JACKSONVILLE, FL, Aug. 20, 2018 (GLOBE NEWSWIRE) — mCig, Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis markets, announced today that it will begin harvesting its first crop of organic hemp from NYAcres in two to three weeks time.
To oversee the harvest and curing process, MCIG brought on Chadd McKeen , co-author of Idiots Guide: Growing Marijuana and founding partner at Canna Mana Trading Company. With over 12 years of experience in cannabis cultivation, Mr. McKeen will be onsite to jump-start the post-grow process, from the actual mechanics of the harvest to extraction and buyer relationships.
The NYAcres project began in June 2018 as a joint project with FarmOn!Foundation. The 55,000 pound yield of hemp bio-mass will be a huge growth generator for MCIG, its recently launched CBD Market (www.cbd.biz), and new CBD pet line, Artax (www.cbd.biz/portfolio/artax/).
After harvested and dried, cannabidiol (CBD) will be extracted from the plant source material. The particular strains of hemp grown at NYAcres, Cherry Wine and Berry Blue sourced from the Colorado Hemp Project are known for their high concentrations of CBD. Once extracted, CBD distillate can be used as a component for a diverse range of end user products, from CBD capsules to CBD vape. Initial projections from our Advisory team and based upon their collective years of farm production and development; we expect revenues greater than $10 million annually from the 40-acre yield. With 212 total acres available, the NYAcres Project could potentially yield up to $50 million per year in high demand CBD retail products with this unique approach.
“MCIG will continue to seek strategic partnerships in hemp agriculture,” says Paul Rosenberg, MCIG CEO. “The success of this venture with NYAcres is just the beginning. As the public demand for CBD and other hemp products grows, so does the need for a consistent hemp supply. With true hemp legalization on the horizon in the US, MCIG is well-positioned to capitalize on the growth of this soon-to-be billion dollar industry.”
About MCIG Group (MCIG)
Headquartered in Jacksonville, Florida, mCig, Inc. (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.
Safe Harbor Statement:
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.
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.
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