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Marijuana Company of America Provides Update on Its Hemp CBD Joint Venture Project With Global Hemp Group in Canada
Marijuana Company of America Provides Update on Its Hemp CBD Joint Venture Project With Global Hemp Group in Canada.
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\nESCONDIDO, Calif., Aug. 21, 2018 (GLOBE NEWSWIRE) -- via NetworkWire - MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTC: 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 CBD hemp farming joint venture in New Brunswick, Canada (the “Project”).\n\n \n \n \n \n \n \n \n \n \n \n \n MCOA and GHG have joint ventured to produce industrial hemp biomass to be used for the extraction of non-psychoactive Cannabidiol (CBD) oil in Canada.\n \n \n \n \n \n \n \n \n\n The goal of the hemp project in northeast New Brunswick is, in part,  to produce hemp biomass that can be used for the extraction of cannabinoids. In anticipation of Canada’s implementation of the Cannabis Act on October 17, 2018, which will allow for the processing of the entire hemp plant, the Partners began preparing its Bathurst facility for the installation of drying equipment capable of drying 125 acres of flowers and leaves from the 2018 cultivation. The flowers and leaves of the hemp plant are rich in cannabinoids, notably containing non-psychoactive compounds of Cannabidiol (CBD). CBD, which has gained increasing popularity as of late, has been found to be effective component in a complete personal wellness regimen that has produced an increased demand from consumers for products containing CBD.  The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020. Health Canada issues Class Exemption to the Industrial Hemp Regulations Health Canada, the governing body in charge of industrial hemp licensing and its regulations in Canada, has recently issued a new Class Exemption in Relation to the Industrial Hemp Regulations (flowering heads, leaves and branches). This will allow the Partners to legally harvest, dry and store flowering heads, leaves and branches of industrial hemp from its 2018 cultivation, prior to the implementation of the Cannabis Act on October 17, 2018, when extraction of CBD from the flowers and leaves from industrial hemp will be legal in Canada. This will enable the industry to take advantage of an entirely new product market utilizing hemp derived cannab...