Business
MCIG’s Wholly Owned Subsidiary, NYAcres, Projects Over $10 Million in Revenue in its First Year of Operation.
MCIG’s Wholly Owned Subsidiary, NYAcres, Projects Over $10 Million in Revenue in its First Year of Operation..
About this update from Bots Inc.
[{"type":"text","content":"\n\n LAS VEGAS, NV, Dec. 04, 2017 (GLOBE NEWSWIRE) --  mCig, Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis markets, is pleased to report that its wholly owned subsidiary, NYAcres, Inc., is focused on hemp propagation, production, research, and distribution of organic industrial hemp and hemp by-products, projects a total revenue of $10 Million in its first year of operation.  \n With the cultivation process underway, using temperature-controlled greenhouses for propagation, unique and cutting-edge irrigation and proper field preparation for Industrial Hemp planting, using chemical-free pest and mold mitigation, NYAcres expects to harvest 800 plants per acre of the 40-acre farm in the first harvest. In the same season, another 80-acre parcel is planned for the second harvest, with 800-1000 plants per acre.  Rotation of the acreage-parcels will add balance to the farms nutrients, assuring the best soil conditioning. This will translates into approximately $90,000 per acre in revenue, or a projected revenue of more than $10,000,000 in a first year of operation, where 80% proceeds from sales will be distributed to MCIG and 20% to FarmOn! Foundation. After the 1st harvest, plans to re-invest into the farm infrastructure, to expand from the initial 40 acres, will only benefit and speed up the ultimate profits. $20m annually is a reasonable goal for this project. With New York’s current favorable horticultural and economic climate for hemp in place, NYAcres, Inc. is moving aggressively to scale up projects and negotiate deals with Northeast US Farms. “We look forward to combining our technology, equipment and know-how in the cultivation of a high yield and superior quality organic industrial hemp, contributing to the booming market while getting positioned and taking a foothold.” comments Tessa Edick, CEO of NYAcres, Inc. and Chairwoman of FarmOn! Foundation. Being that the FarmOn! Foundation and its partnership with SUNY and Cornell College of Agriculture and Life Sciences, actively research farming in many ways providing young adults the opportunity to learn agriculture, NYAcres first 40-acre harvest will teach many things about growing the farm larger in each season with high-CBD producing varieties of industrial hemp plants permitted by the State of New Y...