Jacksonville, FL., June 07, 2018 (GLOBE NEWSWIRE) -- mCig Inc., (MCIG), a leading provider of technologies and solutions for the legal medical and recreational marijuana industry, is pleased to provide an update on its 40-acre industrial hemp project in New York.
This spring, NYAcres propagated 80,000 industrial hemp seeds with FarmOn! Foundation in Copake NY projecting 55,000 pounds of processable flower for CBD extraction to sell as an ingredient for white label products demanding hemp oil and promoting its benefits. Since sprouting seeds NYAcres is currently planting 40 acres of industrial hemp outdoors in certified organic fields focused on two varieties of CBD concentrated organic seed strains: Cherry Wine, and Berry Blossom, which yield 12-15 percent CBD concentration. These feminized only seed strains are both 100% hemp and 100% organic and are registered with the Department of Agriculture.
These strains are grown with zero harsh chemicals, no pesticides and no use of gmo products. Concentrations of theses industrial hemp strains yield organic cbd oil from the flower of cannabis plants which are in high demand for wellness products. NYAcres projects a yield of 55,000 pounds of Flower with a maximum THC level of .3% as allowed by New York State with the Industrial Hemp Research Pilot Program Partnership which will then be extracted and sold for a variety of CBD Hemp Oil products.
NYAcres Industrial Hemp plants are grown in greenhouses and transplanted to Hudson Valley terroir until maturity and grown with irrigation in 5' x 5' spacing. Planting has begun in the tilled organic certified fields and will continue through June with a succession transplanting strategy. The healthy seedlings range from starts to 14" seedlings ideal for the transfer to the fields. Fourteen weeks from transplant date will begin harvest by hand and a system of drying and storage with ventilation in approximately 50,000 sf. The flower of the plant will then be cultivated and cured for CBD extraction.
MCIG CEO, Paul Rosenberg agrees strongly with President of Vote Hemp Eric Steenstra's statement of praise, "We applaud Leader McConnell and Senator Wyden for acknowledging the fast growing hemp industry during Hemp History Week. Their resolution highlights the need to pass the Hemp Farming Act and remove barriers facing farmers and businesses."
The U.S. Senate, without objection from any lawmaker of either party, adopted legislation on Tuesday recognizing “the growing economic potential of industrial hemp” as well as its “historical relevance.”
CEO NYAcres, Tessa Edick "Industrial Hemp is a game changer for the farming industry with hemp retail sales in the US currently worth more that $688 million according to Forbes. Hemp-derived cannabidiol (CBD) is projected to be a billion-dollar market in just two years, according to a 2017 report by Brightfield Group. The data company estimated that hemp CBD sales hit $170 million in 2016 and a 55% compound annual growth rate over the next five years will cause the market to break the billion-dollar mark. And This super power plant can feed you, house you, clean you, protect you, clothe you, heal you and the soil and in New York State under the leadership of Governor Andrew Cuomo's vision, also creates an economic development action plan with the Industrial Hemp Research Pilot Program. With an estimated $10 million annually from the 40-acre yield and a total of 212 total acres available, the NYAcres Project could potentially yield up to $50 million per year in high demand CBD retail products. This opportunity allows farmers access to a cash crop that earns exponentially beyond an apple or an ear of corn. Industrial Hemp will rebuild rural prosperity by bolstering the agricultural economy in America. We look forward to cultivating 40 acres with FarmOn! Foundation and seeing the Hemp Farming Act passed into law for the benefit of our agricultural community and beyond."
About MCIG Group (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.
Expands its Growing, Cultivating, and Distributing Services
JACKSONVILLE, FL, May 31, 2018 (GLOBE NEWSWIRE) -- mCig, Inc. (MCIG) www.mciggroup.com, a diversified company servicing the legal cannabis markets, is pleased to announce they have closed escrow on the purchase of a 2.5 acre parcel in California City, CA. MCIG’s agriculture division, with its Hemp farms in New York, will soon expand from sea-to-sea with cultivating, extracting, and distribution operations in both New York and California. MCIG has begun the planning of an indoor cultivation facility to produce high quality, "California-Style" cannabis products after receiving three of the seven recreational cannabis licenses granted by California City allowing cultivation, manufacturing, and distribution.
Located half way between the Los Angeles and Sequoia National Forests, the property is ideal for growing and cultivation. The property is enhanced with ready accessible essential utilities, such as high power and city water, shortening the development and construction time. “This property will be a one-stop-shop for all things cannabis in California City. We are going to create a lean manufacturing facility for vertically integrated cannabis operations,” says Robert Kressa, MCIG’s construction and development CEO.
MCIG will develop a state-of-the-art 30,000 square foot cultivation facility, with an option to expand to 50,000 square feet and a 2,000 to 4,000 square foot manufacturing facility to create extracts and manufacture products, along with a distribution center that will be used to move products to retailers. This 30,000 square foot facility is projected, when fully operating, to generate more than $20M in annual income for the company.
MCIG CEO Paul Rosenberg stated: "We are very grateful to the City of California City for their professionalism and thorough vetting process during licensing. We want to be a flagship facility and model licensee among the other licensed producers in the city. It is our sincere objective to create jobs, give back to the community, and create healthy products that compliment our current product lines and brands.”
About MCIG Group (MCIG)
Headquartered in Jacksonville, Florida, mCig, Inc. (MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. is committed to be the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry.
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