Business
Upper Street Marketing Takes its Next Hemp Crop “Inside,” Filling its Facility with $3 Million in Additional Grow Equipment, Projects $15 Million in Additional Revenues
Upper Street Marketing Takes its Next Hemp Crop “Inside,” Filling its Facility with $3 Million in Additional Grow Equipment, Projects $15 Million in Additional Revenues.
About this update from Upper Street Marketing, Inc.
[{"type":"text","content":"\nSAN DIEGO, CA, June 26, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – With this year’s 1,200-acre hemp crop in the ground and moving toward harvest, Upper Street Marketing Inc. (OTC Markets: symbol UPPR) and its partners are now expanding their revenue focus beyond the 2019 cannabidiol (CBD) extraction cycle in a $3 million stock for equipment transaction of indoor grow equipment. UPPR will issue $3 million worth of UPPR common shares to the seller, Fox Organic Farms.\n The purchase of 100,000 watts of state-of-the-art greenhouse lighting capacity enables UPPR to dedicate a section of its 100,000 square-foot hemp extraction facility to seed and transplant production during the fallow season once an anticipated 2 million of biomass from the outdoor crop has been processed. Cultivating hemp seed in full compliance with federal regulations is notoriously difficult outdoors, where one wrongly sexed plant can ruin a multi-million-dollar harvest. As a result, seed and transplant operations depend on the carefully controlled conditions that only an indoor facility can support. “Adding a winter cultivation to our calendar further expands our hemp business model and extends our 2020 revenue projections by at least $15 million,” said UPPR CEO Joseph Earle. “If you were wondering what we would be doing after our projected first $200 million harvest at the end of the third quarter, this is it.” CBD producers like UPPR are already facing extremely favorable supply dynamics for the 2019 crop year as soaring commercial demand forces the industry to find ways to expand output from a currently minimal 50,000 kg of CBD isolate to as much as 3.5 million kg before 2023.  With enough light to start the 2020 crop early as well as provide seedlings for other growers, UPPR is now in position to translate what would have otherwise been seasonal slack into a profitable new business line, furthering its mission of becoming one of the world’s only true vertically integrated seed-to-store CBD companies.  Ryan Fox, a noted figure within the national recreational cannabis industry, is providing the equipment through his Fox Organic Farms of Saguache, Colorado in exchange for stock. Because UPPR has adopted the highest FDA Good Manufacturing Practices (GMP) to support both consumer CBD merchand...