$MCOA April 01, 2019 (GLOBE NEWSWIRE) -- via Netw
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Posted On: 04/01/2019 12:15:20 PM
$MCOA April 01, 2019 (GLOBE NEWSWIRE) -- via NetworkWire - MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (MCOA), an innovative hemp and cannabis corporation, and its Joint Venture partner Global Hemp Group (CSE: GHG/ OTC: GBHPF/ FRA: GHG) (together with the Company, the “Partners”) are pleased to announce that they are currently in negotiations with several cannabinoid extraction companies in Oregon, USA, regarding the acquisition of the joint venture’s hemp biomass produced at the Scio farm from the 2018 harvest. The team at the Scio farm has prepared processing samples ranging in size from 100 lbs to 2,000 lbs. for the extraction companies. The biomass is being processed into CBD crude oil with the option to refine it further into isolate, or full spectrum oil, in order to increase its value on the market. Results from the current extraction test batches are expected to be received by mid-April and will serve as a basis for the final terms of the sale of the biomass by the Partners.
Cloning Update
The cloning process is well underway at the Scio farm. For this year’s cultivation, four different strains have been chosen from the latest high CBD industrial hemp varieties, which are being used as a base for the in-house propagation program. The goal of the program is to produce approximately 50,000 clones to populate the lower 35 acres of the Scio farm for the 2019 season, and reduce and/or eliminate the need for the acquisition of any additional seeds or clones from outside sources. The program started with 400 high quality plants. Through a regimen of proper nutrients and a controlled environment, these “mother” plants will grow into very large bushes, which will be used to derive a sufficient number of clones, ensuring that the target number of plants required for this year’s cultivation is reached. Once removed from the mother plants, the clones will then be placed in a propagation greenhouse to root. Once rooted and well established, the clones will then be ready to be planted in the fields, which is expected to begin this year in late May or early June.
Expansion in 2019
The Company continues to evaluate a number of opportunities to expand the scope of its project in Oregon. As previously announced, a number of local farmers are interested in working with the joint venture partners to grow hemp in 2019. The Oregon Department of Agriculture expects hemp cultivation in Oregon to grow from 11,514 acres in 2018 to more than 25,000 in this current year. In order for new hemp farmers to be successful, they will need to rely on experienced hemp farming teams like our Scio farm team. This will create potential opportunity to joint venture with the local farming community.
Micropropagation (Tissue Culture)
The Company has begun preliminary exploration to expand its business into micropropagation of hemp plants. By focusing on culturing the tissue from feminized "mother" hemp plants that are proven to produce high CBD levels, the Company believes it can more efficiently provide plants with higher-yielding and more profitable CBD content. Micropropagation techniques rely on uniform tissue sampling from high yielding CBD feminized hemp plants, that is more effective than developing plants from the more traditional methods of germination from seed or cloning from other plants.
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.
About Our hempSMART Products Containing CBD
The United States Food and Drug Administration (FDA) has not recognized CBD as a safe and effective drug for any indication. Our products containing CBD derived from industrial hemp are not marketed or sold based upon claims that their use is safe and effective treatment for any medical condition as drugs or dietary supplements subject to the FDA’s jurisdiction.
Cloning Update
The cloning process is well underway at the Scio farm. For this year’s cultivation, four different strains have been chosen from the latest high CBD industrial hemp varieties, which are being used as a base for the in-house propagation program. The goal of the program is to produce approximately 50,000 clones to populate the lower 35 acres of the Scio farm for the 2019 season, and reduce and/or eliminate the need for the acquisition of any additional seeds or clones from outside sources. The program started with 400 high quality plants. Through a regimen of proper nutrients and a controlled environment, these “mother” plants will grow into very large bushes, which will be used to derive a sufficient number of clones, ensuring that the target number of plants required for this year’s cultivation is reached. Once removed from the mother plants, the clones will then be placed in a propagation greenhouse to root. Once rooted and well established, the clones will then be ready to be planted in the fields, which is expected to begin this year in late May or early June.
Expansion in 2019
The Company continues to evaluate a number of opportunities to expand the scope of its project in Oregon. As previously announced, a number of local farmers are interested in working with the joint venture partners to grow hemp in 2019. The Oregon Department of Agriculture expects hemp cultivation in Oregon to grow from 11,514 acres in 2018 to more than 25,000 in this current year. In order for new hemp farmers to be successful, they will need to rely on experienced hemp farming teams like our Scio farm team. This will create potential opportunity to joint venture with the local farming community.
Micropropagation (Tissue Culture)
The Company has begun preliminary exploration to expand its business into micropropagation of hemp plants. By focusing on culturing the tissue from feminized "mother" hemp plants that are proven to produce high CBD levels, the Company believes it can more efficiently provide plants with higher-yielding and more profitable CBD content. Micropropagation techniques rely on uniform tissue sampling from high yielding CBD feminized hemp plants, that is more effective than developing plants from the more traditional methods of germination from seed or cloning from other plants.
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.
About Our hempSMART Products Containing CBD
The United States Food and Drug Administration (FDA) has not recognized CBD as a safe and effective drug for any indication. Our products containing CBD derived from industrial hemp are not marketed or sold based upon claims that their use is safe and effective treatment for any medical condition as drugs or dietary supplements subject to the FDA’s jurisdiction.
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