- Non-psychoactive hemp’s varied uses comprise $500 million-plus industry with billion-dollar reach
- JV binds partners in growing New Brunswick and Oregon hemp cultivation projects
- Support increasing for U.S. Congressional drive to legalize hemp
Hemp advocates at Marijuana Company of America, Inc. (OTC: MCOA) are advancing cultivation projects that will give the company a significant supply of non-intoxicating cannabidiol (CBD) for market under the hempSMART and BeniHemp brands. The wholly owned hempSMART subsidiary strategically works to build share value through the distribution of CBD-based health and wellness products via a network marketing model, and BeniHemp offers hemp-derived CBD products to consumer retail markets.
Marijuana Company of America’s development relies significantly on its joint venture with Global Hemp Group, Inc. (CSE: GHG) (FRANKFURT: GHG) (OTC: GBHPF). Both companies were founded by company officers Don Steinberg and Charles Larsen, and they are collaborating on farming projects in New Brunswick, Canada, and Oregon. As Canada builds toward full nationwide legalization of cannabis in its various uses later this year (http://cnw.fm/G55pI), MCOA is growing a hemp crop at a 125-acre site in New Brunswick, Canada. Farmers began seeding the crop in mid-May as part of an effort to reintroduce hemp cultivation to the region that began last year.
The company has secured a 4,000-square-foot facility that will be used to store the plants and to hold drying equipment that will process the fresh plants. Once they are dried, the plants will be stored until third-party partners acquire them for further processing. MCOA anticipates that the facility may also become a distribution center once the necessary licenses for shipping finished hemp CBD products have been obtained.
The partners announced in May that they had hired full-time project agrologist and field manager Joan Parker-Duivenvoorden to oversee the project and serve in a training and advisory capacity for the pool of farmers growing the crop, which is expected to increase from four to at least 50 in the coming years (http://cnw.fm/YX5de).
The partners are simultaneously developing the Scio, Oregon, hemp cultivation project, with its higher-yielding cultivars on 35 acres, with five greenhouses providing additional support for indoor growing as the companies strive to make the farm operational year-round. A year-round farming project would provide a steady stream of revenue that’s not subject to the seasonal fluctuations of outdoor hemp cultivation. The company said that it expected to have four of the greenhouses being installed by the end of May, which would total 19,296 square feet of active indoor cultivation space between them (http://cnw.fm/37mWs).
While cannabis byproducts generally remain illegal nationally in the United States, a majority of the states’ lawmakers have granted varying degrees of legal recognition, and an updated Hemp Farming Act that would remove non-intoxicating hemp from the Drug Enforcement Administration’s listing of controlled substances is gaining a growing list of congressional sponsors — nearing a potential majority in the Senate, at least (http://cnw.fm/zCIW5).
“Garden operations are well underway at the farm. … In order to maximize planting density, an additional 20,000 high yielding CBD hemp clones are being purchased and will be delivered before the end of May to meet the targeted planting schedule of early June,” a May 15 news release stated (http://cnw.fm/Q83uD).
Research analyst company Hemp Business Journal expects the CBD market to reach $2.1 billion in the next few years, but hemp is a versatile plant with numerous potential uses benefitting the paper, textiles, rope and building materials markets. The Hemp Industries Association reported the yearly revenue from hemp products in 2016, before legalization efforts gained steam, at $573 million in the United States alone (http://cnw.fm/S66tm), including retail and manufacturing goods as well as CBD wellness products.
For more information, visit the company’s website at www.MarijuanaCompanyofAmerica.com
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