Business
Industrial Hemp Research Permitted in New York State by FarmOn! Foundation in a Joint Venture with NYAcres, Inc., a mCig Subsidiary
Industrial Hemp Research Permitted in New York State by FarmOn! Foundation in a Joint Venture with NYAcres, Inc., a mCig Subsidiary.
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[{"type":"text","content":"\n\n JACKSONVILLE, FL, March 06, 2018 (GLOBE NEWSWIRE) -- mCig, Inc. (MCIG) (www.mciggroup.com), a leading distributor of innovative products, customized packaging solutions, technologies, and services for the global medical cannabis industry, announced today that on February 26, 2018 FarmOn! Foundation was granted permission to conduct an Industrial Hemp Agricultural Research Pilot program through the New York State Department of Agriculture & Markets.\n The operation will be conducted through a joint venture between NYAcres, Inc., a subsidiary company of mCig, Inc., and FarmOn! Foundation. It is currently on schedule to organically plant its first industrial hemp seed on 40 acres immediately.  In preparation of receiving the research permit, NYAcres Project has been advancing and expanding its infrastructure and preparing acreage and three green houses on the 220-acre Empire Farm, home to FarmOn! WITH the NYAcres Project.   Industrial hemp is projected to increase 700% by 2020 from current revenue forecasts at $600 million in New York State, which has focused on economic development with expansion of Industrial Hemp Research Permits, giving mid-size New York State farms the opportunity to implement sustainable and organic practices to promote efficiency and profitability with industrial hemp research in CBD, food products and oil, textiles and pest management.  The partnership between mCig and FarmOn! Foundation brings a significant, mutually beneficial opportunity, investing in infrastructure for economic development in New York State to help rebuild rural American farming.  “The business opportunity between NY Acres Inc. and FarmOn! Foundation fosters innovative, profitable and organic farming practices.  We look to industrial hemp as an economic driver in the great state of New York, with the state supporting our agricultural community, having vision to rebuild local agriculture for sustainable practices and rural prosperity through research and investment,” said Tessa Edick, Chief Executive Officer of NYAcres, Inc.   NYAcres expects to harvest 1,000 to 1,500 plants per acre of the initial farmed 40-acres in its first harvest, with 80-acres planned for the second harvest.  Rotation of the acreage-parcels will add balance to the farms nutrients, assuring the b...