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.
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 York. The success of the farm and high-quality essential oils produced will generate the ability to produce innovative new products for the Hemp-based consumer market. Expected to grow 700 times in 2018, the Hemp and CBD Industry is a huge focus of the US Agriculture Industry. In partnership with FarmOn! Foundation, MCIG will create a strategic advantage in this exploding market, not only generating a large revenue stream, but also working within the research and development of organic and sustainable farming techniques and nutraceutical, holistic product manufacturing and distribution.
NY acres plans to bring to the market finished products including CBD-Rich Full Spectrum Essential Oils, Distillate, and Isolate. Also R&D will take place with FarmOn!’s kitchen and culinary skills to develop hemp based CBD products for retail sale or white labeling. Bulk CBD may be offered on the commodity market to CBD product manufacturers. House-made products will wholesale and retail as desired.
“Our Joint Venture with FarmOn! Foundation, puts MCIG in the CBD business in a big way and opens the door for growing, researching, developing, and selling premium hemp and CBD oil, which contains a broad range of cannabinoids used to treat a growing population of CBD oil consumers. MCIG is now strategically positioned in both the fast-growing hemp market as well as the cannabis market.” comments Paul Rosenberg, CEO of mCig, Inc.
Hemp is a fast growing, high margin closely-related business to the cannabis business growing at a 22% CAGR currently valued at over $688 million, and estimated to grow to $1.8 billion by 2020 in the USA.
About the FarmOn! Foundation:
FarmOn! Foundation is a 501(c)(3)non-profit organization and public charity that creates and funds youth educational programming and is working to preserve family farming in America. FarmOn! Foundation is dedicated to bringing awareness to food choices and sources and reinvigorating respect for farming, inspiring young people to choose agricultural careers to create an economic engine connecting rural and urban marketplaces to rebuild local economies. Join the movement today: http://farmonfoundation.org.
MISSION: Inspiring, educating and preparing young adults for successful careers in sustainable farming.
FarmOn! Foundation includes a strong collaboration of professional farmers, educators, influencers, supporters, nutritionists, students, and community leaders who believe in investing in the future of local agriculture by helping to rebuild local economies, enabling them to be resilient with sustainable agriculture. FarmOn! Foundation partners include SUNY, Cornell University, Google NYC Farm to Table Project, John Varvatos, TasteNY, Bronx Zoo, NYS Department of Agriculture & Markets, New World Foundation/Local Economies Project, Bloomberg Philanthropies, Christy & John Mack Foundation, Hudson Valley Fresh, Maple Hill Creamery, Yelp, Whole Foods Market, Modern Farmer, NBA, The Walt Disney Company, MLB at Yankees SI, Applegate, Edible Schoolyard Project and LetsMove.org
About MCIG Group (OTCQB: MCIG)
Headquartered in Henderson, Nevada, mCig, Inc. (OTCQB: MCIG) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. mCig, Inc. has transitioned from a vaporizer manufacturer to industry leading large scale, full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding Nevada market.
mCig, Inc. also employs a world renowned technology team and has recently entered the tech space to satisfy its evolving role in technology and in keeping its growing following up to speed.
The company looks forward to growing its core competencies to service the ancillary legal Cannabis, Hemp and CBD markets, with broader expansion to take place once federal laws change. With over seventy five years of experience combined between the key players that make up the Cannabis Grow Contractors Division, mCig Inc. is proud to work with Cannabis Industry leaders and provide broad and rounded solutions for legal growers nationwide.
For more information visit:
About FarmOn! Foundation visit: www.farmon.org
About mCIG visit: www.mciggroup.com
About NY Acres: www.NYAcres.com
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This release contains a non-GAAP disclosure, EBIDTA, which consists of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBIDTA as a measure of operating performance. EBIDTA should not be considered as a substitute for net income.