFT Sofi Awards (the Oscars of food). Edick also founded the Culinary Partnership, where her guidance helps both celebrity chefs and producers launch their recipes to retail shelves. In 2010, Edick started Friends of the Farmer Festival in the Hudson Valley and established the FarmOn! Foundation, as the benefactor, committed to raising awareness and respect to farmers, the real stars in food, while educating the public on the importance of honest food-choices and better school lunches, contracting dairy farms in the districts to supply school milk. FarmOn! Foundation offers programs for adults and youth, including a SUNY accredited Farm Academy, the theme of which is fostering the entrepreneurial spirit in agriculture, thereby supporting the local growing community in the process. In 2014, through a generous contribution from the Christy & John Mack Foundation, Farm On! Foundation found its home at Empire Farm.
"The oldest honorable profession, farming, needs to be re-established for our health; for our children; and for the economy of our local communities. Only when the costs of trucking, storage and distribution is redirected to the local Farmer, will farming once again become a profitable business...and attract future generations of farmers," says Tessa Edick, CEO of NY Acres.
"Edick's FarmOn! movement, has cultivated and nurtured a broad network of supporters, partners and beneficiaries within New York State as a pilot program that is being scaled and implemented nationally with Google, NYC Farm to Table Project," says Mike Hawkins, CFO of mCig.
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