JACKSONVILLE, FL, March 06, 2018 (GLOBE NEWSWIRE) -- mCig, Inc. (MCIG) (www.mciggroup.com), a leading distributor of innovative products, customized packaging solutions, technologies, and services for the global medical cannabis industry, announced today that on February 26, 2018 FarmOn! Foundation was granted permission to conduct an Industrial Hemp Agricultural Research Pilot program through the New York State Department of Agriculture & Markets.
The operation will be conducted through a joint venture between NYAcres, Inc., a subsidiary company of mCig, Inc., and FarmOn! Foundation. It is currently on schedule to organically plant its first industrial hemp seed on 40 acres immediately.
In preparation of receiving the research permit, NYAcres Project has been advancing and expanding its infrastructure and preparing acreage and three green houses on the 220-acre Empire Farm, home to FarmOn! WITH the NYAcres Project.
Industrial hemp is projected to increase 700% by 2020 from current revenue forecasts at $600 million in New York State, which has focused on economic development with expansion of Industrial Hemp Research Permits, giving mid-size New York State farms the opportunity to implement sustainable and organic practices to promote efficiency and profitability with industrial hemp research in CBD, food products and oil, textiles and pest management. The partnership between mCig and FarmOn! Foundation brings a significant, mutually beneficial opportunity, investing in infrastructure for economic development in New York State to help rebuild rural American farming.
“The business opportunity between NY Acres Inc. and FarmOn! Foundation fosters innovative, profitable and organic farming practices. We look to industrial hemp as an economic driver in the great state of New York, with the state supporting our agricultural community, having vision to rebuild local agriculture for sustainable practices and rural prosperity through research and investment,” said Tessa Edick, Chief Executive Officer of NYAcres, Inc.
NYAcres expects to harvest 1,000 to 1,500 plants per acre of the initial farmed 40-acres in its first harvest, with 80-acres planned for the second harvest. Rotation of the acreage-parcels will add balance to the farms nutrients, assuring the best soil conditioning. This translates into approximately $100,000 per acre in revenue, or a projected revenue of more than $4,000,000 for the first harvest. Should we be able to plant second crop this year, expanding to 80 acres, we will gross $12,000,000 in revenue in the first two crop seasons. Net proceeds not reinvested in infrastructure and expansion of services will be distributed 80% to MCIG and 20% to FarmOn! Foundation. With a total of 180 acres of farmable land, the NYAcres Project seeks to reach $35 million annually by year three.
“Our Joint Venture with FarmOn! Foundation, puts MCIG in the CBD business in a big way and opens the door for growing, researching, developing premium hemp and CBD oil,” comments Paul Rosenberg, CEO of mCig, Inc.
About MCIG Group (OTCQB: MCIG)
Headquartered in Jacksonville, Florida, mCig, Inc. (www.mciggroup.com) is a diversified company servicing the legal cannabis, hemp and CBD markets. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry.
For more information visit our websites: https://www.mciggroup.com
About NYAcres, Inc., and The NYAcres Project: Owned by mCig, Inc., the NYAcres Project is a joint venture between NYAcres, Inc., (80%) and FarmOn! Foundation (20%).
About the FarmOn! Foundation:
FarmOn! Foundation is a 501c3 non-profit organization + public charity that creates and funds youth educational programming and is working to preserve family farming in America. The FarmOn! Foundation is a movement dedicated to bringing awareness to food choices and sources, reinvigorating respect for farming and inspiring young people to choose agricultural careers that will create an economic engine connecting rural and urban marketplaces to build local economies. Join our movement today: http://farmonfoundation.org.
Safe Harbor
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company’s products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies.