ESCONDIDO, Calif., Oct. 02, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (MCOA), an innovative hemp and cannabis corporation, and its joint venture partner Global Hemp Group Inc. (CSE: GHG/ OTC: GBHPF/ FRANKFURT: GHG) (the “Partners”) are pleased to provide an update on their high yielding CBD hemp project in Scio, Oregon.
Harvest Harvest has begun at the farm. Over the next 10 days the team in Scio will harvest this year’s crop, which consists of approximately 36,000 high yielding CBD hemp plants that were grown in an orchard style cultivation on 33 acres. The team planted six different cultivars this year to determine which would be the optimal hemp variety to grow in the coming year. The team continues to evaluate hemp cultivars that will provide higher CBD yields and a reduced flowering period, which will allow the team to complete the harvest earlier in the year prior to the fall rains.
Preparation for Extraction Once the hemp is harvested, it will be dried in preparation for storage prior to processing. Drying this season will take place in the project’s four recently completed greenhouses on the farm and will utilize a traditional hanging method, as well as testing an innovative rack drying system. Prior to next season’s harvest, the Partners will construct a permanent drying facility on site. Once the hemp is dried to a 10-12% moisture content, it can be stored with little or no cannabinoid/plant matter degradation, prior to extraction.
Greenhouses The team has now completed the setup of the first four of five greenhouses, giving the project 15,000+ sq. ft. of active greenhouse space for its drying and cloning operations. A fifth greenhouse (already purchased) will be installed after the drying of this year’s crop is complete. This will increase the active greenhouse space at the project to over 19,000 sq. ft. An additional 20,000 sq. ft. of greenhouse space will be purchased in October as part of further project expansion, with the vision of implementing a year round perpetual harvest model to enhance revenue generation and cash flow, and increasing the size of the cloning operation to be able to supply clones to the local farming community.
The team has now started its cloning operations for the winter crop, which will utilize the current and future greenhouses. Management is exploring opportunities to maximize production by developing beneficial relationships that will help optimize the Project’s profit potential through R&D, data collection and analysis.
Discussions with local Farmers With the success of this year’s hemp cultivation on display at the farm, it has attracted the attention of the local community and many local farmers that are interested in growing hemp as hemp generates a far greater Return On Investment per acre than any other crop they are currently growing. The Project’s stated goal has been to use 2018 as an initial commercial trial and then to significantly expand the acreage under cultivation in the coming years. Management is currently in discussions with a number of these local farmers regarding contract farming and share cropping for the project, starting next year.
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. (GHG.F) (GBHPF) (GHG.F), 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 & 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.
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