Marijuana Company of America Begins Harvest at its CBD Hemp Farm
ESCONDIDO, Calif., Oct. 22, 2019 /PRNewswire/ -- MARIJUANA COMPANY OF AMERICA INC. ("MCOA" or the "Company") (OTCQB: MCOA), an innovative hemp and cannabis corporation, is pleased to announce the Company has begun its 2019 harvest at its CBD hemp farm in Scio, Oregon. With its joint venture partner, Global Hemp Group Inc. (CSE: GHG/ OTC: GBHPF/ FRANKFURT: GHG), MCOA has created joint venture subsidiary, Covered Bridge Acres Ltd. (CBA), which owns the hemp biomass that runs across 35 acres and incorporates environmentally friendly and biodegradable methods.
Pre-harvest testing from the Oregon Department of Agriculture on the current hemp crop was recently conducted at the farm, CBA, and the final results of these tests determined that the hemp crop was compliant in THC levels. CBA has begun a selective harvest of buds concurrently with the general harvest for extraction and will be completed during the current quarter. Strains selected for this year's outdoor crop are low in THC and are expected to produce CBD levels near 20%. Similar strains are being grown in the greenhouses for the fall harvest program.
"The initial results of this harvest in Oregon are incredibly promising," said Mr. Donald Steinberg, Chief Executive Officer of Marijuana Company of America. "Our commitment to growing only of the most robust and quality plants are providing us with excellent returns that we are confident will be greatly appreciated by our growing customer base. As demand for CBD products continues to escalate, we remain focused on expanding our market footprint, enhancing brand recognition and capturing additional market share. We believe that this harvest is an important step in our growth trajectory and in establishing ourselves as a market leader in this emerging industry."
MCOA has expanded its growing operations to include year-round production from its greenhouses. The Covered Bridge Acres team has populated the first greenhouse (approx. 3,000 sq ft) for a fall harvest. The remaining five greenhouses (19,000 sq. ft.) are processing the current harvest of the outdoor crop. Cultivation will expand into all of the greenhouses on the farm, once processing is complete. Additionally a new 4,000 sq ft greenhouse will be installed to increase the available indoor growing area. Management is currently evaluating greenhouse expansion plans in order to generate a year-round revenue stream for the Company.
About Marijuana Company of America, Inc.
MCOA is a corporation which participates in: (1) product research and development of legal hemp-based consumer products under the brand name "hempSMART™", that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreational use; and, (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.