Jacksonville, Florida, April 17, 2018 (GLOBE NEWSWIRE) — mCig, Inc. (MCIG), a diversified company servicing the legal cannabis markets, announced today an update for its joint venture project growing industrial hemp in New York.
“We have acquired seed and begun the process of planting a minimum of 40 acres of certified organic hemp. In order to meet the timeline of our initial harvest in September/October (with additional greenhouse growing) all seeds will be germinated in greenhouses by the end of April and then transplanted outdoors. The process of moving the plants from the greenhouses to the designated 40 acres of certified organic fields for the initial crop plan will be completed by early June,” CEO, Tessa Edick of NYAcres explains.
The NYAcres Project will create more than 20 additional jobs with FarmOn! Foundation, our joint venture partner.
We anticipate growing CBD hemp strains to yield approximately 1,700 pounds of flower per acre. In anticipation of the use of this organic industrial hemp our hemp product division will release a new and exciting line of innovative CBD products, behind Dr. Arkady Uryash. With focus on support of pain-free living and active aging, this HEMP Research and Development team continues to achieve planned milestones in advanced transdermal formula development and testing for both animal and human application. Formal in vitro and in vivo model research studies are progressing as planned. As significant scientific evidence emerges showing that mCig products are cutting-edge advantages for skin, muscle and circulation. We will be reporting findings to the professional community at the Cannabis and Hemp Science Conference this year. Aligned with timing of the initial harvest of the NYAcres Project’s organic industrial hemp crop, we will be performing full scope chemical and molecular analytical testing of the plant and derived compounds. We will utilize a vertical integration of our hemp to product with a “farm to table” approach to wellness serving the CBD markets. Initial projections from our Advisory team and based upon their collective years of farm production and development; we expect revenues greater than $10 million annually from the 40-acre yield. With 212 total acres available, the NYAcres Project could potentially yield up to $50 million per year in high demand CBD retail products with this unique approach.
“We are very excited about NYAcres Project investing in Organic Industrial Hemp Production. We are fully staffed and funded and are on schedule as projected. We have recently brought on an onsite Project Manager who will be working with our FarmOn! Foundation partners to ensure we remain on schedule and on tasks,” stated Paul Rosenberg, CEO of MCIG Inc. He went on to say, “We are in the process of outlaying our own extraction and product development facility within the state of New York.”
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. mCig, Inc. employs a world-renowned tech team and has recently expanded its products and services to satisfy its evolving role in cannabis and hemp markets.
The company looks forward to growing its core competencies to service the ancillary legal Cannabis, Hemp and CBD markets, with broader expansion to take place once federal laws change.
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.
MISSION: Inspiring, educating and preparing youth for successful careers in sustainable farming.
VISION: A world where a career in sustainable agriculture is valued and profitable.
FarmOn! Foundation is a 501c3 non-profit organization + public charity that creates and funds youth educational programming and is working to preserve family farming in America. The FarmOn! Foundation is a movement dedicated to bringing awareness to food choices and sources, reinvigorating respect for farming and inspiring young people to choose agricultural careers that will create an economic engine connecting rural and urban marketplaces to build local economies. Join our movement today:FarmOn.org
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More about FarmOn! Foundation visit: www.farmonfoundation.org
For more information about mCig visit: www.mciggroup.com
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company’s products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies.
This release contains a non-GAAP disclosure, EBIDTA, which consists of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBIDTA as a measure of operating performance. EBIDTA should not be considered as a substitute for net income.
Paul Rosenberg, CEO of mCig, Inc.