Business
Marijuana Company of America and Global Hemp Group Provide Update on CBD Farm Joint Venture in Scio, Oregon
Marijuana Company of America and Global Hemp Group Provide Update on CBD Farm Joint Venture in Scio, Oregon.
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\nESCONDIDO, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTC:MCOA) and joint venture partner Global Hemp Group Inc. (CSE:GHG) (OTC:GBHPF) (FRANKFURT:GHG) (the “Partners”) are pleased to provide an update on their CBD hemp farming project in Scio, Oregon (the “Project”).\n Garden operations are well underway at the farm. The initial nursery and propagation rooms for clones have recently been expanded to an additional attached greenhouse as the team continues to produce clones for planting in the current season. In order to maximize planting density, an additional 20,000 high yielding CBD hemp clones are being purchased and will be delivered before the end of May to meet the targeted planting schedule of early June. Five additional greenhouses have now been purchased for the project. The first two 30ft. x 120ft greenhouses are currently being installed and will provide an additional 7,200 sq. ft. of greenhouse space for the project. The three remaining 42ft x 96ft greenhouses will begin installation before the end of May. When installed, these additional greenhouses will increase greenhouse space by a further 12,096 sq. ft., for a total of 19,296 active greenhouse space. The team will be planting the clones on the first 35 acres at the farm. They will be planted “orchard style”, 4 to 5 feet on center, with rows 5 feet apart to provide space for each plant to receive sufficient sunlight, water and nutrients, and mature to maximum size to produce the highest CBD yield possible upon harvest. The Scio farm will employ both traditional outdoor orchard style cultivation and perpetual harvest in greenhouses. The Partners are currently evaluating additional greenhouse technologies for expansion of indoor cultivation space to augment its perpetual harvest model square footage. This dual strategy will optimize revenue generation throughout the year to minimize the impact of single crop harvesting in October when most other hemp CBD farms harvest and typically drive prices down. Market prices tend to climb throughout the year as less biomass is available for processing and distribution, as is occurring with current market prices. Starting in August, it is expected that full spectrum CBD oil will b...