Business
Marijuana Company of America Provides Update on Oregon Hemp Farm’s Biomass Sale
Marijuana Company of America Provides Update on Oregon Hemp Farm’s Biomass Sale.
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\nCompany’s joint venture subsidiary, Covered Bridge Acres Ltd. (CBA), generated $525,500 in first year of operationHarvest from the hemp farm in Scio, Oregon, runs across 35 acres and incorporates environmentally friendly and biodegradable methodsCBA is in the process of creating a prototype for an exceptionally innovative machine to reduce the farm’s labor cost ESCONDIDO, Calif., Aug. 13, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTCQB: MCOA), an innovative hemp and cannabis corporation, and joint venture partner Global Hemp Group Inc. (CSE: GHG/ OTC: GBHPF/ FRANKFURT: GHG) today announced that their joint venture subsidiary, Covered Bridge Acres Ltd. (CBA), has started generating revenue through operations at its hemp farm in Scio, Oregon.\n Through a combination of the sales of raw biomass, plantlets, CBD crude oil and CBD distillate produced from various processing test runs, along with other farm operations, CBA generated $525,500 in its first year of operation. In its most recent transaction, CBA sold 10,000 lbs of shucked biomass to an Oregon extraction facility for $400,000. The CBA team is currently working with this party, and a number of others, to complete the purchase of the remaining inventory. Initially CBA was expecting to monetize the 2018 hemp biomass after entering into a processing agreement with Richardson Gap Farm LLC (RGF), as disclosed on May 18, 2019. However, RGF was unable to process CBA’s biomass due to unforeseen issues with its processing equipment. Although RGF produces high quality distillate, CBA was no longer willing to delay the monetization of its biomass any further and decided to sell the biomass to another extractor. With multiple offers on the table to purchase the biomass, CBA shucked the biomass (removed stalks and stems) and completed the sale. CBA still has approximately 4,000 lbs of unshucked biomass out for processing into distillate by additional extractors, and will split the final product on a 50/50 basis with its joint venture partner, Marijuana Company of America, Inc. [OTC: MCOA]. Once processed, it will be sold along with inventory on hand (8 kg of 92% distillate that was processed by RGF from crude oil CBA received from other processors test runs). Recent sales of th...