PALM BEACH, Florida, July 31, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
In its purified distilled form, Hemp-CBD oil commands thousands of dollars per kilogram and cannabis and hemp growers in particular have the potential to realize more than $100,000 profit an acre growing hemp plants to produce it. Hemp cannabidiol is showing up in everything these days from cosmetics to edibles to bottled water and even pet treats. Where legal, some bars are even selling drinks containing the CBD ingredient, massage therapists use creams containing CBD while juice bars are offering CBD infused smoothies. According to the Hemp Business Journal, the U.S. hemp industry grew 16% in 2017 amidst continued domestic legal and regulatory challenges. The hemp industry was bolstered by explosive growth in the hemp-derived CBD category that grew from a market category that did not exist five years ago to $190 Million in sales in 2017. The U.S. hemp industry is poised to reach a $1 Billion dollar market in 2018 led by hemp-derived CBD, food, personal care and industrial products. Active Companies from around the market with current developments this week include: Marijuana Company of America, Inc. (OTC: MCOA), Hemp Inc. (OTC: HEMP), GreenGro Technologies Inc. (OTC: GRNH), Medical Marijuana Inc. (OTC: MJNA), Growlife Inc. (OTC: PHOT).
Marijuana Company of America, Inc. (OTCPK: MCOA) BREAKING NEWS: Marijuana Company of America, 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 farming project in Scio, Oregon (the "Project").
The 2018 hemp cultivation at the Scio, Oregon farm, operating under the name Covered Bridge Acres (CBA), is well underway. Although field work at the project started later than expected due to delays in closing of the farm acquisition and various personnel changes, our highly experienced team was able to complete two and a half months of field prep in just four weeks. As a result, approximately 40,000 high CBD yielding hemp plants were planted on the lower two fields of the farm, on approximately 33 acres. Six different high CBD yielding hemp cultivars were planted this year and are progressing very well. Half of the cultivars planted were clones and the other half were grown from seeds and were planted when they were approximately two feet high. The results of these cultivars will be measured at harvest time to determine the best yields and planting strategy for next season.
With the planting now complete, our team of seven full time staff has now turned their focus to completing the construction of the five greenhouses that were acquired earlier in the year. Once assembled, the project will have more than 19,000 sq. ft. of active greenhouse space for research and clone production for the 2019 planting season, which will expand to a minimum of 70 acres directly on the CBA property, and the potential year-round harvest as the project continues to expand its greenhouse space going forward. In addition, many neighboring farms have expressed interest in growing hemp. Management is looking at ways to either partner with or contract them, similar to the model being used on the Partner's 125-acre New Brunswick hemp farming project.
There have been a number of changes recently on the Scio project. Jeffrey Ward has joined the team as the new Farm/Project Manager, replacing TTO Enterprises Inc. The Partners acquired TTO's 15% interest in the project for $30,000, increasing their respective interest in the project to 50% each, and have canceled the issuance of shares and warrants associated with the further acquisition of TTO's interest, per the original Joint Venture Agreement. Going forward, all funding and profit sharing will be done on a 50/50 basis between MCOA and GHG. Mr. Ward has relocated from Auburn, Maine to be the on-site Project Manager. He has decades of cannabis and hemp cultivation experience and has successfully operated in the Maine Medical Marijuana program over the last decade. Doing business as "Wicked Good Weed Company", he was part of the design and building of more than 100 cultivation operations ranging in size from 1,000 to 50,000 sq. ft. He is experienced with most grow methodologies, from dirt to advanced non-soil systems. He has experience in cross breeding, has knowledge of cloning, nutrient scheduling, plant "first-aid", environmental control systems, harvesting, curing/drying, pest control, and is experienced in many extraction methods.
In addition, he has approximately 10 years of experience as a contracted project manager throughout Massachusetts and Maine for various industrial companies. He has managed projects with crew sizes up to 100 workers at Harvard College, the City of Brockton and Maine Yankee Nuclear Power Plant. He has been the lead contact with E.P.A., D.E.P. and O.S.H.A. and was the Safety Director for temp agencies providing workers to these projects. Mr. Ward is an outstanding addition to lead the Scio project. Read this and more news for MCOA at http://www.marketnewsupdates.com/news/mcoa.html
In the industry developments and happenings in the market this week include:
Hemp Inc. (OTCPK:HEMP) on Monday announced it has entered a joint venture with Dolan Station in Dolan Springs, Arizona to sell high-end CBD and Hemp, Inc. products. This will be the first store to carry Hemp, Inc.'s, soon to be launched, "King of Hemp™" high-end CBD hemp pre-rolls and hemp buds sold by the gram (a "nickel bag"), 8th (a "dime"), quarter-ounce, half-ounce, and one-ounce (or "a lid"). Dolan Station is a retail storefront conveniently located off Highway 93, which is routinely used by tourists traveling from Las Vegas to the Grand Canyon Skywalk, the Grand Canyon West's premier attraction. One of the seven natural wonders of the world, the Grand Canyon receives nearly 5 million tourists a year, according to CNBC.
GreenGro Technologies Inc. (OTCPK:GRNH) recently announced that the State of California's historic decision to support the full legalization of recreational cannabis across the State should significantly benefit California's vast and rapidly growing cannabis industry, both in the short- and long-term. GreenGro Technologies expects that this most recent pro-cannabis legislation will have a positive effect on the Company's opportunities. The Company believes its group of core scientists at Genobreeding, including a senior scientist that originated from Monsanto and Dow Chemical, have already discovered and begun production of some of what they believe to be the most sought-after strains of cannabis in the market today. These new cannabis strains should potentially enable GreenGro Technologies to establish itself as one of the premier developers and distributors of cloned cannabis strains across the industry.
Medical Marijuana Inc. (OTCPK:MJNA) recently announced that its subsidiary Kannaway® has garnered international news coverage on leading financial news website The Street's subscription publication Real Money. A July 18, 2018, article on the Real Money website entitled "Bath Bombs and Muscle Creams: How Beauty Is Becoming the Fast Lane for Cannabis Growth" discusses the rise in the cannabis beauty market and features an in-depth interview with Kannaway® CEO Blake Schroeder. Schroeder details the enormous amount of growth Kannaway® has experienced since starting its own cannabis skincare line, Cannabis Beauty Defined™. In the article, he states: "Last year, the beauty line represented less than 5% of Kannaway's business, until the company decided to refocus. The beauty segment shot up to almost 11% of the company's sales."
Growlife Inc. (OTCQB:PHOT) announced plans to hold a ribbon cutting ceremony in Portland, Maine for its newest retail location named GrowLife Hydroponics. This storefront carries GrowLife's line of industry-leading hydroponics and soil, along with thousands of other brands and products that cater to cultivators of all sizes. GrowLife Hydroponics also serves as the company's largest fulfillment center for orders placed on its e-commerce platform. The ribbon cutting will take place Tuesday, July 31st at 11 a.m. EST at 1110 Brighton Ave. Expected speakers at the event include GrowLife Hydroponics President Joe Barnes. Members from the Portland Regional Chamber of Commerce are also expected to be in attendance.
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