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Marijuana Company of America and Global Hemp Group Issue Final Report on New Brunswick Hemp/CBD Project
Marijuana Company of America and Global Hemp Group Issue Final Report on New Brunswick Hemp/CBD Project.
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\n\n ESCONDIDO, Calif., Jan. 10, 2018 (GLOBE NEWSWIRE) -- MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTC:MCOA), an innovative hemp and cannabis corporation, and Global Hemp Group, Inc. (“GHG”) (CSE:GHG) (FF:GHG) (OTC:GBHPF) are pleased to provide a final report on the first phase of their industrial hemp project in New Brunswick.\n On September 5, 2017, MCOA and GHG announced their joint venture to develop commercial hemp production on the Acadian peninsula of New Brunswick, Canada. In this first phase of MCOA’s and GHG’s (the “Partners”) multi-phase hemp project, the Partners successfully cultivated industrial hemp during the 2017 growing season (see Phase One Hemp Trial Results below). For this phase of the project, the Partners only grew hemp for research purposes, as this was the first time in 20 years that industrial hemp was grown in the region. The objective of phase one was to re-introduce hemp into the area, to ensure that it could be productive under New Brunswick growing conditions, prior to significantly increasing cultivation acreage, and building a hemp processing facility in the region. The Partners are preparing for proposed changes to Canadian legislation expected in 2018, that will permit cannabidiol (CBD) extraction from industrial hemp. Health Canada is currently consulting industry representatives regarding regulations that will accompany the new cannabis legislation expected by July 1, 2018. The Partners are now focusing on the next season of crops. Farmers have been recruited and a minimum of 125 acres of hemp cultivation is planned for 2018, with the goal of increasing the acreage under cultivation to 1,000 acres by year three of the project. This first commercial crop will focus on CBD extraction. The Partners are currently considering sites in northeast New Brunswick to locate their processing facilities. In addition, discussions are underway regarding the purchase of extraction equipment for cannabinoids, and straw processing equipment for building materials. The companies expect the facilities to be in place and operational for the 2018 harvest in October. Under the joint venture MCOA will facilitate access to international markets for the project’s CBD production, product development and distribution, while ...